Binance Launches First On-chain Yield Offering with Babylon BTC Staking
Binance, the largest cryptocurrency exchange by market capitalization, has launched its first on-chain yield offering, providing users with access to the decentralized finance (DeFi) ecosystem.
The offering, part of Binance Earn, features Babylon BTC Staking as its flagship product. Binance plans to expand this program with additional projects in the future.
High-Yield Opportunities
This on-chain yield service enables Binance users to stake assets and earn rewards in tokens and points within the Binance ecosystem.
Starting December 10 at 10:00 UTC, users can stake Bitcoin #BTC on the Babylon Protocol. The Babylon BTC Staking will operate on a first-come, first-served basis due to a limited allocation of 1,000 BTC for this offering. Early participants can earn an extra 12% in rewards linked to Babylon Cap-3 progress.
Binance's Ecosystem Expansion
The introduction of on-chain staking aligns with Binance's strategy to broaden its offerings and reinforce its market position. The exchange continues to innovate and provide new services to engage users.
In November, Binance launched a merged mining feature on Binance Pool for Fractal Bitcoin (FT), enabling users to earn rewards in other cryptocurrencies while mining Bitcoin. Participation requires opening a Binance Pool account; however, FT is not listed for trading on Binance.
In September, Binance introduced a pre-market spot trading service, allowing users to acquire tokens before their official market listing. This service provides exclusive access to actual tokens, setting it apart from competitors like Bybit and Coinbase.
Binance stated, “We are the only crypto exchange to offer pre-market spot trading whereby tokens will be exclusively allocated and generated for users to hold and trade in the pre-market.” In contrast, Bybit offers derivatives instead of actual tokens, while Coinbase focuses on trading perpetual futures contracts for upcoming tokens.