How do I participate in flexible term Simple Earn?
Simple Earn Flexible is an upgraded version of the previous 'YuBiBao', a product created by OKX to connect customers with idle digital assets and those who need to borrow coins. It features instant deposit and withdrawal, hourly interest calculation, and customizable interest rates.
After a customer transfers digital assets into Flexible Simple Earn, the system will determine at every hour on the hour whether the lending is successful based on the lending rate set by the customer. If the lending is successful, the customer will receive interest for that hour; otherwise, no interest will be earned, and the customer will need to wait for the matching result in the next hour.
Flexible term Earn interest accrual limit rules:
If the token price is ≥1000 USDT, the minimum interest-bearing amount is 0.0001.
100USDT≤coin price<1000USDT, the minimum interest-bearing amount is 0.001
10USDT≤coin price<100USDT, the minimum interest-bearing amount is 0.01
1USDT≤Token Price<10USDT, the minimum interest-bearing amount is 0.1
If the coin price is less than 1 USDT, the interest-bearing amount is 1. The coin price is updated daily at 00:00 (UTC+8).
For more details, you can click the link: OKX Simple Earn Business Rules
App
Subscription?
1. Open the App Home, tap on [Explore] - [Easy Earn].
2. Select [flexible term]; search for the token or choose a specific product from the dropdown, enter [Subscription Amount] - set [min lending APR], check [I have read and agree to the Simple Earn User Agreement], and click [Subscribe] to complete the operation.
How to redemption?
On the App Home, tap [Asset] - [Earn], then you can choose [By Coin] or [By Product], select the product you have subscribed to, tap [Redemption] - enter the [Redemption Quantity] - confirm the account you want to redeem to, and tap [Redemption] to complete the process.
Note:
1. Simple Earn assets will be used for OKX spot leverage borrowing services; Simple Earn only supports cryptocurrencies that can be used for leverage borrowing transactions on the OKX platform.
2. Interest calculation and distribution rules: Users participate in the interest rate auction at the exact hour T. After a successful bid, interest for the period from T to T+1 hour is paid at T+1.
For flexible term Simple Earn products, we will charge a 15% fee on your return. This means your hourly return will be: Hourly return = Lending amount × Current annualized rate / 365 / 24 × 85%
3. Interest Rate Setting Rules
Customers can customize the "Minimum Lending APR" (if not set, the system will help customers place lending orders at the optimal rate). Every hour, based on borrowing demand, the marketplace will auction from the lowest to highest "Minimum Lending APR". The highest bid in the auction will be set as the "Current Lending APR".
If the minimum lending APY is less than the current lending APY, the loan will be successfully made at the current lending APY.
If the minimum lending APY is greater than the current lending APY, the lending will fail and no interest will be earned.
If the minimum lending APY equals the current lending APY, partial lending or lending failure may occur. If customers set the same minimum lending APY, priority is given based on the time principle—the earliest subscription will succeed first. Any new subscriptions or redemptions during the process will affect the lending time.
Web
1. Subscription
On the official website Home, click [Grow] — [Simple Earn]; search for the token or scroll down to select a specific product and click [Subscribe]; enter the [quantity], [min lending APR], etc. as required, and complete the operation as instructed.
2. Redemption
Click on [Grow] — [Earn], then click [My Earn] on the new page; select the product for redemption and follow the instructions to complete the operation. The principal and return will be automatically credited to your [funding account].