Cryptocurrency exchange Binance unveiled BounceBit (BB), a Bitcoin staking platform, as the first project on its token issuance platform, Megadrop. Now, users can subscribe to BNB locked products or start fulfilling project-specific tasks in Binance Web3 Wallet, gaining early access to BounceBit’s airdrop rewards.
BounceBit functions as a Layer 1 network, employing a unique dual-token system. This setup blends the security of Bitcoin with complete compatibility with the Ethereum Virtual Machine (EVM), allowing validators to stake both BTC and BB. By restaking Bitcoin via bridges and oracles, BounceBit endeavors to optimize its operational efficiency and bolster its security.
The BounceBit token BB has a total supply of 2.1 billion tokens, of which 409.5 million are initially in circulation, representing 19.5% of the total supply. Furthermore, 168 million BB tokens are allocated to the Megadrop incentives, constituting 8% of the total supply.
To join, participants are advised to set up their accounts on the exchange and its Web3 wallet. Following this, users can proceed with subscribing to BNB locked products or begin fulfilling quests to gain scores and fulfill subscriptions to BNB locked products on Simple Earn. Users are also encouraged to access the Megadrop section within Binance and complete quests there, accumulating scores and a score multiplier.
Binance Megadrop combines the exchange’s Simple Earn with Web3 Wallet, revolutionizing the airdrop process. Moreover, the new platform provides users with access to handpicked Web3 ventures prior to their listing.
Binance Labs Invests in BounceBit to Accelerate Project Development
BounceBit is building a Bitcoin restaking infrastructure to pave the way for a range of restaking products. This infrastructure benefits from the security provided by regulated custody services offered by Mainnet Digital and Ceffu. Integrating both centralized and decentralized finance elements allows Bitcoin holders to earn yield across multiple networks.
Recently, Binance’s venture capital arm, Binance Labs, made an investment in BounceBit to accelerate the project’s development.
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