In our previous article, we have explained how you can perform P2P trading using Binance. In this article, we will explore how you can utilize the spare BNB tokens in your account to get additional income.
Binance offers several products which account holders can use to earn rewards. All of them are clubbed under Earn. As an overview, the BNB utility products can be classified under:
Using this platform, not only do the users get the benefit of early access to the innovative projects, but it also provides the project with a standard platform to increase their reach.
How Launchpad Works for Projects
Every project undergoes a strict review process before being listed to the Binance Launchpad platform. This is to ensure that the project meets all the necessary criteria to match the Binance standard.
The review team checks for the following criteria that every project must possess:
- Relatively mature-stage project development
- Readiness for large-scale adoption
- A strong and committed team
- Potential to benefit the growth and development of the wider crypto ecosystem
Once the project satisfies and passes the selection process, it gets featured on Binance Launchpad and becomes open for all the Binance users who can participate in that project’s token offering.
How To Access Launchpad
Click on Launchpad and it will redirect you to the page.
How Launchpad Works for Users
All Binance users can participate in the token sales available on the Launchpad.
One can easily see the list of projects available.
It is recommended to do intensive research before participating in a token offering. Select and check the project details for more information.
The minimum eligibility to participate in the launchpad is to stake 50 BNB for the past 7 days. Before every launchpad event, Binance takes a snapshot of accounts and checks if the user is holding an average of 50 BNB. If the user is eligible, he can claim a ticket – 1 ticket for every 50 BNB. Then the tickets go into a lottery, and the lucky ones will be able to participate in the launchpad token purchase.
If you have finalized the project, then you can participate by clicking on the Buy Now button.
Go to Earn.
Earn is divided into Flexible Terms, Fixed Terms, and High-Risk products.
In this product, you can withdraw your staked coins anytime.
In the flexible savings, you can redeem your funds at any time. Users opting for flexible savings earn interest on their savings, and the interest calculation starts on the second day. The interest is distributed directly to your account daily.
Binance currently supports 55 flexible savings products.
You can deposit the asset into the Flexible scheme by selecting the Transfer button against the desired token.
For example, we have selected USDT for flexible deposit.
Now enter the amount to the token you wish to deposit. You can also buy a token if you want from the Buy Now link.
And confirm the transfer process.
In the next article, we will continue the discussions on Binance Earn. We will cover Launchpool, BNB Vault, and other features.