Binance On-chain Yields lets users earn passive income through blockchain protocols, starting with Babylon BTC Staking for Bitcoin holders.
Binance has announced the launch of On-chain Yields, a new financial product that enables users to participate in various on-chain protocols and earn rewards directly through their Binance account. This new product aims to give investors a chance to earn passive income. It simplifies participation in blockchain operations. In addition, users can benefit without the hassle of setting up and managing complex processes.
The first project that was included in the On-chain Yields initiative is Babylon BTC Staking. This service allows users to place their Bitcoin (BTC) in the Babylon Protocol and receive rewards. The launch is set for December 9, 2024, at 06:00 (UTC), and one can join the session on a first come, first served basis. The subscription has a monthly limit of 1,000 BTC subscriptions. Users can stake from 0.05 BTC to 5 BTC per account. The On-chain Yields page will be accessible from 04:00 (UTC) on the same day. Consequently, this will allow the users to prepare themselves.
Binance Expands User Options with Babylon BTC Staking
In this regard, the On-chain Yields program has one significant advantage – simplicity. Binance is also responsible for handling and integrating the on-chain protocols. This makes it possible for users to gain their rewards without having to perform elaborate On-chain transactions. This process has a shorter redemption period than the staking process, and this makes it easy for the participants.
However, users should be aware of the risks associated with On-chain Yields. This is a high-risk product where rewards are not assured and are conditioned by the particular protocol. However, various risks include potential risks in smart contracts that might compromise the integrity of the staked assets. Moreover, circumstances in the market can affect the returns that these protocols make, and this leads to degradation of the assets.
Babylon BTC Staking, which is the first project under this initiative, is built on the Babylon Protocol, this allows anyone holding Bitcoin to earn rewards by staking their Bitcoin. Additionally, Babylon BTC Staking rewards its participants in Babylon Points, which are earnings from the staking process. Through this partnership, Binance is enhancing opportunities for users to engage with blockchain-based income generation more seamlessly.
