Binance announced yesterday that it will launch the third phase of the Megadrop project,
Solv Protocol. So, what is this project, and how can we participate? The following article will provide you with a detailed explanation to help you maximize your earnings.
▌Project Introduction: What Is Solv Protocol?
Solv Protocol officially launched in 2020, initially focusing on the standardization and NFT-based development of on-chain financial instruments while offering flexible, convenient asset management solutions for the decentralized finance (DeFi) ecosystem. Starting in 2024, with the rise of the BTCFi concept, Solv Protocol introduced its wrapped Bitcoin asset, SolvBTC, along with its Staking Abstraction Layer (SAL). These advancements successfully amalgamate “Bitcoin staking” with “multi-chain operations,” allowing BTC holders to fully leverage their assets’ value in various DeFi scenarios across multiple chains.
▌Key Info: what can SOLV coin do?
Governance Function: SOLV token holders can participate in protocol governance, including voting on key matters such as network upgrades, parameter adjustments, and Bitcoin reserve fundraising programs.
Staking Rewards: Users can earn rewards by staking SOLV tokens or Bitcoin, further incentivizing participation in the protocol's ecosystem.
Ecosystem Incentives: SOLV tokens will be used to incentivize developers, users, and partners, driving the expansion of the protocol's ecosystem.
Bitcoin Reserve Fundraising Program: Through governance voting, SOLV tokens may be utilized to support Bitcoin reserve fundraising programs, further enhancing the liquidity and stability of the protocol.
▌Project Funding History
Drawing on previous details and project information, Solv Protocol has raised approximately 29 million USD over various stages. Highlights include:
May 8, 2021
– Amount Raised: 2 million USD
– Lead Investor: Binance Labs
August 30, 2021
– Amount Raised: 4 million USD
– Lead Investors: Blockchain Capital, Sfermion, Gumi Cryptos Capital
August 1, 2023
– Amount Raised: 6 million USD
– Major Investing Institutions: Laser Digital (under Nomura), UOB Venture, Mirana Ventures, Matrix Partners China, and more
October 14, 2024
– Amount Raised: 11 million USD
– Lead Investors: Laser Digital, Blockchain Capital, OKX Ventures
▌How to Participate: BNB Fixed-Term or Web3 Tasks
The announcement for the participation page of Megadrop Solv has not been released yet. Once it is published, users can access the page and follow the steps below to participate:
Log in or Register a Binance AccountLog in to your existing account or register a new one and create a Binance wallet. Note: Only wallets created and backed up in Binance Wallet are eligible to participate. Imported wallet addresses are not allowed to participate.Subscribe to BNB Fixed ProductsGo to Binance Earn and subscribe to BNB Fixed Products to accumulate locked BNB points.The longer the subscription period, the more points you will earn.Note: BNB assets in flexible products are not included in the calculation of Megadrop activity points.Complete Web3 TasksComplete designated Web3 tasks on the Megadrop page in the Binance App to earn Web3 task points and multipliers.Accumulate Final PointsFinal points = Locked BNB Points × Web3 Task Multiplier + Web3 Task Points.Receive RewardsSOLV token rewards will be distributed based on the proportion of your final points and airdropped directly to your Binance Spot Wallet.
▌Notices and Risk Warnings
- Activity Period Is Limited: Check the start and end dates in the Binance announcement to avoid missing out on airdrop opportunities.
- Contract and Cross-Chain Security: Staking and cross-chain protocols require frequent interactions; thoroughly assess technical risks.
▌Conclusion
As an innovator in the BTCFi sector, Solv Protocol has achieved remarkable success in terms of technological implementation, capital backing, and market response:
– Through SolvBTC and the Staking Abstraction Layer (SAL), it has effectively lowered the barriers to Bitcoin cross-chain staking and the use of financial instruments.
– With a total funding amount of approximately $29 million, it has garnered long-term attention and support from top-tier institutions such as Binance Labs, Laser Digital, and OKX Ventures.
– The steadily increasing TVL and user base demonstrate the market's recognition of its model for "multi-chain BTC value unlocking."
– It continues to expand collaboration with public chains and DeFi projects, further invigorating the BTCFi ecosystem.
Overall, Solv Protocol is committed to unlocking Bitcoin's potential value across the entire blockchain ecosystem. Through professional, standardized, and user-friendly staking and yield aggregation solutions, it provides a new growth engine for the BTCFi on-chain ecosystem while showcasing promising prospects in the capital market.
#Megadrop #AirdropAlert #BTC