Binance Revamps Fiat Liquidity Provider Program with New Eligibility Criteria and Incentives

blockchain.news:

Crypto Exchange Binance has announced updates to its Fiat Liquidity Provider Program, slated to come into effect from 25th September 2023 at 00:00 (UTC). The newly introduced changes emphasize a shift in the program's review mechanism and incentives offered to liquidity providers.

Key Highlights of the Program Updates

1. Scope Limitation: The updated program will be restricted only to the specific fiat markets enumerated on Binance.com.

2. Performance Review: From 25th September 2023, liquidity providers will undergo a weekly evaluation based on a revised performance review mechanism. This review will shift from a symbol basis to an individual fiat market basis.

3. Maker Fee Rebates: Starting 2nd October 2023, 00:00 (UTC), rebates on the maker fees will be awarded to liquidity providers. These rebates will be rooted in the past week's trading activity across the chosen fiat markets. 

The eligible fiat markets and associated rebates are as follows:

1.   TRY and EUR: 2.0% User’s Weekly Spot Maker Volume with a -0.004% Maker Fee Rebate Rate.

2.  BRL, GBP, RUB: 1.0% User’s Weekly Spot Maker Volume with a -0.006% Maker Fee Rebate Rate.

3.   ZAR, PLN, NGN, UAH, RON: 0.5% User’s Weekly Spot Maker Volume with a -0.010% Maker Fee Rebate Rate.

4.   ARS: 0.2% User’s Weekly Spot Maker Volume with a -0.010% Maker Fee Rebate Rate.

The formula for computing a user’s Weekly Spot Maker Volume percentage is as follows:

[User’s Weekly Spot Maker Volume % of the Total Binance Spot Maker Volume in Each Fiat Market] = [Each account’s weekly spot maker volume in each fiat market] divided by [Weekly maker volume in each fiat market on Binance Spot].

It’s further defined that a day spans from 00:00 (UTC) to 23:59 (UTC), while a