Binance Announces Promotion for Fixed Rate Loans with Prizes Up to 799 USDC

Ted Hisokawa Sep 19, 2024 05:38

Binance launches a new promotion for its Fixed Rate Loans, offering users the chance to win up to 799 USDC. The campaign runs from September 19 to October 11, 2024.

Binance has launched a new promotion to celebrate the introduction of its Fixed Rate Loans, according to an official announcement. The promotion provides borrowers and suppliers with enhanced liquidity options and the opportunity to win up to 799 USDC in token vouchers.

Promotion Period: 2024-09-19 05:00 (UTC) to 2024-10-11 23:59 (UTC).

Promotion Details

During the promotion period, users who borrow at least a total of $200,000 equivalent on Fixed Rate Loans will be ranked by their total borrow amount in USD Equivalent. The top ten eligible participants will each receive 799 USDC token vouchers. Eligible borrow orders include borrowing from existing supply orders or placing a borrow order that gets matched.

Similarly, users who complete at least one supply order on Fixed Rate Loans will be ranked by their total supply amount in USD Equivalent. The top 30 eligible participants will each receive 100 USDC token vouchers. Eligible supply orders include supplying to existing borrow orders or placing a new supply order that gets matched.

How Binance Fixed Rate Loans Work

To Borrow on Fixed Rate Loans:

1. Place an Order: Click [Place an order] - [I want to Borrow] to set up borrow information or click [Borrow] next to a preferred order under “Borrow Market”.
2. Set up Collateral: Select eligible assets from the Spot Wallet as collateral to meet the Initial LTV (Loan-to-Value) requirement.
3. Confirm Order: Review and confirm the order details and the Terms & Conditions, then click [Confirm].
4. Order Matched: Once the order is matched, the borrowed funds minus the pre-calculated interests will be transferred to the Spot Wallet. Check the order status in [My Order] - [Ongoing Order].
5. Repayment: Repay the loan in full before the expiry date to avoid the Late Fee.

To Supply on Fixed Rate Loans:

1. Place an Order: Click [Place an order] - [I want to Supply] to set up supply information or click [Supply] next to a preferred order under Supply Market.
2. Confirm Order: Review and confirm the order details and the Terms & Conditions, then click [Confirm].
3. Order Matched: Once the order is matched, the supplied funds will be transferred from the Spot Wallet and will be principal-protected by Binance for the duration of the order. Return Interest starts accruing on matching. Check the order status in [My Order] - [Ongoing Order].
4. Repayment: After the loan expires, the loaned assets and Return Interest will be delivered to the Spot Wallet within 24 hours following the expiry date. Check the assets in the Spot Wallet.

Additional Information

Eligible users will receive USDC token vouchers within three weeks after the campaign ends. Users can log in and redeem their token voucher rewards via Profile > Rewards Hub. All distributed token vouchers will expire within 30 days after distribution, so eligible users should claim their voucher rewards before the expiration date. Each user can receive a maximum of one reward from these promotions, and each sub-account will not be viewed as an independent account when participating in this promotion.

USDC is an e-money token issued by Circle Internet Financial Europe SAS. Holders of USDC have a legal claim against Circle SAS and can request redemption of their USDC from Circle SAS at any time and at par value.

For more details on how Binance Fixed Rate Loans work, users are encouraged to refer to the Fixed Rate Loans FAQ, Flexible Loans FAQ, and VIP Loan FAQ.

Image source: Shutterstock

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