Binance, the flagship exchange, has announced that it is introducing a lucrative incentive for holders of Ripple USD (RLUSD).
It will offer an 8.5% Annual Percentage Rate (APR) on its Simple Earn Flexible Products as part of its promotional campaign.
The campaign is officially launching tomorrow, aiming to attract liquidity.
Campaign mechanism
According to the official announcement from Binance Earn, the promotion runs from Feb. 27 (00:00:00 UTC) through March 12 (23:59:59 UTC).
Flexible Products are offered on a first-come, first-served basis, so users are encouraged to subscribe early.
Participants can redeem their RLUSD funds at any time while still accruing rewards due to the “flexible” nature of the product.
The advertised 8.5% APR actually combines two distinct reward structures. The rewards generated from this 8% tier are distributed directly to users’ Spot Accounts on a daily basis.
The remaining yield comes from the standard Real-Time APR. This yield is accrued and accumulated directly into the users’ Earn Accounts on a minute-by-minute basis.
Binance users must complete the platform’s standard identity verification checks in order to be able to participate.
Sub-accounts are not eligible for the promotion, meaning only master accounts will qualify for the rewards.
Users can subscribe with a minimum of 0.01 RLUSD and a maximum limit of 50,000 RLUSD per user to access the highest tier of rewards.
The campaign has a global cap of 6,000,000 RLUSD across all participants, underscoring the “first-come, first-served” warning in the announcement.
Binance added support for RLUSD for spot trading on Jan. 22.