Key Points
- Binance announced the launch of the Binance Megadrop token launch platform with airdrops and Web3 quests.
- The first project to be introduced will be BounceBit (BB) – a BTC restaking chain.
Binance has just announced the launch of Binance Megadrop, a new token launch platform with airdrops and Web3 quests.
Users will be able to subscribe BNB to Locked Products and/or complete tasks in their Web3 Wallet in order to get early access to rewards from selected Web3 projects before their tokens get listed on the Binance exchange.
Introducing Megadrop, #Binance's first-of-its-kind token launch platform blending the best of Launchpool, Web3, and Airdrop elements.
Unlock exclusive early access to upcoming tokens and seize one-of-a-kind airdrop opportunities!
Learn more 👇
— Binance (@binance) April 18, 2024
1st project on Binance Megadrop: BounceBit (BB)
According to the official announcement, the first project set to be introduced on Binance Megadrop is BounceBit (BB), a Bitcoin restaking chain.
The maximum token supply will be 2.1 billion BB. The Megadrop Token rewards will be about 8% of the maximum token supply, approximately 168 million BB.
The initial circulating supply will be 409.5 million BB, meaning 19.5% of the maximum token supply.
Binance notes that more details about the Megadrop amount, Web3 quests, and detailed spot listing plan will follow via a separate announcement.
BounceBit announced on X that BB airdrop is now live.
What is Binance Megadrop?
Binance Megadrop is a new token launch platform that integrates Binance Simple Earn and the Binance Web3 Wallet. It’s basically 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.
This is a unique combination of engagement, education and rewards that places Megadrop as an “unparalleled interactive experience” within both Binance and the broader crypto ecosystem.
Getting started with Binance Megadrop
In order to get started with the platform, users have to log in to their Binance account and make sure that they have at least one active Binance Web3 Wallet.
Users have to subscribe to BNB Locked Products and/or complete the Web3 Quests to accrue scores. After that, they have to complete subscriptions to BNB Locked Products or Simple Earn to accrue scores.
Eventually, users have to go to Megadrop on the Binance App and complete all the designated Web3 quests in order to accrue scores and get a score multiplier. After this, they will receive Megadrop rewards based on their Total Score.
Scoring system
The Scoring System involves the following:
- Locked BNB Score – users receive a score based on the quantity of BNB subscribed and the length of the subscription period.
- Web3 Quest Bonus and Web3 Quest Multiplier – users receive a Web3 Quest Bonus and a Web3 Quest Multiplier when they complete all designated Web3 Quests with the minimum requirements specified.
- The system calculated users’ Total Score by applying the Web3 Quest Multiplier to their Total Locked BNB Score and then adding the Quest Bonus.
Binance has made important announcements lately, and earlier, the crypto exchange revealed that the exchange has just received a VASP License in Dubai.
Also, in an official announcement, Binance revealed that it had converted the entire pool of assets that are held in the emergency fund for users into USDC.