TL;DR
- Binance launched the Plasma USDT Locked Product within On-Chain Yields, offering daily USDT rewards and participation in an XPL airdrop.
- Users must lock USDT, and XPL rewards are calculated through daily snapshots.
- Plasma, backed by Bitfinex, enables fast and low-cost stablecoin transfers.
Binance introduced a new investment product in its On-Chain Yields lineup: the Plasma USDT Locked Product, designed for users seeking returns with stablecoins while participating in an XPL token airdrop.
The offer allows users to lock USDT for a limited period and receive daily rewards in the same currency, in addition to a proportional share of a 100-million XPL pool, equivalent to 1 % of Plasma’s total token supply, which will be distributed after the Token Generation Event.
How the Binance Offer Works
The product launched with a subscription cap of 250 million USDT, which filled quickly, reflecting strong user demand for this type of investment tool. XPL rewards are calculated from multiple daily snapshots that record each user’s proportion of the total locked. This method ensures that users with larger and consistent subscriptions receive a proportional share, even if they redeem early, since historical snapshots determine the final distribution.
What is Plasma?
Plasma is a stablecoin-focused blockchain backed by Bitfinex that aims to provide fast and low-cost transactions for payments, remittances, and on-chain finance. The network prioritizes efficiency in large-scale dollar token movements and has launched products like Plasma-USDT on various platforms to boost liquidity and facilitate integration with centralized and DeFi systems. Its token sale raised $373 million in July of this year, securing funds to expand the network and its applications.
Users can access the Plasma USDT Locked Product through both Binance’s website and mobile app. The process involves selecting the USDT amount to lock and confirming the subscription to start receiving rewards. Binance clarifies that including XPL in this product does not guarantee future listings on the platform’s markets nor implies direct endorsement of other launches or integrations.
The product is designed to combine stability and profitability, with daily USDT distribution and the prospect of an XPL airdrop. Subscriptions operate on a first-come, first-served basis, with minimum and maximum limits that may affect APR. Users who choose early redemption retain the rights to rewards already accrued
