Binance announced the integration of DeFi BNB Assets into its Web3 Wallet to promote a more robust and evolving BNB ecosystem. This new feature aims to extend the benefits of BNB from the centralized Binance Exchange to the decentralized finance (DeFi) space, enhancing user engagement and reward opportunities.
DeFi BNB Assets to Be Supported
Starting from the next Launchpool event, the DeFi BNB Assets feature will support reward calculations. This means that users holding specific BNB assets in Binance Web3 MPC Wallets will see these assets counted as BNB assets and will be eligible for Launchpool rewards. The first token supported for this feature is Staked Lista BNB (slisBNB), which has a special contract address for verification.
Going forward, Binance plans to expand this support to include other types of decentralized BNB assets. This could potentially cover additional liquid staking BNB tokens, liquidity provider tokens from decentralized exchanges, interest-bearing tokens from lending protocols, and yield tokens from yield farming protocols.
Important Warnings for Users
However, users should be aware of certain considerations and risks. The use of DeFi BNB Assets and the Binance Web3 Wallet is subject to local regulations and restrictions, which vary by country. There are inherent risks associated with decentralized assets, such as smart contract security vulnerabilities that could lead to asset loss. Binance has stated that it will not accept responsibility for these risks and any potential financial losses they may cause.
In cases where supported assets are affected by events like malicious issuance, Binance may exclude these assets from reward calculations. Additionally, due to the complexity of DeFi BNB Assets, there may be deviations 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 underlying BNB staked per token at the time of calculation. Eligibility for participation will depend on the user’s country or region of residence, with certain regions being excluded from this feature. Currently, only users with assets in the Binance Web3 MPC Wallet will be eligible for rewards.
