Binance Introduces Babylon BTC Staking Under On-chain Yields

Binance has announced a new product, On-chain Yields, aimed at simplifying participation in on-chain protocols while earning rewards. The first offering under this initiative is Babylon BTC Staking, which allows users to stake their Bitcoin (BTC) and earn rewards through the Babylon Protocol.Key Details of Babylon BTC StakingSubscription Date:The subscription for Babylon BTC Staking opens on December 9, 2024, at 06:00 UTC.Users can access the On-chain Yields page from December 9, 2024, at 04:00 UTC.Quota and Limits:Total Quota: 1,000 BTC (first-come, first-served basis).Minimum Subscription: 0.05 BTC per account.Maximum Subscription: 5 BTC per account.What Is On-chain Yields?On-chain Yields is a feature that integrates on-chain protocols into Binance’s ecosystem, allowing users to earn rewards without direct interaction with complex blockchain setups. Babylon BTC Staking is the first supported protocol, offering a simplified way for BTC holders to earn.Key Benefits:Earn Rewards: Users earn rewards directly from on-chain protocols like Babylon, in forms such as tokens or points.Simplified Access: Binance handles integration and operations, reducing the technical burden for users.Flexible Redemption: Funds can be redeemed at any time with shorter redemption times compared to staking directly on-chain.Potential Risks:Smart Contract Vulnerabilities: Protocols may face technical issues or hacking risks.Market Volatility: BTC value and rewards fluctuate based on market conditions.Protocol Failures: Operational or technical issues could result in losses.How to Participate in Babylon BTC StakingFor Website Users:Click [Earn] in Binance’s top navigation bar.Navigate to [High Yield] > [On-chain Yields].Select Babylon BTC Staking, enter your stake amount, and confirm your subscription.For App Users:Tap [More] on the App homepage.Go to [Earn] > [On-chain Yields].Choose Babylon BTC Staking and confirm the subscription.Babylon BTC Staking under Binance’s On-chain Yields offers BTC holders a way to earn rewards through a user-friendly platform.