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DeFi FAQ
Binance
2020-08-19 12:23

What is DeFi?

DeFi (Decentralized Finance) is a way of providing financial services to users through smart contracts. Existing DeFi projects aim to provide higher annualized earnings for specific currencies.

About Binance DeFi Staking
There's a relatively high threshold for users of DeFi products. Through proxy users, Binance DeFi Staking participates in certain DeFi products, obtains and distributes realized earnings, and helps users to participate in DeFi products with a single click.
What are the advantages of DeFi Staking?
  • Easy to use: You don't need to manage private keys, acquire resources, make trades, or perform other complicated tasks to participate in DeFi Staking. Binance's one-stop service allows users to obtain generous online rewards without having to keep an on-chain wallet.
  • Funds are safe: Binance selects only the best DeFi projects in the industry and monitors the DeFi system in real-time while it's running in order to reduce the risks associated with such projects.
  • Higher earnings: DeFi Staking does away with the exorbitant fees that come with trading capital. Users are able to earn the highest possible returns in the best way, while maintaining the same level of risk.
Does Binance bear the losses if an on-chain contract is attacked during DeFi Staking?
No. Binance only acts as a platform to showcase projects and provide users with related services, such as accessing assets on DeFi projects through a proxy and distributing earnings, etc. Binance does not bear any liability for losses incurred as a result of on-chain contract security.
After I participate in DeFi Staking, how is the earnings cycle calculated?
Once funds are successfully allocated to Locked Staking, earnings are calculated beginning at 00:00 (UTC) the following day. The minimum earnings calculation period is one day; earnings for a period of less than one day will not be included in the earnings distribution.
How long do I need to lock-up my funds to participate in Defi Staking?
Currently, the lock-up period for regular products is 1 day. Funds will be unlocked and returned to your account on T + 1. However, as we add support for more types of products, the lock-up periods will vary. Lock-up periods for different products will be specified in the information on the product interface.

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