Completion of the Babylon Project
Binance has announced the completion of the Babylon project, marking the end of its On-Chain Yields program. This news comes alongside the distribution of rewards for users eligible to partake in the initiative. Notably, as of the project’s conclusion, no additional staking points have been generated.
Rewards for BTC Staking
Users who engaged in Bitcoin (BTC) staking through Binance are set to receive their rewards initialized from the launch period. Binance is also incentivizing these users with a special bonus of 12%, calculated from the total points earned during participation in BTC staking. This bonus is exclusively reserved for those who staked BTC on the platform.
Manual Redemption of Staked BTC
For users wishing to retrieve their staked BTC, manual redemption can be processed at any convenience. Upon executing this redemption, the BTC will be returned to the users’ Spot Wallets. It is important for users to be proactive; failure to redeem their staked BTC could result in continued accrual in the program without additional yield gains.
Benefits of the On-Chain Yields Program
Binance’s On-Chain Yields program is designed to provide users an opportunity to engage with on-chain activities like staking and token farming. This initiative has been particularly beneficial as it enhances user experience in self-custodial BTC staking, increasing the security of proof-of-stake blockchains.
Future Updates
For those interested in real-time updates and potential future staking avenues, Binance encourages regular visits to its designated sections.
