Binance Token Launch Platform Megadrop
On the afternoon of April 18, Binance officially released an announcement, announcing the launch of the token issuance platform Megadrop. Users can purchase BNB regular products and/or choose to complete project tasks in the Binance Web3 wallet, interact directly with the project party to obtain airdrop rewards. It was also announced that the first project to be launched on Megadrop is the BTC re-staking project BounceBit (BB).
The emergence of Binance Megadrop not only provides Binance with more diverse gameplay, but also brings more traffic, which is a win-win situation for Binance, BNB Holders and new projects.
So:
How does Megadrop calculate user benefits?
Does Megadrop have the same functional attributes as Binance Launchpool?
What are the highlights and token economic model of BounceBit (BB), the first project to be launched on Megadrop?
To this end, we take a look at the overview of the new platform and the implications behind Binance’s Megadrop.
Megadrop integrates Binance Simple Earn and Binance Web3 wallet to form a new token issuance platform. Similar to Binance Launchpool, it releases airdrop tokens for new projects, allowing users to complete tasks assigned by the corresponding project through Binance Web3 wallet and regularly lock BNB in Binance Simple Earn to count points, and calculate airdrop rewards based on the proportion of points.
How to participate in Megadrop
Currently, Megadrop has not been officially launched. According to the official website, Megadrop has two ways to participate, one is to lock BNB, and the other is to complete Web3 tasks. These two methods also cover a wide range of users from large to small.
Megadrop Points Mechanism
The Megadrop reward for a single qualified user depends on the proportion of the user's final points to the total final points of all qualified users;
Points system:
Locked BNB Points: Users will accumulate points based on the amount of BNB they purchase for any BNB regular products on the EarnCoin platform and the length of the purchase period. The longer the purchase period, the higher the score. This score may fluctuate as it is based on an average of daily snapshots.
Web3 Task Points* and Web3 Task Multipliers: Users who complete all designated Web3 Tasks and meet the minimum task requirements will accumulate Web3 Task Points and receive Web3 Task Multipliers;
User’s final points = (locked BNB points * Web3 task multiplier) + Web3 task points
* If the user does not complete all designated Web3 tasks, his Web3 task multiplier is 1.
It is worth noting that you have different ways to earn points. Purchasing BNB is not a must, but if you do not purchase BNB and only complete web3 tasks, the points you earn will definitely be less.
Lock BNB to earn points
Users can choose to purchase BNB regular products on the EarnCoin platform to accumulate points. Points will be accumulated based on the amount of BNB purchased for any BNB regular product and the length of the purchase period. The longer the purchase period and the more locked positions, the higher the score, which is another benefit for staunch supporters of BNB. It should be noted that this score may fluctuate due to the average value based on daily snapshots.
The points earned for different lock-up periods and BNB amounts are also different. The specific number of BNB points purchased must be based on the official data. The official reference is currently:
Lock BNB, 0 < n < 59 days, calculated by 30-day integration factor;
Lock BNB, 60 ≤ n < 90 days, calculated by 60-day integral coefficient;
Lock BNB, 90 ≤ n < 120 days, calculated by 90-day integral coefficient;
Lock BNB for ≥ 120 days, calculated based on 120-day integral coefficient.
For example, if user A locks up their BNB for 45 days, the system will calculate the lockup period as "30 days" and user A's score will increase by the "30 days" multiplier (*5).
In response to future Megadrop events, Binance has currently updated the BNB fixed-term product interest rate and increased the maximum purchase limit of each user's BNB fixed-term product. As shown in the figure below:
Special note: Users who hold BNB fixed-term products will automatically receive new coin mining rewards when participating in the Megadrop, without having to manually redeem and put them into Launchpool, which means you can kill two birds with one stone without any action.
Complete Web3 tasks to earn points
You can earn points by completing Web3 tasks. To participate in Web3 tasks, you need to have a Binance Web3 wallet.
Here are some examples of tasks. See the project page for available tasks.
1. To participate in a mission, click [Earn Points].
2. Read the task description and tutorial and click [Start Now].
3. Follow the instructions to complete the task. Once completed, click [Verify] on the [Task Details] page and the system will verify that you have completed the task.
4. Once verification is complete, you will see a [Quest Completed] pop-up window and a [Completed] label on the [Quest Details] page. Click [View Quest] to return to the project page.
You can check the status of your tasks on the project page. Your score will also be automatically calculated under [Reward Info].
Your score will be updated in real time on the project page. Please note that this score is not final and will fluctuate based on your daily locked BNB holdings and Web3 task completion status. The Megadrop reward for a single qualified user depends on the proportion of the user's final points to the total final points of all qualified users.
After the participation period ends, the system will calculate your final score and distribute the rewards to your spot wallet during the distribution period listed on the project page.
You can view the Megadrop rewards in your spot wallet by visiting [Wallet] - [Spot].
How is Megadrop different from Launchpool?
In terms of participation methods: Megadrop requires locking BNB or completing WEB3 tasks to participate, but traditional new listings (Launchpool) can only choose to pledge BNB or other designated tokens to participate.
In terms of reward calculation, Megadrop is calculated based on the locked amount and duration of BNB plus the completion of Web3 tasks; Launchpool rewards are calculated only based on the staked amount and the staked market.
BNB holders can participate in Launchpool while participating in Megadrop! Therefore, for users who lock up BNB to participate in Megadrop, they can increase their rewards by completing more Web3 tasks, and BNB regular products participating in Megadrop can still participate in Launchpool, killing two birds with one stone!
However, the traditional Launchpool has more project choices, while Megadrop only has new projects to participate in. However, before Megadrop selects Web3 projects to be listed on Binance, Megadrop users can get early experience opportunities.
The emergence of Megadrop has also made the concept of "new listing" more widely covered, not only providing a new income platform for platform users, but also injecting new vitality into Binance Web3 wallet and BNB itself, with longer-term scenario empowerment. Previously, for retail investors who could not buy more BNB, participating in Launchpool was a very high threshold, but now through the Web3 task mechanism, it has truly achieved retail investor friendliness, which is bound to bring higher usage of Binance's Web3 wallet.
In addition, new projects launched on Megadrop have a Binance listing guarantee. Through the Web3 task mechanism, more people can be encouraged to participate in the interaction of new projects. Megadrop has also made great contributions to users' on-chain education.
Currently the Megadrop platform is not online yet. We will continue to update the details after it is officially launched.
The first project to be listed on Binance Megadrop is BounceBit (BB)
A quick look at BounceBit project highlights and token economic model
https://bouncebit.io/
BounceBit is the first ever native BTC staking chain. The BounceBit network is secured by staking Bitcoin and BounceBit tokens. BounceBit's PoS mechanism introduces a unique dual-token staking system by leveraging native BTC security with full EVM compatibility. BounceBit has launched a groundbreaking initiative by introducing a hybrid DeFi and CeFi yield mechanism, allowing BTC holders to earn yield through native validator staking, the DeFi ecosystem, and a CeFi mirror mechanism powered by Ceffu and Mainnet Digital.
Summary: BounceBit has built a BTC re-pledge infrastructure that provides a base layer for different re-pledge products. Through the CeFi + DeFi framework, BounceBit enables BTC holders to earn yield from multiple sources.
BB tokens have multiple uses on the BounceBit platform:
Staking: Stake BB to participate in the dual-currency staking mechanism of Bounce Bit PoS.
Protocol Incentives: Tokens are paid as staking rewards to validators who ensure the security of the network.
Gas Fee: BB is used to pay for the Gas fees required to conduct transactions and execute smart contracts.
Governance: Use BB to participate in on-chain governance, such as voting on protocol upgrades.
Currency: BB can be used as currency on the BounceBit platform. It can be used in various applications and infrastructures as a medium of exchange or a store of value.
BounceBit’s Layer 1 consists of the following components:
Dual-Currency PoS: A hybrid consensus mechanism where each validator can accept both BBTC and/or BB tokens;
Native LSD module: This module allows delegating stake to validators and receiving LST certificates in return.
BounceBit’s base CeFi layer consists of the following components:
Compliant Custody: All user funds are stored in a secure custody solution through the MPC wallet.
OTC Settlement: OES can securely tap into CEX liquidity, while trades are settled OTC.
Partial information
The project has raised $7.98 million from previous financing.
The total supply of BB is 2, 100, 000, 000 pieces;
The circulating supply after listing is 409,500,000 (19.50% of the total token supply);
Total Megadrop: 168,000,000 BB (8% of the maximum token supply)
It is the first project to be listed on Binance*Megadrop!
Megadrop Introduction: Binance Megadrop is a new token issuance platform launched by Binance. It aims to provide users with a better airdrop experience by seamlessly connecting the Binance Earn Coin platform and the Binance Web3 wallet. Before Megadrop's selected Web3 projects are listed on Binance, Megadrop users will have early experience opportunities.
Combining many advantages such as interaction, education and rewards, Megadrop provides an unparalleled interactive experience for users of the Binance platform and the entire digital currency ecosystem.
Key indicators
Token Distribution
1. What is BounceBit?
BounceBit empowers Bitcoin assets, transforming Bitcoin from a passive asset into a positive force in the crypto ecosystem by actively participating in network validation and various income-generating activities (including CeFi, DeFi, and restaking).
1.1 Project Mission
The project's mission is to make high-yield opportunities in Bitcoin assets usually only available to quantitative and top asset management companies accessible to more people. BounceBit aims to bring the combined benefits of transparent CeFi and DeFi to the masses.
1.2 Value Proposition
BounceBit is based on the idea that promoting Bitcoin development should mainly involve using assets without changing the Bitcoin blockchain. By utilizing funding rate arbitrage and creating on-chain certificates for re-staking and mining, it effectively combines the advantages of centralized finance (CeFi) and decentralized finance (DeFi). This integration brings opportunities for Bitcoin to generate better returns and be more widely used.
1.3 Project Highlights
BTC Restaking: BounceBit builds BTC Restaking infrastructure to ensure fund security through regulated custody services of Ceffu, Mainnet Digital, and Fireblocks. When assets generate interest through arbitrage strategies managed by experienced asset management entities, users are rewarded with a BTC-pegged version called bounceBTC (BBTC), which can be delegated to node operators, who return the pledge certificate (stBTC) to the staker. This liquid pledge derivative can then be re-pledged to other shared security clients (SSCs) such as sidechains, bridges, and oracles.
Dual-Currency PoS: Dual-Currency PoS is a hybrid consensus mechanism where each validator can accept both BBTC and/or BB tokens. This system expands the stakeholder base and weaves an extra layer of resilience and security into the network consensus structure.
BounceClub: BounceClub can be used as an on-chain space where users can use the built-in mini-programs to create DeFi experiences. No code is required and it can be easily integrated from the App Store.
Liquid Custody: BounceBit introduces the concept of "Liquid Custody" to keep collateral assets liquid and provide more opportunities to earn returns. When users deposit assets into BounceBit, they will receive a Liquid Custody Token (LCT), which represents their assets being custodied at a 1:1 ratio. These tokens can be bridged to BounceBit and used further.
1.4 Existing Products
Solution Design
Liquid pledge derivatives module
This infographic introduces BounceBit's native Liquid Staking Derivative (LSD) module. Token holders can delegate their BBTC and BB to validators and receive LST (stBBTC, stBB) as vouchers. Nodes are selected as active validators based on voting weight, otherwise they are candidate validators. The maximum number of validators is determined by management.
Mobile hosting
This infographic illustrates the concept of Liquid Custody. Once a user deposits their assets, BounceBit issues them a Liquid Custody token. Funds are stored in an industry-standard custody solution. Users can choose to participate in Delta Neutral Funding Rate Arbitrage strategies through an OTC settlement solution (MirrorX by Ceffu).
2. Token Economic Model
2.1 Token Allocation
2.2 Token Issuance Schedule
Note: BB tokens will continue to unlock after March 2033.
3. Roadmap
Important Milestones
Future Roadmap
Q2 2024
Premium Yield products continue
BounceBit mainnet launched
Ecosystem Construction
BounceClub Distribution
Q3 2024
More CeDeFi Products
1) Options and structured products
2) Borrowing
Q4 2024
BounceBit Restaking Platform
Q1 2025
Shared Security Client (SSC) Ecosystem Construction
Commercial and business development plans
Ceffu: Centralized Custody & OES Solutions (https://www.ceffu.com/)
Mainnet Digital: Compliant institutional crypto asset custody (https://www.mainnetdigital.com/)
Antalpha: Bitmain’s asset management and operation platform (https://prime.antalpha.com/en-us/)
4. Community
Twitter：https://twitter.com/bounce_bit
Medium：https://medium.com/@bouncebit%C2%A0
Telegram：https://t.me/bouncebit_io
Discord：https://discord.gg/bouncebit
appendix
Block Explorer - BBScan: https://bbscan.io/
Disclaimer: This article is for informational purposes only and does not constitute any investment advice! Always do your own research and consult a professional before making any financial decisions.
Planning and production
Source: Binance
Compiled by: 9iMxxx | Published by: NFT Gamer
