Coinspeaker Binance Announces Solv Protocol (SOLV) Megadrop, Users Can Earn Rewards with BNB Staking and Web3 Quests
Binance may have kickstarted a campaign that it hopes will help to endear Solv Protocol (SOLV) to its users. This follows after the leading global cryptocurrency exchange published a new post on its blog to announce a Megadrop to that effect.
While this is the third project under its Binance Megadrop series, this campaign is an avenue for users to earn SOLV tokens. That is, either by staking BNB in Locked Products or completing specific Web3 Quests.
According to the Monday announcement, the Solv Protocol (SOLV) Megadrop will run from January 7, 2025, at 00:00 UTC, to January 16, 2025, at 23:59 UTC. This means that right after the campaign, at 10:00 UTC, January 17, 2025, to be precise, trading for SOLV tokens will begin.
By this time, Binance says pairs, including SOLV/USDT, SOLV/BNB, SOLV/FDUSD, and SOLV/TRY, will all be available for trading on its platform.
Solv Protocol Campaign to Offer 588 Million SOLV Tokens in Rewards
Binance confirms that the campaign will feature a total reward pool of 588 million SOLV tokens. This represents 7% of the Genesis Token Supply.
Rewards will be calculated using this formula:
Total Score = (Locked BNB Score × Web3 Quest Multiplier) + Web3 Quest Bonus.
Despite the large pool size, however, it appears that no participant will be able to earn more than 4.7 million SOLV tokens.
To take part in the Megadrop campaign, users must first log in to their Binance accounts before choosing one of two options. First, they may opt to stake BNB in Locked Products. This helps them to earn scores based on the length of their staking period. That is, longer staking periods result in higher scores, which also translates to more SOLV rewards.
The other option is completing Web3 quests. By carrying out designated tasks, such as staking BTCB on the Solv Protocol, users will also be able to boost their scores further.
Meanwhile, Binance has noted that users must verify their activities through the Binance Megadrop page and can start claiming rewards daily from the moment that the campaign kicks off on Tuesday.
Once the campaign comes to an end on January 16, all rewards will be automatically distributed to the spot wallets of all participants, the platform added.
Interestingly, Binance will be the first exchange to list SOLV tokens. This shows its unending support for groundbreaking initiatives, particularly within the blockchain industry.
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Binance Announces Solv Protocol (SOLV) Megadrop, Users Can Earn Rewards with BNB Staking and Web3 Quests
