We tried to answer some questions we think you might ask 😉.
BEP20 tokens are tokens that follow the standard for issuing fungible tokens on the BNB Smart Chain. This standard says that these tokens must have certain properties and since they conform to these requirements they are called BEP20 tokens.
Nubian makes use of BNB and BEP20 tokens. BEP20 token examples are USDT, WBNB, DAI etc.
BNB is the native token of the BNB Smart Chain, the blockchain that the Nubian app exists. The BNB Smart Chain requires that every single transaction fee be paid in BNB. This means that if you are doing a transaction such as saving, sending or swapping DAI you must have BNB to cover transaction fees.
Token approvals allow gives the Nubian app access to your tokens. Without these approvals, Nubian won't be able to help you save or swap your tokens.
No there is no minimum amount to how much you can save on Nubian. You can save a few cents or kobo and even far less.
Yes, you can withdraw your savings anytime you want.
Annual Percentage Yield (APY) is the amount you earn over a year when you save, it is calculated by adding (compounding) your initial deposit with your earnings and using it in calculating further earnings. E.g If Alice saves $50 at an APY of 20% compounded monthly it means that every month she earns a certain interest and it is used in calculating her interest for the next month. This is repeated until the end of the year amounting to an extra $10 (20% of $50) in earnings at the end of the year.
Annual Percentage Rate (APR) is the additional amount you earn over a year when you save, it is calculated using just your initial deposit. E.g If Alice saves $50 at an APR of 10%, it means at the end of the year her total interest earned is $5 (10% of $50). It uses simple interest calculations and unlike APY there is no compounding.