Binance further provides incentives for the use of the Ripple stabilization currency within the platform by launching a total $800,000 XRP incentive event for eligible RLSD holders. Meanwhile, the Santiago data show that the number of single-day active addresses of XRP Ledger rose to its highest level in more than two months.
Activity overwrite RLUSD hold and trade volume
This activity lasts from 17 July until 14 August, with awards distributed weekly and distributed in the form of XRP every Friday. To participate, users are required to hold at least 0.01 RLSDs in eligible Binance Earn or bond accounts, with a daily average of bonds or futures accounts of $500.
RLUSD, which is eligible, includes the balance held in Flexible Savings, as well as assets that are used for the full-ware deposit, the lump-sum bond or the portfolio bond. Participants are also required to complete the KYC and are located in eligible jurisdictions.
Incentives are calculated on the basis of minimum hold-up.
Binance states that a snapshot of the account will be recorded on an hourly basis during the activity and will be calculated on the basis of the lowest RLUD balance recorded daily. The incentive is then calculated by applying the annualized rate of return in effect for the week, based on an average of 7 days of eligible balance within a week.
If RLUSD comes from borrowing funds, the platform will convert the leverage portion by 60%. The borrowing of RLUD as a liability record is not included in the eligible holding balance.
Annualized rate of return has fallen by week
The $800,000 equivalent of the XRP award is divided into four weeks, but the real annualized rate of return is not fixed, but falls significantly as the activity moves:
- 24 July: 22.25 per cent
- 31 July: 8.22 per cent
- August 7: 8.08 per cent
- August 14: 7.69%
This means that high age in campaigning is not a fixed return. Binance states that weekly interest rates will be adjusted to the size of the eligible balance and other activity factors.
Thermostat on XRP chain
The XRP chain also picked up in parallel with the incentive activity. Statistics from Santiago show that there are 49,929 XRP addresses active in 24 hours, the highest level in over two months.
The article mentions that, despite market sentiment, the actual participation of XRP Ledger is increasing, showing a divergence between chain activity and market sentiment.