Binance has upgraded its Web3 Wallet to include DeFi BNB assets, expanding the BNB ecosystem beyond the Binance Exchange.
This update allows users to engage more with decentralized finance (DeFi) and earn rewards, reflecting Binance’s effort to bridge traditional and decentralized finance for a better user experience.
Binance Web3 Wallet to Support DeFi BNB Assets for Launchpool Rewards
Starting from the next Launchpool event, Binance’s Web3 Wallet will support reward calculations for DeFi BNB assets. This means users holding specific BNB assets in Binance Web3 MPC Wallets will have these assets counted as BNB and become eligible for Launchpool rewards. The first asset to benefit from this feature is Staked Lista BNB (slisBNB), which has a unique contract address for verification.
Binance also plans to expand this support to include other types of decentralized BNB assets in the future. This expansion could encompass additional liquid staking BNB tokens, liquidity provider tokens from decentralized exchanges, interest-bearing tokens from lending protocols, and yield tokens from yield farming protocols.
Considerations and Risks for Binance Web3 Wallet DeFi BNB Assets
Users should be aware of several considerations and risks when using DeFi BNB Assets with Binance’s Web3 Wallet. The use of these assets is subject to local regulations, which vary by country, and there are inherent risks associated with decentralized assets, including potential vulnerabilities in smart contracts that could result in asset loss. Binance has stated it will not be responsible for these risks or any financial losses they may cause.
In cases where supported assets are compromised by issues such as malicious issuance, Binance may exclude these assets from reward calculations. Additionally, due to the complexity of DeFi BNB Assets, there may be discrepancies in the expected reward amounts.
Rewards will be calculated based on the daily exchange rate of BNB’s liquid stake token and will reflect the amount of BNB staked per token at the time of calculation. Eligibility for rewards will depend on the user’s country or region, with some regions excluded from this feature. Currently, only users with assets in the Binance Web3 MPC Wallet will be eligible for rewards.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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