Binance Announces Babylon BTC Staking for On-chain Yields

2 weeks ago 2

Binance Announces Babylon BTC Staking for On-chain Yields

Binance, the global cryptocurrency exchange, has unveiled a new initiative on its Binance Earn platform, introducing On-chain Yields through the launch of Babylon BTC Staking. This new feature allows users to participate in various on-chain protocols and receive rewards directly via their Binance accounts, according to Binance.

Babylon BTC Staking Details

The Babylon BTC Staking is the first offering under this new initiative, enabling users to stake Bitcoin (BTC) and earn on-chain rewards derived from the Babylon Protocol. This staking option will be available for subscription beginning December 9, 2024, at 06:00 UTC, with a cap of 1,000 BTC available on a first-come, first-served basis. Users can subscribe with a minimum of 0.05 BTC and a maximum of 5 BTC per account.

Benefits and Risks

Participants in the On-chain Yields can earn rewards in various forms, such as tokens and points, while enjoying a user-friendly experience managed by Binance. However, Binance cautions users about the high-risk nature of these products, emphasizing that rewards depend on the specific protocols and are not guaranteed.

Potential risks include smart contract vulnerabilities, market volatility, and protocol failures, which could lead to asset losses. Binance advises users to conduct thorough research on the protocols before engaging in On-chain Yields.

Getting Started with Babylon Staking

Users can access Babylon BTC Staking through both the Binance website and mobile app. On the website, users should navigate to the 'Earn' section, select 'High Yield', and proceed to 'On-chain Yields' to subscribe. Similarly, app users can find the option under 'More' and 'Earn'.

About Binance On-chain Yields

Binance On-chain Yields offers users a streamlined way to engage with on-chain protocols without the need for complex setups. The service aims to provide high-yield opportunities within the Binance ecosystem.

About Babylon BTC Staking

The Babylon BTC Staking is the inaugural staking option supported by Binance On-chain Yields. It allows BTC holders to stake their Bitcoin and earn rewards from the Babylon Protocol. Participants receive Babylon Points, which hold no monetary value and are not redeemable or transferable.

Binance has reiterated the importance of understanding the risks involved, advising users to familiarize themselves with the terms and potential hazards associated with on-chain protocols.

Image source: Shutterstock

Read Entire Article