Binance Launches BNB Vault; Users Can Now Earn 5-10% Annual Interest for Staking Native Token
Binance crypto exchange has expanded the Binance Earn product suite with a new feature called ‘BNB Vault.’ According to the announcement, BNB Vault will combine several Binance products to offer an annual yield of between 5%-10%. According to the post,
“BNB Vault is a capital-guaranteed investment product with flexible access. It integrates various Binance products to maximize the income potential of your BNB from both centralized and decentralized finance in just one click.”
Basically, Binance users will leverage the earning potential in DeFi staking, Launchpool projects, and savings amongst other financial products within one click. Binance CEO, Chao Zhao, tweeted that users no longer have to worry about the technicality involved in crypto investing,
“Keep it simple. Let us handle all the technical details and potential risks of rug pulls.”
This new feature by Binance will allow BNB users to stake their tokens seamlessly and, in exchange, earn an interest, which will be calculated and paid out daily. The interest starts to accrue at 0:00 AM (UTC) on the 2nd day after one has staked their BNB, with income payments starting on the 3rd day of staking.
Binance touts’ flexibility with the BNB Vault feature since users can keep track of their tokens via the platform’s Vault Page>My Share. The staked BNB tokens maintain eligibility for ecosystem incentives such as VIP rights, Launchpad holding position, airdrops, and daily BNB balance calculation. Also, the BNB tokens can be unstaked at any time from the BNB Vault.
This development will further boost Binance’s value proposition in the crypto industry; the exchange has been making major moves to integrate DeFi projects through the Binance Smart Chain Initiative. This ecosystem hosts multiple yield farming projects, which include the likes of PancakeSwap.
Other than DeFi innovations, the exchange has also rolled out a crypto debit card, allowing Binance users to spend their BTC and BNB in multiple merchant shops worldwide. This card comes with a range of incentives, including a cashback feature and auto top-ups.