Simple Earn: A New Means Of Making Passive Income On Binance
Binance has multiple earning opportunities for its users, from p2p to the lucrative referral program, to trading, and lots more options.
The centralized exchange app has introduced a new means of earning to its users called Simple earn.
The passive income generator features promise a significant benefit for its potential users.
In this post, we will explore the following:
- What is simple earning?
- How does it work?
- Potential earnings
- flexible and locked simple earn disparity and,
- Finally, how to get started
What is Simple Earn?
Simple earn is an investment service for Binance users with idle digital assets. It enables them to earn daily crypto-currency rewards from their existing crypto assets by depositing their holdings for a flexible or locked term.
The service gives consumers access to both locked and flexible products and seeks to simplify the process of producing passive income with crypto-currencies.
In September 2022, the Simple Earn platform was introduced, combining Flexible Savings, Locked Savings, and Locked Staking.
How Does Simple Earn Work?
With Binance Simple Earn, you’ll choose your token amount and lock time; Binance pays interest on crypto-currency deposited in Simple Earn products. The deposited crypto-currency is used to fund the operation of blockchain systems, such as the Proof-of-Stake consensus and the provision of convertible assets services.
Simple Earn products differ by duration, supported crypto-currency, and expected annual percentage rate (APR).
Potential Earnings
The profitability of each Simple Earn plan is determined by the crypto-currency utilized and the subscription duration. Longer locked periods, on average, yield higher returns than shorter ones.
Assume you want to deposit Cardona. You will earn 1.5% APR if you choose the flexible duration product, which allows you to withdraw assets at any moment without losing daily returns. Furthermore, the ADA product has a tiered APR.
In contrast, if you commit to a locked subscription for 120 days, you can expect to earn 6.9% APR. Furthermore, there is no tiered structure when employing the Locked option, making it much more profitable.
Difference Between Flexible and Locked Simple Earn Products
Flexible Simple Earn
With Flexible products, you can withdraw your crypto-currency anytime on Binance. There are two ways to start your assets from Binance Simple Earn Flexible Products.
If you need to sell your tokens quickly, you can use the ‘Fast Redemption’ option to move your receive any incentives for that day.
With Binance Standard Redemption, your funds will be refunded the following day between 00:00 and 8:00. (UTC). However, with Standard Redemption, you can receive interest on your crypto-currency during the last day.
It should be noted that the return on Binance Simple Earn Flexible Products is significantly lower than the return on Binance Simple Earn Locked Products.
Binance Auto-Subscribe allows you to subscribe to Simple Earn flexible products daily. You can enable or stop the auto-subscribe From the Binance Simple Earn webpage. With Auto-Subscribe, your interest will compound over time, allowing you to withdraw anytime.
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Locked Simple Earn
This plan enables you to lock your crypto assets for a predetermined period and earn a significantly higher reward with Binance. The higher your lock period, the higher your rewards. For example, if you deposit SOL in the Simple Earn Flexible, you will earn only 3.50% APR. If you deposit the same SOL tokens on the Binance Simple Earn Locked Product, you can make a lucrative 28.9% APR.
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When your locking time is up, your deposited tokens and total incentives will be refunded to your Binance Spot Wallet.
Please keep in mind that if you choose to release your assets before the end of the lockup period, you will not receive any additional incentives. So only lock assets in which you have 100% confidence and intend to HODL for the long run. If you unlock your tokens before the time limit, Binance may take up to 72 hours to return them to your Spot Wallet.
How To Use Simple Earn Product
To take advantage of the Simple Earn feature, search the dashboard for the coin you want to earn Binance interest rates. After that, click the [Subscribe] button next to each product.
From here, you can choose the duration of your order, the number of crypto-currencies you want to deposit, and an expected APR.
You can switch on the Auto-Subscribe toggle to automatically re-subscribe to the product after it expires. After you’ve input all of your order’s criteria and agreed to the terms and conditions of Binance Simple Earn, you can start your plan by clicking [Confirm].
Article written by:
Gloria Okoba
