Binance has official unveiled the launch of its Lending Product second phase. The phase is expected to commence on the 4th of September with two fixed maturity term.
The first phase of the Binance lending received full subscription in less than 10 minutes generating loan of over $15 million.
According to Binance, lending products will be made available with a 14-day lending term and a 28-day fixed lending term.
The first phase commenced with only three lending products which were BNB, USDT and ETC. The second phase starts with an addition of three other digital assets taking the total lending products available to 6 in total.
For the second phase, Lenders can lend their ADA, ETH and BTC along the previously made available lending products in the first phase.
As with the previous phase, subscription is strictly on First-come-first serve basis.
For each of the Lending products, users can opt in for 14 day or 28 day term each generating the following interest returns:
For 14-day Lending Products:
USDT has a cap subscription of 20,000,000 with individual cap set at 1,000,000 USDT. It is expected to generate an annualized interest of 8%.
ETC has a cap subscription of 20,000 with individual cap set at 1,000 ETC. It is expected to generate an annualized interest of 7%.
ADA has a cap subscription of 10,000,000 with individual cap set at 500,000 ADA. It is expected to generate an annualized interest of 6%.
ETH has a cap subscription of 10,000 ETH with individual cap set at 100 ETH. It is expected to generate an annualized interest of 6%.
BTC has a cap subscription of 1,000 BC with individual cap set at 10 BTC. It is expected to generate an annualized interest of 3%.
For 28-day Lending Products:
BNB has a cap subscription of 200,000 BNB with individual cap set at 100 BNB. It is expected to generate an annualized interest of 10% while USDT is expected to generate an interest of 8.25% with 500,000 USDT as personal cap against a total subscription cap of 10,000,000 USDT.
Binance also revealed that the BNB balances in the lending product will be included in each user’s daily BNB balance calculations for Binance Launchpad and other daily calculations.
The subscription period for the second phase is expected to commence from 6:00AM (UTC) on the 4th of September, 2019 to 0:00AM (UTC) on 5th of September, 2019.
Interest calculations commences immediately after subscription closes while interest payout time is also immediately after maturity.
