Key Points
- Binance has just revealed that BounceBit (BB) Megadrop is now open with trading pairs: BB/BTC, BB/USDT, BB/BNB, BB/FDUSD, and BB/TRY.
- This is the first project on Binance Megadrop, a new token launch platform with airdrops and Web3 quests.
Binance announces that BounceBit (BB) Megadrop is now open. BounceBit (BB) is the first project on Binance Megadrop, a new token launch platform with airdrops and Web3 quests.
BounceBit (BB) is a Bitcoin restaking chain. According to the official announcement, users can start participating in the BounceBit Megadrop starting tomorrow from 00:00 (UTC).
The BounceBit Megadrop page is estimated to become available in five hours on the Binance App.
The exchange will list BounceBit (BB) on May 13 at 10:00 (UTC). The trading will open with the following trading pairs: BB/BTC, BB/USDT, BB/BNB, BB/FDUSD, and BB/TRY.
Binance also announced that the project will come with the Seed Tag applied. The Seed Tag, which replaced the Binance Innovation Zone, is a tag used to classify cryptos that are usually in their initial stages of development and may not yet have a working product or established user base.
The maximum token supply for BounceBit is 2,1 billion BB. The Megadrop Token Rewards is 8% of the maximum token supply, representing 168 million BB.
The initial circulating supply is 19,5% of the maximum token supply, meaning 409,5 million BB. Regarding users’ eligibility, KYC is required in eligible jurisdictions.
#Binance is excited to announce the first Megadrop project – @bounce_bit $BB.
You can start participating in the BounceBit Megadrop from 26 April, at 12am UTC!
Find out more ⤵️
— Binance (@binance) April 25, 2024
What is BounceBit (BB)?
BounceBit (BB) is a Bitcoin restaking chain with an innovative CeDeFi framework. Via a CeFi and DeFi framework, BounceBit empowers BTC holders to earn yields across multiple sources.
The BB token has various uses on the BounceBit platform:
- Staking: users can stake $BB to actively participate in the PoS dual-token staking mechanism.
- Protocol Incentive: the token is paid out as a staking reward to validators who secure the network.
- Gas: $BB is the denomination of the gas fees that are required to conduct transactions and execute smart contracts.
- Governance: users can use $BB to participate in on-chain governance, e.g. voting on protocol upgrades.
- Currency: $BB can be used as currency on the BounceBit platform, and it can be used in various applications and infrastructure as a medium of exchange or store of value.
BounceBit’s Layer 1 has the following components:
- Dual-token PoS, a hybrid consensus mechanism where each validator can accept $BBTC and $BB tokens
- Native LSD module, allowing the delegation of staking to validators and receiving a LST voucher in return
BounceBit has a foundational CeFi layer, which includes Regulated Custody with funds stored in secure custody solutions using MPC wallets, and Off-Exchange Settlement, which enables safe access to CEX liquidity.
The project raised a little under $8 million from the past fundraising event.
Binance announced the launch of Binance Megadrop, a new token launch platform with airdrops and Web3 quests, on April 18.
The project is reinventing users’ airdrop experience, according to Binance’s own notes. Megadrop grants users early access to select Web3 projects before they are listed on the exchange.