Binance Unveils Bitcoin Staking Backed by Babylon

The cryptocurrency exchange Binance announced the launch of its On-chain Yields financial products.

This service enables clients to participate in various protocols and earn rewards in the form of tokens, points, and other types directly through their Binance account.

On-chain Yields is available to users directly via their Binance account.

The exchange manages the integration and operations with the protocols, eliminating the need for user involvement.

The first in the lineup is the Bitcoin staking project Babylon, offering rewards in the form of Babylon Points.

Subscriptions will open on December 9 at 08:00 Kyiv/09:00 Moscow, with a limited cap of 1000 BTC. The minimum and maximum amounts per account are 0.05 BTC and 5 BTC, respectively.

Redemption is possible at any time, which may shorten the subscription period compared to on-chain conditions.

According to DeFi Llama, the TVL of Babylon is $2.39 billion.

Binance cautioned about the lack of guaranteed rewards from the protocols, potential smart contract vulnerabilities, market volatility, and possible operational or technical issues with partners.

In October, Binance announced the launch of a token premarket, with SCR from Scroll being the first.

In November, the platform introduced the margin asset BFUSD with passive income.