The first project introduced on the platform will be BounceBit (BB)

Binance introduces the Megadrop platform for the airdrop of new coins before their listing

18.04.2024 - 13:05

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3 min

What’s new? Binance, the largest centralized crypto exchange (CEX), has unveiled the Binance Megadrop platform to launch new tokens with airdrops and Web 3.0 tasks. Users will be able to lock BNB exchange tokens in the Locked Products service and complete tasks in the Binance Web3 Wallet to gain early access to rewards from select projects before their tokens are listed on Binance.

The exchange’s announcement

What else is known? Megadrop is positioned as an interactive service that combines engagement, learning, and rewards and combines exchange products such as Binance Simple Earn for passive income and Binance Web3 Wallet. Megadrop will require an exchange account with a BNB account in Locked Products on the Simple Earn platform and/or a wallet created in Binance Web3 Wallet to complete tasks.

For completing the tasks listed on the Megadrop page, users will be able to earn points and multipliers to them, which will then be converted into rewards in the form of tokens of new projects.

The first project presented at the Binance Megadrop will be the BounceBit bitcoin restoking network with the native token BB. The asset will have a maximum offering of 2,1 billion BB, with 8% of the maximum offering or 168 million coins allocated for rewards to Megadrop participants. The initial circulating offer will be 19,5% of the maximum, 409,5 million BB.

Binance emphasizes that it will be the first platform to list BB, its details will be released at a later date.

Earlier this month, venture capital firm Binance Labs, which separated from the exchange, announced investments in BounceBit. The project offers funding rate arbitrage and the issuance of network certificates for restaking and mining. The launch of the mainnet with Proof of Stake (PoS) algorithm is expected simultaneously with the halving of the bitcoin network on April 20.

Exchange representatives emphasized that only verified users (KYC) with at least one active Binance Web3 Wallet will be able to claim rewards on the Megadrop platform.

Participation in airdrops on Megadrop is not available for residents of countries and regions such as Australia, Canada, Japan, New Zealand, the US, Crimea, and others.

Binance also has a Binance Launchpool platform where users can block BNB or FDUSD stablecoins to get new tokens. Farming programs last for a few days, after which the new coins are placed on the exchange for trading. So far, the latest, 52nd Binance Launchpool project is the Omni Network’s Layer 1 (L1) blockchain with the native token OMNI.

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