Introduction to Binance Simple Earn
What is Simple Earn?
Simple Earn allows you to earn daily rewards by depositing your digital assets for flexible or locked terms. You can subscribe or redeem at almost any time, so you can retain flexibility and liquidity over your assets while earning daily rewards. For more details, please refer to the Terms & Conditions for each product.
Locked Products provide higher rewards in exchange for your assets being committed for fixed terms with predetermined redemption dates. You can still choose to redeem your full balance at any time before the redemption date, but you will forgo any rewards you have accrued or received up to that point.
What is the difference between the previous Binance Savings and Binance Staking platforms and the new Simple Earn platform?
Flexible Savings, Locked Savings, and Locked Staking have been replaced by Simple Earn. Simple Earn simplifies and enhances your subscription experience by integrating various options into a one-stop platform for you to earn daily rewards.
You can easily subscribe to flexible-term and locked-term products on a single platform. Rewards distribution, subscription, and redemption processes are now more streamlined and easier to use. For more details on how the different products work, please refer to:
Please note that your existing Flexible Savings and Locked Staking positions have been automatically transitioned into Simple Earn Flexible and Locked Products respectively on 22 September 2022. You can manage all your existing positions from your Earn Wallet.
For existing Locked Savings subscriptions, they will be automatically redeemed upon expiry, and your assets will be transferred to your Spot Wallet or the new Flexible Product if you have enabled the [Auto-Subscribe] feature. You can directly manage these subscriptions from your Earn Wallet.
How are the daily rewards calculated and distributed?
Rewards = Deposited Assets * APR / 365 (rounded down to 8 decimal places)
Please note that APR is subject to change on a daily basis for both Flexible and Locked Products. The estimated rewards displayed at the beginning of your subscription may differ from the actual rewards generated.
Upon subscription, your assets will start accruing rewards at 00:00 (UTC+0) the following day. After the first full day of accruing rewards, your first distribution will arrive at your Spot Wallet on the subsequent day. You will not receive rewards on the day of the subscription.
Rewards are calculated and distributed to your Spot Wallet daily between 00:00 and 08:00 (UTC+0). However, due to network delays, system calculations, and other unforeseeable reasons, reward distributions might be delayed.
For certain Locked Products, the rewards distributed may be in different cryptocurrencies from the subscribed assets. For such cases, rewards will only be distributed with your subscribed assets upon the expiry of the fixed-term product.
How is Binance able to pay users daily rewards?
Your Simple Earn Assets are used for a variety of purposes, including by other business units within Binance.
Assets deposited in Flexible Products may be used for Binance’s business operations. They may also be used as part of the digital assets that are loaned to other users (e.g., they may be used in Margin and Crypto Loan products). Binance is obliged to return your digital assets and Simple Earn rewards regardless of whether its use of your digital assets results in the generation of digital assets for Binance.
Binance may also use your Simple Earn assets for staking on Proof-of-Stake (PoS) networks. In PoS staking, users deposit their crypto in a smart contract to perform various network functions (such as validating transactions). In return, they receive staking rewards. The stake incentivizes the maintenance of the network’s security through ownership. Binance is obliged to return your digital assets and Simple Earn rewards regardless of whether its use of your digital assets results in the generation of digital assets for Binance.
Subscription Limits for Simple Earn products
Each Simple Earn product has its own subscription limits. Once the limits are reached, subscriptions will no longer be processed, including Auto-Subscribe requests.
- Individual user limits ensure fair participation in our products amongst users;
- Each product has its respective total subscription cap to keep Simple Earn sustainable;
- Simple Earn may adjust subscription limits at its sole discretion.
Please refer to each product’s subscription pop-up for the most updated limits.