Binance Announces Promotion for Fixed Rate Loans with Prizes Up to 799 USDC
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:
-
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”. -
Set
up
Collateral:
Select
eligible
assets
from
the
Spot
Wallet
as
collateral
to
meet
the
Initial
LTV
(Loan-to-Value)
requirement. -
Confirm
Order:
Review
and
confirm
the
order
details
and
the
Terms
&
Conditions,
then
click
[Confirm]. -
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]. -
Repayment:
Repay
the
loan
in
full
before
the
expiry
date
to
avoid
the
Late
Fee.
To
Supply
on
Fixed
Rate
Loans:
-
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. -
Confirm
Order:
Review
and
confirm
the
order
details
and
the
Terms
&
Conditions,
then
click
[Confirm]. -
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]. -
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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