Binance Earn is a suite of financial products that allows users to generate passive income on their existing cryptocurrency holdings. It's designed for users who want to earn rewards without actively trading or investing in new assets.
What is Earn by Crypto?
Earn by crypto refers to the various ways you can generate passive income from your existing cryptocurrency holdings. This can include lending, staking, or providing liquidity to support blockchain networks or trading activities.
Binance Earn Products
Here are some of the main Binance Earn products:
- Flexible Savings: Deposit and withdraw anytime, earning lower APY (1% - 5%). This product has low risk and is suitable for users who want flexibility.
- Locked Savings: Lock crypto for a set period, earning higher APY (3% - 15%). This product has low to medium risk and is suitable for users who can hold onto their assets for a longer period.
- Staking: Support blockchain networks and earn rewards (5% - 20% APY). This product has medium risk and is suitable for users who want to support blockchain networks.
- Launchpool: Stake existing crypto to earn new tokens from upcoming projects. This product has medium to high risk and is suitable for users who want to participate in new projects.
- Simple Earn: Lend crypto to Binance margin traders and earn interest. This product has medium risk and is suitable for users who want a straightforward way to earn interest.
- Liquidity Mining: Provide liquidity to DEXs in exchange for rewards. This product has high risk and is suitable for advanced users.
- Yield Farming: A complex form of liquidity mining involving multiple DeFi protocols. This product has high risk and is suitable for experienced users.
How to Use Binance Earn
To get started with Binance Earn, follow these steps:
1. Create a Binance account and complete KYC verification.
2. Deposit the cryptocurrency you want to earn into your Binance wallet.
3. Navigate to the "Earn" section and choose a product that suits your needs.
4. Review the product details, including risk level, potential APY, and lock-up period
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