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:

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