Binance Unveils On-chain Yields With Babylon Bitcoin Staking
The worlds largest crypto exchange has announced the launch of an on-chain yield feature on its Binance Earn platform.
According to an official release sent to CryptoPotato, Binance On-chain Yields will enable users to participate in on-chain protocols and earn rewards using their accounts on the crypto exchange.
Binance Announces On-chain Yields With Babylon
The new Binance feature will be kickstarted with the Babylon Bitcoin Staking product on December 10 at 10:00 UTC; however, subscriptions will be made available by 06:00 UTC on December 9. Babylon is a protocol that allows bitcoin (BTC) holders to stake their bitcoins and earn rewards.
Babylon BTC Staking will launch with a limited quota of 1,000 BTC available to users on a first-come, first-served basis. Binance said the minimum and maximum subscription amounts per account are 0.05 BTC and 5 BTC, respectively. Users can earn rewards in the form of Babylon points by staking their bitcoins on the protocol.
To celebrate the launch, users will enjoy an additional 12% in rewards tied to Babylon Cap-3 progress. Babylon Cap-3 refers to the third cap of the protocols Phase-1 mainnet scheduled for launch on December 10 and to run for 1,000 blocks on Bitcoin, which is roughly one week.
Binance to Onboard More On-chain Protocols
Binance intends to expand its on-chain yield offerings and is already working with more protocols. The exchange noted that this new feature will simplify access to on-chain protocols, eliminating the need for complex setups.
Users can explore high-yield opportunities to earn rewards in tokens, points, and more all directly within the Binance ecosystem. By managing all on-chain protocol integrations and operations, Binance ensures a user-friendly and accessible process for everyone. Users can benefit from flexible redemption options with shorter processing times, enhancing convenience and accessibility, the crypto trading platform said.
Although Binance believes On-chain Yields provide a good opportunity for users to make more money, the entity warned that the offering is a high-risk product. There is no guarantee of principal or returns, the protocols suffer smart contract vulnerabilities and technical issues, leading to failure and asset loss, and market volatility could affect the yields.
Meanwhile, Binance claims to be the first centralized exchange to offer the on-chain yields service.
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Text source: CryptoPotato
