Binance cryptocurrency exchange has launched today a new product called BNB Vault that allows users to earn daily income from the BNB ecosystem. Users have the ability to now stake their idle BNB tokens and earn annually between 5-8%.
Earning Passive Income Through BNB
The press release from Binance stated that the new product will provide a “guaranteed return on deposits.” However, the deposits must be made with Binance’s native cryptocurrency BNB token.
— Binance (@binance) November 3, 2020
Users can now earn daily incomes between 1% to 10% depending on the amount of BNB tokens deposited on the vault. Staked funds will begin to accumulate interest at 00:00 UTC on the second day while the income will be paid to users on the third day. This enables the flexibility to deposit and withdraw BNB.
Meanwhile, the staked assets will still be eligible for accessing other BNB features such as airdrops, VIP rights, and Launchpad positions.
BNB users can now earn the income benefits from the platform’s ‘earn’ and ‘staking’ features on the exchange’s Smart Chain while enabling the ability to earn passive income. The latest BNB vault product can be accessed through the platform’s Earn section and choosing the “My Share” option.
Launching Yield Aggregator BNB Vault
The daily rewards will be calculated on the basis of the total sum pool of Launchpool tokens, BNB flexible savings, and DeFi products. In this way, the balance of the users will always have a positive valuation and over time it will only increase on a daily basis, working like that of a yield aggregator.
The cryptocurrency exchange’s vault integrates the various income benefits from Binance Smart Chain (BSC), DeFi Staking, Launchpool, Savings, and many other products through one interface.
BNB Vault is a part of the cryptocurrency exchange’s larger objective of launching decentralized solutions through its Binance Smart Chain, a well-suited solution to serve innovative DeFi protocols.