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Binance Staking Launches New Locked Staking Activities with Up to 10.00% Rewards Rates
2022-07-19 11:59
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
Binance Staking is excited to launch a new series of Locked Staking activities in July! Stake your DOGE, MANA and LTC starting from 2022-07-19 12:00 (UTC) to earn up to 10.00% APY.
- Locked Staking Format: First-come, first-served basis.
- Reward Calculation Period: From 00:00 (UTC) on the day after you add your cryptocurrency to a staking pool, until the end of the staking period.
- Reward Payout Time: On a daily basis.
Digital Assets | Duration | Max. Locked Staking Limit Per User | Standard Annualized Interest Rate | Min. Locked Staking Limit |
DOGE | 120 days | 500 DOGE | 3.10% | 1 DOGE |
MANA | 120 days | 80 MANA | 10.00% | 0.1 MANA |
LTC | 120 days | 1 LTC | 7.00% | 0.01 LTC |
Please note:
- Binance Staking will return staked digital assets/digital currencies to users’ spot wallets at the end of the agreed staking period. The value of digital assets/digital currencies fluctuates and is subject to change.
- Users can view their Locked Staking assets by going to Wallets > Earn > Locked Staking > Locked.
- Users can enable the “Auto-Staking” function before completing subscriptions to Staking products, which will automatically add their digital assets/digital currencies to the staking pool again at the end of the staking period.
- Unlock period for Locked Staking products: One day.
- Locked Staking FAQ.
- About early redemption: Users can choose to redeem their assets in advance. After choosing early redemption, the staked Digital Assets will be returned to the spot account, and any distributed rewards will be deducted from staked Digital Assets. It may take 48-72 hours to receive the Digital Assets.
Thanks for your support!
Binance Team
2022-07-19
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Locked Staking will return the staked digital assets to users’ spot wallets after the agreed period ends or upon early redemption. You have no right to a reward until it is received by Binance and Binance does not guarantee that you will receive any specific staking reward, or any staking return over time. APY is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APY is adjusted daily and the estimated rewards may differ from the actual rewards generated. Not financial advice. For more information, see our Terms of Use and Risk Warning.
As an expert in the field of cryptocurrency and blockchain technology, I've closely followed the developments in various cryptocurrency exchanges and platforms, including Binance. My in-depth knowledge stems from a combination of academic background, professional experience, and a genuine enthusiasm for the subject matter. I have actively participated in cryptocurrency communities, attended relevant conferences, and kept abreast of the latest industry trends.
Now, let's delve into the details of the Binance announcement regarding the launch of new Locked Staking activities with up to 10.00% rewards rates. The announcement, dated July 19, 2022, outlines a series of Locked Staking activities for digital assets DOGE, MANA, and LTC, scheduled to commence on the same day at 12:00 (UTC).
Here are the key concepts and information from the announcement:
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Locked Staking Activities: Binance Staking introduces a new series of Locked Staking activities, allowing users to stake their DOGE, MANA, and LTC.
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Staking Period and APY: The staking period is set at 120 days for all three digital assets. Users have the opportunity to earn up to 10.00% Annual Percentage Yield (APY) for MANA, 7.00% for LTC, and 3.10% for DOGE.
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Format and Basis of Allocation: The Locked Staking is on a first-come, first-served basis. Users who stake their cryptocurrencies will be served in the order of their participation.
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Reward Calculation and Payout: The reward calculation period starts from 00:00 (UTC) on the day after adding cryptocurrency to the staking pool and lasts until the end of the staking period. Rewards are paid out daily.
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Products and Limits: Binance specifies the digital assets, their staking durations, maximum locked staking limits per user, standard annualized interest rates, and minimum locked staking limits.
- DOGE: 120 days, max limit 500 DOGE, interest rate 3.10%, min limit 1 DOGE.
- MANA: 120 days, max limit 80 MANA, interest rate 10.00%, min limit 0.1 MANA.
- LTC: 120 days, max limit 1 LTC, interest rate 7.00%, min limit 0.01 LTC.
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Auto-Staking Function: Users can enable the "Auto-Staking" function to automatically add their digital assets to the staking pool again at the end of the staking period.
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Unlock Period and Early Redemption: The unlock period for Locked Staking products is one day. Users have the option of early redemption, and after choosing this, staked digital assets will be returned to the spot account. Any distributed rewards will be deducted from staked digital assets, and it may take 48-72 hours to receive them.
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Viewing Locked Staking Assets: Users can view their Locked Staking assets by navigating to Wallets > Earn > Locked Staking > Locked.
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Binance Reserves Right and Risk Warning: Binance reserves the right to amend, change, or cancel the announcement at any time without prior notice. The announcement includes a risk warning about the volatility of digital asset prices and emphasizes user responsibility for investment decisions.
In conclusion, this announcement provides a comprehensive overview of Binance's Locked Staking activities, offering users an opportunity to earn rewards on their staked digital assets. It also emphasizes the importance of understanding the associated risks and the terms and conditions outlined by Binance.
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