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Get Started with Binance Simple Earn Flexible Products

Get Started with Binance Simple Earn Flexible Products

2022-09-22 06:30
Introduction to Flexible Products
How to Use Flexible Products (Web)
How to Use Flexible Products (App)
Introduction to Flexible Products
You can subscribe to Binance Simple Earn Flexible Products at any time from the new Simple Earn platform and start earning rewards every minute.
Assets subscribed to Simple Earn Flexible Products can also be used as collateral for Binance Flexible Loan. These collateral assets will continue to earn Real-Time APR rewards, but not Bonus Tiered APR rewards or airdrops. Find out more about Binance Flexible Loans here.
Binance Simple Earn Flexible Product assets can also be used in Binance Pay. You can send your Flexible Product assets to other Binance users via Binance Pay. Find out more about this new function here. *Binance Pay Terms and Conditions apply.

Utilization of assets in Flexible Products and source of yield

When you subscribe to Simple Earn Flexible Products, you’re providing liquidity to business units within Binance for operational purposes, which include lending Simple Earn assets to other users via Margin and Loan products. Interest accrued from Margin and Loan products is converted into yield, which may be distributed to you as compensation for supplying your assets as liquidity.
  • The Real-Time APR indicated for each token reflects their respective demand and supply dynamics, along with other factors that ensure the sustainability and competitiveness of returns offered.
  • Generally, APR is higher for a token if it has a higher proportion of assets being lent out in relation to its total pool size.
We aim to ensure that a portion of each liquidity pool remains accessible for redemptions by applying utilization limits on each token, and strive to maintain a balance in liquidity pools for token redemptions. Nonetheless, a large amount of redemption requests for a specific token might cause a temporary shortage in the available balances. In these instances, redemptions may resume upon borrowers repaying borrowed amounts or with additional liquidity provided by other users. Rest assured, your assets remain safe and secure.
We strive to ensure smooth transactions. Please be advised that while liquidity pool balances are available for redemptions, there is a possibility that users’ assets on Simple Earn may not be instantly redeemable due to real-time demand and supply dynamics. Binance will not be held liable for any losses resulting from delays in fulfilling redemption requests in Simple Earn Flexible Products that may arise from time to time. For more information, please consult our Simple Earn Terms.

Subscription and Redemption

Subscriptions are immediate; your assets will be transferred from your Spot Wallet into the product of your choice upon confirmation.
Once you submit a redemption request, your Flexible Product assets will be processed for redemption and returned to your Spot Wallet immediately. You’ll continue to earn Real-Time APR rewards up to the minute of redemption, but any Bonus Tiered APR rewards accrued for that day will be forfeited.
Simple Earn Flexible Product assets that are pledged as collateral in Binance Flexible Loan will not be redeemable. You must first repay the loan these assets are pledged for and release them from collateralization before you can redeem them.
Daily redemption limits apply to each Flexible Product and are subject to change at any time. The availability of redemptions or delays in fulfillment of redemption requests may be a result of various factors, including but not limited to the following:
  • extreme market volatility;
  • network delays;
  • a significant number of simultaneous instructions to redeem from other Binance users; or
  • any other unanticipated events.

What is Auto-Subscribe and how does it work?

The Auto-Subscribe function helps you automatically subscribe to Simple Earn products using assets from your Spot Wallet.
You can enable Auto-Subscribe for Flexible Products from the Simple Earn homepage, on the subscription pop-up, or from your Earn Wallet. Simply toggle on the [Auto-Subscribe] button next to the product to enable the function.
Please note:
  • Once Auto-Subscribe is enabled for an eligible Flexible Product, any balance of that token in your Spot Wallet will be automatically transferred into the corresponding Flexible Product at 02:00 and 16:00 (UTC+0) daily.
  • You can disable the Auto-Subscribe feature from your Earn Wallet or the Simple Earn homepage to stop any subsequent subscription.

How is APR calculated and distributed for Flexible Products

Rewards for Flexible Products consist of Real-Time APR Rewards and Bonus Tiered APR Rewards.
Real-Time APR is a live indication of rewards you can receive and is subject to change every minute. This APR applies to the total asset amount you deposit in each Flexible Product. Real-Time APR rewards are accrued and directly accumulated in your Earn Wallet every minute, rounded to 8 decimal places. As a result, your Flexible Product balance for each token will increase over time. Please note that you won’t see distribution records since these rewards are not distributed to your Spot Wallet. You may refer to your Simple Earn History for a daily record of Real-Time APR rewards earned.
For example, if you subscribe with 2,000 ABC tokens with a current Real-Time APR of 2.09%, you’ll get 2,000ABC * 2.09%/365/24/60 = 0.00007952 ABC in the next minute. Your Flexible Product balance in the next minute will thus be 2,000.00007952 ABC.
Binance may offer Bonus Tiered APR Rewards from time to time on selected Flexible Products through a tiered rate structure. ​​Binance may occasionally offer Bonus Tiered APR Rewards on selected Flexible Products via a tiered rate structure. The Bonus Tiered rewards structure offers different levels of APR according to the asset amount deposited into the selected Flexible Products. This APR is subject to change on a day-to-day basis. The published Bonus Tiered APR on our Website indicates the rewards you may receive throughout your subscription to Flexible Products. The daily rewards you receive are subject to changes in the daily published Bonus Tiered APR.
The Bonus Tiered APR rewards are accrued the day after subscription, starting at 00:00 UTC. You’ll begin receiving reward distributions in your Spot Wallet the day after accrual starts (two days after subscription) between 00:00 UTC and 08:00 UTC.
For example, if you subscribe with 2,000 ABC tokens on day 1 with a current Bonus Tiered APR of 5% on the first 500 ABC tokens, you’ll accrue interest starting from day 2 at 00:00 UTC. After accruing interest on the first day, you’ll receive 500 ABC * 5%/365 = 0.06849 ABC tokens on day 3.
For more information about Simple Earn, please refer to the following guides:
Disclaimer:
This document may have been translated and published in different languages. If inconsistency, misstatements, omissions, or errors appear in any translated version, the English version shall prevail.

1. How to subscribe to Simple Earn Flexible Products

1. Log in to your Binance account and go to [Earn] - [Simple Earn].
2. Find the token you’d like to subscribe to using the search box or by clicking [Expand all Simple Earn Products]. Click [Flexible] next to the coin and click [Subscribe].
3. You will see a subscription pop-up. Select [Flexible] and enter the subscription amount. You can also enable the [Auto-Subscribe] function here. Check the subscription summary on the right and click [Confirm] to subscribe.
  • Duration (Days): Choose between flexible terms and specific subscription days.
  • Subscription Amount: The amount of tokens you want to subscribe with.
  • Amount limits
    • Minimum: The minimum amount of tokens needed for a subscription.
  • Real-Time APR: The base rewards you can receive for your subscription. This APR is subject to change every minute. You can see the past 24H APR trend by clicking the button next to the APR.
  • Bonus Tiered APR (if applicable)
    • Subscription Date: The date and time of subscription.
    • Accrual Start Date: The date and time your assets will start to accrue rewards.
    • First Distribution Date: The date and time you’ll start to receive Bonus Tiered APR rewards.
  • Yesterday’s Airdrop APR (if applicable): Certain products distribute additional rewards in the form of other tokens. This APR refers to the previous day’s APR for the additional rewards as a reference.
  • Daily Est. Reward: The indicative rewards you’ll receive per day, based on the subscription amount you’ve indicated, including the amounts already subscribed.
4. A confirmation message will appear with details of your subscription. Your assets are now transferred from your Spot Wallet into the Simple Earn Flexible Product you have selected. You can click [View Holding] to manage your subscriptions in the Earn Wallet.
1. Log in to your Binance account and go to [Earn] - [Simple Earn]. Click [Wallet] to access your Earn Wallet. Here you can manage your subscriptions and redemptions, and enable/disable the Auto-Subscribe function.
2. Click [Redeem] next to the asset you wish to redeem.
3. You will see a redemption pop-up. Enter your redemption amount and select the redemption method. Click [Confirm].
4. A confirmation message will appear with the redemption details. You will see an estimated time for your assets to be returned to your Spot Wallet.
1. Log in to your Binance account and go to [Earn] - [Simple Earn]. Click [History].
2. Go to the [Flexible] tab. You can filter your transaction history by token type, activity types such as subscription, redemption, and the different types of APR rewards, and dates.
3. Next, click [Search].
Please note that Real-Time APR rewards displayed in your Simple Earn History are directly accumulated in your Earn Wallet and not distributed to your Spot Wallet.

1. How to subscribe to Simple Earn Flexible Products

1. Log in to your Binance account and go to [Earn] - [Simple Earn].
2. Use the search box or filter function to find the token you’d like to subscribe to. Select [Flexible] and tap [Subscribe].
3. Enter the amount you want to subscribe. You can also enable or disable the [Auto-Subscribe] function if you wish. Check the subscription summary and tap [Confirm].
4. A confirmation message will appear with details of your subscription. Your assets are now transferred from your Spot Wallet into the Simple Earn Flexible Product you’ve selected. You can tap [Go To Wallet] to manage your subscriptions in the Earn Wallet.
1. Log in to your Binance account and go to [Wallets] - [Earn] to access your Earn Wallet.
2. Select the [Asset] or [Product] tabs to go to your Flexible Product holdings.
3. Details of your Flexible Product balance will be shown, together with options to enable/disable [Auto-Subscribe], [Redeem], and [Subscribe].
4. Tap [Redeem] and input the amount you want to redeem. Tap [Confirm Redemption].
Please note that Flexible Product assets that are collateralized for Binance Flexible Loan orders cannot be redeemed until the corresponding outstanding loans are repaid and collateral assets are returned to your Earn Wallet.
5. A confirmation message will appear with details of your redemption. You’ll also see the estimated time for when your assets will be returned to your Spot Wallet.
1. Log in to your Binance account and tap [Wallets] - [Earn].
2. Tap the [History] icon in the top right corner of your screen.
3. You can filter your transaction history by token type, activity type such as subscription, redemption, and the different types of APR rewards, and dates.
Please note that the daily record of Real-Time APR rewards displayed in your Simple Earn History is directly accumulated in your Earn Wallet and not distributed to your Spot Wallet.