Binance has reopened its USD1 airdrop campaign, offering a total of 135 million WLFI to users holding USD1, the stablecoin issued by World Liberty Financial. The program runs from March 20 to April 17 and is split into four weekly rounds, with 33.75 million WLFI distributed each week.
Eligible balances span spot, funding, margin, and futures accounts
Users qualify by holding net USD1 balances in any of the specified Binance account types: spot accounts, funding accounts, margin accounts used with USD1 as collateral, and USDT-M futures accounts where USD1 is also posted as collateral. The campaign does not treat all balances the same.
USD1 placed as collateral in margin or USDT-M futures accounts receives a 1.2x reward multiplier. That gives collateralized balances a higher effective yield than holdings kept only in spot or funding wallets.
Weekly rewards depend on a 7-day average qualified balance
According to Binance’s formula, rewards are calculated as 7-day average qualified balance × effective APR × 7 ÷ 365. The settlement cycle is weekly. In practice, the payout is based on the average eligible balance across the week rather than a single-day snapshot.
The rules also include a haircut for borrowed exposure. Binance said USD1 acquired by borrowing other stablecoins will be subject to a 70% value discount after deducting liabilities tied to other stablecoins, including USDT, USDC, U, RLUSD, and FDUSD. That clause sharply reduces the amount counted toward rewards in some leveraged cases.
Examples show how borrowed funds can cut rewards to zero
In the first example, User A holds 10,000 USD1 in a spot account and 20,000 USD1 in a margin account as collateral. Using an assumed effective APR of 20% and a boosted collateral APR of 24%, Binance’s example puts the first-week reward at $130.41 worth of WLFI.
User B borrows 5,000 USD1 through VIP borrowing or margin borrowing, uses 4,000 USD1 as margin collateral, and leaves 1,000 USD1 in spot. In Binance’s example, the qualified balance is 0, leaving the user with $0 worth of WLFI for the first week.
User C starts with 1,000 USD1 in a margin account, borrows 4,000 USDT against it, and converts that borrowed USDT into USD1, bringing the displayed USD1 balance to 5,000. After accounting for other stablecoin liabilities and applying the 70% discount, Binance’s example shows a qualified balance of 2,200 and a first-week reward of $10.12 worth of WLFI.
The setup makes clear that headline balances alone do not determine payouts. Source of funds, stablecoin liabilities, and whether USD1 is used as collateral all change the final WLFI allocation.