Binance savings and Binance staking were merged to create the Binance Simple Earn. The goal is to make it easier for people to subscribe to their idle assets.
Binance Simple Earn will enable users to get daily benefits on both flexible and fixed terms. It will also provide customers with access to a variety of alternatives on a single platform based on what suits them best. The world's largest cryptocurrency exchange platform has adamantly stated that, despite the merger, all users' assets are secure and their current positions remain unchanged.
Similar to how it worked for Binance Savings and Binance Staking, the rewards computation and distribution system will also function in the same way. The merger is aimed at organizing existing investment products rather than launching new ones. Accordingly, existing subscriptions will not be affected by this amendment.
Explanation of a Locked and Flexible Product
Those who are on Flexible Savings have been renamed by Binance as "Flexible Products" following the news of the merger, while products on Locked Savings and Locked Staking have been rebranded as "Locked Products."
Flexible Product:
Investors have flexibility and independence over their assets while receiving daily benefits from flexible products since they may subscribe to them and afterwards redeem them whenever they choose.
Locked Products:
The refunds on locked products are greater. The user must, however, commit their investment for a set period of time. They may redeem their assets at any moment, but their benefits will be deducted if they don't meet the locked period. This redemption takes between 48 and 72 hours.
The merger's goal is to create a single, more user-friendly platform where investors can pick their preferred investment conditions more quickly. As a result, customers should experience better time savings and investment results.
Additionally, it is important to ensure that Binance's app is simple to use and navigate because the exchange's user base is expanding and it is receiving an operating license in new countries. Such actions will make Binance more user-friendly.
