What is Step Up?
Traditionally, yield-generating financial products present a tradeoff between two factors: flexibility and yield. A product with high yield tends to have more restrictions (such as a lock-in period and minimum/maximum investment amount) compared to a product with lower yield.
Step Up is the balance between these two factors.
It is flexible because you can redeem it any time, in parts or in full, and keep the interest earned with absolutely no penalty.
However, if you don’t redeem it before the maturity date, you will earn interest based on the APR of the highest “Step”.
How does Step Up work?
With Step Up, you will earn an increasing APR the longer you stay subscribed. If you don’t redeem it before the maturity date, you will earn interest based on the APR of the highest “Step”. Below are some examples.
|
Holding period |
APR |
|
1 to 29 days |
1% |
|
30 to 59 days |
2% |
|
60 to 89 days |
3% |
|
90 days |
4% |
Example 1 – Redemption before maturity: If you redeem all of the invested principal on the 65th day, the entire principal will earn 3% APR interest and the subscription will end.
Example 2 – Hold till maturity: If you do not redeem at all, on the 90th day, the entire principal will earn 4% APR interest and the subscription will end.
Example 3 – Partial redemption: If you redeem half of the principal on the 40th day, this portion of the principal will earn 2% APR interest. The remaining principal will continue on the original schedule and earn interest according to the holding period.
Which currencies are eligible for Step Up?
Step Up currently supports BTC, ETH, USDⓈ and USDT.
How do I subscribe for Step Up?
Visit the Earn tab on WhaleFin app and tap on the ‘Subscribe’ button.
Why can’t I find the option to subscribe for Step Up on your website?
Step Up is currently not available on WhaleFin’s website. Stay tuned for future updates. In the meantime, please use the WhaleFin app to subscribe for Step Up.
I just subscribed for Step Up yesterday, why don’t I see any interest today?
If you subscribed after 08:00 (UTC) / 16:00 (UTC+8) yesterday, then interest will start accruing from 08:00 (UTC) / 16:00 (UTC+8) today, and awarded at the same time tomorrow.
If you subscribed before 08:00 (UTC) / 16:00 (UTC+8) yesterday, then you should receive the interest by 08:30 (UTC) / 16:30 (UTC+8) today.