Binance Launches New Token Issuance Platform: Megadrop
Binance has launched a new token issuance platform called Megadrop, with the first phase featuring BounceBit. Megadrop differs from Launchpool in two main ways: 1) locking BNB tokens earns multiple rewards, and 2) completing tasks also earns rewards.
The core objectives of Megadrop are twofold:
1) To provide more benefits to long-term holders of BNB. It is important to note that this is specifically for “long-term” holders.
2) To empower the projects participating in Megadrop.
1) Locking BNB in Megadrop allows users to earn double rewards points, with a maximum of 10x points for locking BNB for 120 days. This is more friendly towards long-term BNB holders. Launchpool, on the other hand, attracted many users who bought at the start and sold at the end, with some using it as a hedge. Additionally, some users borrowed BNB from lending platforms to participate. Although this incurred some costs, it only slightly reduced their earnings, and they were not BNB holders themselves.
Therefore, Megadrop’s locking mechanism aims to exclude speculators and provide more rewards to genuine long-term BNB holders. Binance also offers an annualized yield for locked BNB, and users will be automatically enrolled in any Launchpool projects.
2) Empowering projects participating in Megadrop involves completing web3 tasks. The nature of these tasks mainly depends on the specific project, and it is expected that each project will have different requirements.
Many people may not realize the significance of empowering the projects. In the previous Launchpool, users only needed to invest BNB or fdusd, and that was it. They had a general idea about the project.
Looking at recent Launchpool data, both pools had around several hundred thousand participants, with approximately 300,000 unique users when accounting for overlap. Megadrop requires each individual to participate in web3 tasks, meaning that each phase will bring at least 300,000 new users to the projects. In the blockchain world, this is a significant number.
It’s worth noting that many projects claim to have millions of addresses, but after filtering out duplicates and self-generated addresses, the number of real users is not that high. However, Megadrop’s 300,000 users are genuine as they need to pledge BNB, go through Binance’s KYC process, and having multiple accounts will not increase their rewards. Therefore, if the projects perform well and achieve a 10% retention rate, that would be a substantial user base.
Thus, while previous Launchpool projects primarily increased exposure, Megadrop brings in real and substantial user numbers for the projects.
3) Preparation for the first BounceBit project in Megadrop.
The first project in Megadrop is BounceBit, and the specific web3 tasks have not been revealed yet. However, considering the large number of participants involved, it is advisable to make necessary preparations in advance.
1) How to find Megadrop:
On the Binance App homepage, log in to your Binance account and click on “More” > “Megadrop”. You will see the list of Web3 projects, and you can click to enter.
Under the “Tasks” tab, you can complete different tasks to earn points and rewards.
2) Creating a Binance Web3 wallet:
The Web3 wallet can be found on the Binance homepage by clicking on “More” > “Web3 Wallet”.
a) Make sure your wallet account is KYC verified.
b) Backup your wallet.
c) Do not use imported wallets. Follow the instructions on how to create a Binance Web3 wallet.
3) Prepare a small amount of BNB and BTCB:
BNB is used for gas fees, so a small amount is sufficient. BTCB is for the activities, and it is advisable to wait for the project’s announcement before buying, as the exact quantity is not known.
For transferring Binance to a Web3 wallet, refer to the image below.
Official information for BounceBit, which may be useful:
Official website: https://bouncebit.io/
Chinese Twitter: https://twitter.com/bouncebit_zh
Discord: https://discord.com/invite/bouncebit
Tags:
BounceBit, Megadrop, WEB3, Binance, Binance Coin, platform token, wallet, project team
Source link:
https://mirror.xyz/0xcBc2B7797B5302Ad2dd2Ef55C8ceFAC769AcA06d/me3ayHOIO0GhJb9B…
Note: The translation represents the author’s viewpoint and does not constitute investment advice.
Original article link:
https://www.bitpush.news/articles/6631540
