$STEEM APR in Binance Earn has plunged.
6 days ago, I published STEEM APR on Binance Earn is around 37%. Why? 🤔
To summarize this post, Binance Earn users can earn passive income from margin trading users. They pay for lending USDT(Thether) hourly. So, if STEEM price fluctuates a lot, Binance Earn users can receive high APR of STEEM.
That's the mechanism.
Recently, STEEM price has been consolidating. So, some of existing STEEM margin traders may have left the market. Therefore, STEEM APR has decreased.
By the way, Upbit is still staring $SBD(STEEM Dollars) as a cautionary crypto. I don't know whether STEEM or Tron foundation submitted an application related to future development plans for $SBD. I hope their efforts turn out well 🙏