Binance, one of the largest and most popular cryptocurrency exchanges, came to the fore with its new announcements. According to the trading platform’s statements, Binance has opened margin options for 2 altcoins. It also announced new details for its Savings and Staking services. Here are the details…
Binance launches REI locked staking
Binance’s staking platform has launched REI Locked Staking. Users will be able to stake their REIs as of August 12, 2022 at 15:00 CEST to earn more rewards. A special promotion for this staking launch is also waiting for users. According to current information, REI stakers will be able to earn up to 32.69 percent annualized rate of return (APY). The promotion period will cover 12-22 August. It is also worth noting that the locked staking format operates on a “first come, first served” basis.
Users can calculate their rewards from the day after adding the cryptocurrency to the staking pool until the end of the staking period. Rewards are paid out daily. So, what is REI? REI Network was developed to better adapt to the development trend of Blockchain and achieve a lightweight, Ethereum compatible, higher performance and free Blockchain framework. At the time of writing, the coin is changing hands at $0.045, up 1%.
New Savings users will be able to get 2x rewards on these altcoins
Binance is also launching a special promotion for Binance Savings for new users. Users who have not subscribed to any “savings” product before 12 August 2022, 7 pm, can benefit from this promotion. Users can benefit from 2x APY with ETH, MATIC, ETC, OP or LDO in the flexible savings service during the promotion period, as shown in the table below. The coins that Binance announced its promotion consist of coins that gained popularity with the Merge update on Ethereum. You can see the list and rates in the table below:
Adding margin services for 2 altcoins
Finally, Binance added AUCTION and PUNDIX to “cross margin” and “isolated margin”. You can see the new cross-margin and isolated margin pairs as follows:
- New cross-margin pairs: AUCTION/BUSD, AUCTION/USDT, PUNDIX/BUSD, PUNDIX/USDT
- New isolated margin pairs: PUNDIX/BUSD
Margin trading is a method of trading assets using funds provided by a third party. Compared to regular trading accounts, Margin accounts allow traders to access more capital and capitalize on their positions. Essentially, margin trading strengthens trading results so that traders can make bigger profits on successful trades.
The ability to expand trading results makes margin trading particularly popular in low volatility markets. However, margin trading is also used in the stock, commodity and cryptocurrency markets. In traditional markets, borrowed funds are usually provided by an investment broker. However, in cryptocurrency trading, funds are often provided by other traders who earn interest based on market demand for margin funds.