Binance has announced the launch of the Binance Megadrop. It is a token-launch platform that hosts airdrops and Web3 quests.
This new platform enables users to subscribe to BNB for locked products and complete tasks within their Web3 Wallet. Users will receive early access to rewards from selected Web3 projects before the exchange lists their tokens.
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The first project to be featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. The BounceBit Megadrop will have a total token reward of 168,000,000 BB, which represents 8% of the project’s maximum token supply of 2,100,000,000 BB.
The initial circulating supply of BounceBit will be 409,500,000 BB, accounting for 19.5% of the maximum token supply.
How Binance Megadrop Works
Binance Megadrop seamlessly integrates Binance Simple Earn and the Binance Web3 Wallet. To participate in the Megadrop, users must first log into their account and ensure they have at least one active Binance Web3 wallet. Those who do not have an account or wallet can easily register and create their first Web3 wallet.
Users can then accrue scores by subscribing to BNB Locked Products on Simple Earn and/or completing Web3 Quests on the Megadrop section of the exchange app (coming soon).
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The Megadrop rewards for each qualified user will be determined by their total score relative to the total scores of all qualified users.
It is important to note that external wallets imported to the exchange’s Web3 wallet will not count. Only backed-up wallets created in Binance Web3 Wallet may participate in Megadrop. Users can check the Megadrop project page to verify if a quest has been completed successfully.
The announcement comes as the exchange receives a virtual asset service provider license in Dubai.