Binance announced the 3rd project on Binance Megadrop, featuring Solv Protocol (SOLV). In this article we will walk through everything you need to know about participating in binance megadrop Solv.
Before we get into the user guide let's discuss what's SOLV.
What is SOLV?
Solv Protocol is the on-chain Bitcoin Reserve, aiming to unlock the full potential of over $1 trillion in Bitcoin assets. Through our Staking Abstraction Layer, SolvBTC, and SolvBTC.LSTs (Liquid Staking Tokens), Solv enables both retail and institutional investors to capture diverse yield opportunities without sacrificing liquidity by seamlessly integrating Bitcoin into DeFi ecosystems.
Solv Protocol is backed by prominent investors such as Binance Labs, Blockchain Capital, Laser Digital, OKX Ventures, and others.
State of Bitcoin Staking
Bitcoin, represents over 50% of the total cryptocurrency market, valued at over $1.3 trillion.
Over $1 trillion worth of BTC is idle, No native yield.
Unlike ETH, which benefits from a thriving staking ecosystem, there are no high-quality native yield solutions for Bitcoin.
As of June 13, there are:
- ~28% of ETH’s total supply staked (34M/120M)
- ~29% of ETH is staked through Lido (10M/33M)
At current Bitcoin prices, Solv would only need 2.5% of BTC to be deposited into Solv's vaults to achieve a similar TVL as Lido.
As per the data available on their websit, $2.42B or 23,737 Bitcoin are staked on SOLV and 579k users. Pretty impressive number for a new project.
SOLV Features & UserCase
By staking Bitcoin through SAL, users can help secure networks like CoreDAO and earn rewards in return. This process is similar to how Ethereum validators earn ETH by maintaining the blockchain.
Passive returns: You earn regular rewards without needing to actively trade or manage your assets.
Network security: Contributing to network security improves the overall stability of blockchain ecosystems.
SOLV Tokenomics
Token Name: Solv Protocol (SOLV)
Maximum Token Supply: 9,660,000,000 SOLV (subject to increase via network governance for Bitcoin Reserve Offering)
Total Genesis Token Supply: 8,400,000,000 SOLV (86.96% of max token supply)
Megadrop Token Rewards: 588,000,000 SOLV (7.00% of genesis token supply, 6.09% of max token supply)
Initial Circulating Supply on Binance Spot Listing: 1,482,600,000 SOLV (17.65% of genesis token supply, 15.35% of max token supply)
Binance Megadrop
You have the opportunity to earn SOLV tokens via Binance megadrop and here is how you can do it.
What is Binance megadrop ?
Binance magadrop is a new token launch platform that seamlessly integrates Binance simple earn and the Binance web3 Wallet, Reinventing the airdrop experience. Megadrop grants users early access to select web3 projects before they are listed on Binance.
How To Earn SOLV tokens on Binance Megadrop? Lets Get Started
To earn Solv tokens you need to lock your BNB on binance simple earn and here is how you can do it.
Go to binance.com and find the "Earn" option as pointed in the screenshot below.
You can find this option on Binance app as well 👇
Tap on the Binance logo you see on your homescreen.
STEP 2: You will see "EARN" option there, if it's not on the home page you can go to more services to find that option.
STEP 3: Simply stake your BNB and you'll be able to earn Megadrop tokens.
Maximize Your Earnings
To maximize your reward for Solv tokens you can also complete web3 quests.
This will help you to earn points and increase your Allocation.
How to complete web3 quests?
To complete web3 quests you need to have a binance web3 wallet and here is how you can create one if you don't have it yet.
Make sure that the Binance Web3 Wallet fulfills following requirements.
a) Your account bound to the wallet has passed KYC
b) You back-up your wallet
c) Do not use an imported wallet
How to access Binance Megadrop?
Step 1: Go to Binance logo
STEP 2: Find the Megadrop option
If it's not on your first screen, go to more services and you will be able to find it.
You will be able to see it on this page.
Solv megardrop is not there yet but it will be available there soon.
Complete all designated Web3 Quests and use score multipliers to maximize your Total Score.
Score Calculation
Subscribing your BNB to Simple Earn’s BNB Locked Products will add to your score.
You can participate in Megadrop without subscribing to any BNB Locked Products.
Total Score = (Locked BNB Score * Web3 Quest Multiplier) + Web3 Quest Bonus
Locked BNB Score (based on hourly snapshots during the BNB Locked Products Snapshot Period) = (Average 120-day BNB Locked Amount x 130) + (Average 90-day BNB Locked Amount x 120) + (Average 60-day BNB Locked Amount x 110) + (Average 30-day BNB Locked Amount x 100)
Web3 Quest Multiplier: 1.5
Web3 Quest Bonus: 1,000
I hope this guide is helpful, Good Luck
