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Binance Announces Airdrops, Web3 Quest Platform Megadrop – Crypto News

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1 year ago

April 18, 2024

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The world’s largest crypto exchange Binance on Thursday announced its next major leap in the crypto industry, launching airdrops and Web3 quest platform Megadrop. Moreover, BounceBit (BB), a BTC restaking chain, is the first project on Binance Megadrop to benefit as part of the initial launch of the airdrop platform.

Binance Launches Megadrop

In an official announcement on April 18, Binance said it has launched a new token launch platform called Binance Megadrop. The platform integrates Binance Simple Earn and the Binance Web3 Wallet to boost airdrop experiences for its users.

Megadrop exclusively grants users early access to selected Web3 projects even before its listing on Binance, with BNB. The crypto exchange believes the platform is a combination of engagement, education, and reward, supporting Binance and the broader crypto ecosystem.

Binance Megadrop has introduced BTC restaking chain BounceBit (BB) as the first project on the platform. Users will get 8% of the token supply from Megadrop, accounting for 168,000,000 BB tokens. BounceBit (BB) has a max token supply of 2,100,000,000 BB. The initial circulating supply of 409,500,000 BB, which is 19.5% of the max token supply.

The projects’ tokens will be airdropped following thorough research by Binance. BounceBit enables BTC holders to earn income from multiple sources through the combination of CeFi and DeFi framework. The project has built a BTC re-hypothecation infrastructure, offering the advantage of a base layer for different re-hypothecation products.

Also Read: Binance To Re-Enter India As FIU-Registered Exchange After $2M Penalty

Binance in Action Ahead Bitcoin Halving

While the concerns surrounding the SEC lawsuit and Bitcoin price dropping before halving stay in buzz, Binance has continued to make positive developments. Binance CEO Richard Teng recently said the crypto exchange is carefully considering headquarters and in constructive discussions in many countries.

Meanwhile, Binance Holdings has reached a significant milestone by obtaining a full Virtual Asset Service Provider (VASP) license in Dubai. The move followed strategic decision by co-founder Changpeng “CZ” Zhao to relinquish his voting control in the local entity.

Binance is also eyeing re-entry into other countries including India after facing regulatory pushback last year.

Also Read: Whale Dumps $1B BTC To Binance Ahead Of Halving, What’s Next?