Binance Savings users who subscribe to NEO and VET starting 2020/12/15 0:00 AM (UTC) will receive double rewards, in the form of their Flexible Savings interest plus distributions of reward tokens, as shown below.
Flexible Savings: (Transfer Now)
|Flexible Savings||First reward||Second reward|
|NEO||Original Flexible Savings interest||Distributed GAS|
|VET||Original Flexible Savings interest||Distributed VTHO|
How Double Rewards Works on Binance Savings
- Flexible Savings assets such as NEO and VET earn double rewards, including their respective reward tokens GAS and VTHO
- On the day when the rewards for NEO or VET are distributed, the system will count the 24-hour average position of NEO or VET during the previous day.
- The 24-hour average position = The sum of your NEO or VET positions during hourly snapshots / 24.
- The daily rewards for GAS or VTHO for a Binance Savings account = (The total number of rewards * The 24-hour average holdings of NEO or VET in your Binance Savings account during the previous day) / The average holdings of NEO or VET in all Binance Savings accounts during the previous day.
- APY calculation formula of “double rewards” tokens:
- Flexible Savings APY (for NEO or VET) + Reward token APY (GAS or VTHO)
- Reward token APY = (Amount of GAS or VTHO * The ratio of GAS or VTHO to NEO or VET / The total positions of NEO or VET in all Binance Savings accounts) * 365 * 100%;
- Reward distribution time: Transfers on the same day will start counting the holdings on the next hour, and rewards will be distributed the next day.
- Binance has completed the GAS and VTHO rewards distribution due to NEO and VET transferred to Flexible Savings from 2020/12/01 0:00 AM (UTC) to 2020/12/15 0:00 AM (UTC). Users can see their rewards by selecting the Account Center > Wallet > Distribution History.
- When users subscribe to Flexible Savings after 2020/12/15 0:00 AM (UTC), the Flexible Savings interest of NEO and VET, as well as GAS and VTHO rewards, are distributed together on a daily basis.
- Subscriptions will close on a certain product once the maximum limit is reached.
- Binance Savings will make adjustments to the types of supported assets, interest rates, individual limits and total subscription limits based on market conditions and our internal risk management.
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