The exchange will pay users interest in the stablecoin that they choose and a random DeFi token. Each batch of savings is equivalent to USD 100, with dividends after 2 weeks.
In recent days, major cryptocurrency exchange Binance announced the launch of a batch of savings plans with stablecoins such as Tether (USDT), USD Coin (USDC), and its own dollar-pegged asset Binance USD (BUSD). The most prominent new features of these savings plans include token rewards from various decentralized finance (DeFI) platforms.
The batches of savings in the said stablecoins will yield a return of 14.8% every year, divided into two parts of 7.4%, one in the stablecoin itself, and another in a random DeFi token. On the whole, the user will be able to receive one of 12 DeFi tokens, among which the most prominent are Compound (COMP) and MakerDAO (MKR).
The announcement specifically states that each batch of savings will be USD 100 (equivalent to the stablecoin that the user chooses) and the returns after each period will be USD 0.284 (equivalent to that pegged currency) and the equivalent of the corresponding DeFi token. According to the text, each stablecoin has a limit of 20 million units arranged for the savings program.
In the case of DeFi tokens, the calculation of the corresponding reward will correspond to the rate of the day of distribution “within 7 days after the end of the event.” The distribution of the interests on the stablecoin will occur on the day of the closing of the period of the batch.
Binance joins the wave of decentralized platforms, whose assets have become very popular in recent months, through this DeFi token reward system.
In just a few weeks, a lot has happened in the DeFi ecosystem with the boom in yield farming, a token launched as a parody that moved over USD 1 million in a few hours, and hundreds of thousands of US dollars locked in a failed experiment.
Binance Leads Trading Volume
Binance has quickly become one of the leading cryptocurrency exchanges. Its trading volume has recently exceeded USD 4.98 billion, according to LiveCoinWatch. That figure leads it to double the volume of Huobi, which is second on the list.
As well as its exchange platform, Binance launched its blockchain, Binance Chain. As in other cases, the US government has already investigated this blockchain and the cryptocurrency Binance Coin, through the Securities and Exchange Commission (SEC).
In late July, the SEC announced the hiring of blockchain monitoring service CipherTrace to investigate the activity on the Binance Chain. However, this company has already monitored the Binance blockchain at the request of the exchange itself, which hired its services in November 2019.
The relevance of stablecoins and DeFi tokens has increasingly become relevant worldwide. The United States has been using its power to know everything about these assets and, of course, about Bitcoin and the other cryptocurrencies.
By Alexander Salazar
