Binance never fails to bring something new and exciting on the table for its customers. The cryptocurrency exchange announced on a tweet, DeFi staking, whereby users could now stake DAI with up to 12% returns per annum. It marks the first DeFi staking product by Binance set to begin on August 19 at 12:30 PM (UTC).
Amidst the DeFi boom in the market lately, Binance hopes to provide Binancians with DeFi services for maximized earnings. Earlier on June 23, the exchange opened trades for several DAI pairs including BNBDAI, BTCDAI, DAIUSD, and DAIUSDT.
The Product List Overview
For DAI staking, Binance has categorized the process into three parts. The first will allow staking for DAI with a flexible locked term of maturity, at a minimum secured amount of 100 DAI and 1-day unlock. This category has a no upper limit individual locked staking and total locked staking limit. You can expect a 5.8% standard annual interest rate.
The second category requires 7 days of maturity, a minimum locked amount of 100 DAI, and a 1-day unlock period. It has an individual locked staking limit of 100,000 DAI and a total locked staking limit of 2 million DAI at 10% standard annual interest rates.
The third and last category necessitates 30 days of maturity, an individual locked staking limit of 100,000 DAI, a total locked staking limit of 1 million DAI, 12% standard annual return rates, a minimum locked amount of 100 DAI, and a 1-day unlock period.
Binance Offers Customers Additional Benefits in DeFi Staking
Binance recognizes staking as an avenue to financial services through smart contracts. Binance assures all users of the easy accessibility to DeFi staking services at all times. There is no need to involve yourself in other tasks on the platform to manage DeFi staking. Moreover, you do not require an on-chain wallet to earn high returns.
Binance takes a huge priority in the security of users and their funds. The company minimizes losses through monitoring of DeFi markets in real-time and selecting top DeFi projects. Besides, it encourages DeFi staking for lower fees compared to trading while grabbing high annual returns at the same risk levels.
Kick-off your DAI Staking Today
Other important aspects to take note of is DAI will participate in Compound staking. To view the number of funds you have locked for staking, head on to the Wallets option, select savings, and go ahead to the DeFi staking option. If you secure your assets for DeFi staking, you will no longer earn monthly staking returns.
Binance insists that as a showcase for projects, it is not liable for on-chain contract security issues leading to losses. For more details on DeFi staking, read the Binance DeFi Staking FAQ page.