Megadrop - Token launching platform with Airdrop and Web3 tasks

What is Megadrop? Will this new platform be a new wave to attract Binance users in the near future, or will it be a source of motivation for the price of $BNB to reach the $1000 mark in 2024? Let's find out through the article below

Binance has launched Binance Megadrop, a new token launch platform with airdrops and Web3 missions (basically integrating Binance Simple Earn and Binance Web3 Wallet), where users can register BNB for locked Products and/or complete tasks in their Web3 Wallet to gain early access to rewards from selected Web3 projects before their tokens are listed on the Binance Exchange.

Details about BounceBit Megadrop:

  • Token name: BounceBit (BB)

  • Maximum Token Supply: 2,100,000,000 BB

  • Megadrop Token Reward: 168,000,000 BB (8% of maximum token supply)

  • Initial Circulating Supply: 409,500,000 BB (19.5% of maximum token supply)

    Research information about the BounceBit (BB) project

    BounceBit (BB)

    • BounceBit is a BTC reset chain with an improved CeDefi framework. Through the CeFi + DeFi framework, BounceBit empowers BTC holders to profit from multiple sources.

    • The $BB token has several uses on the BounceBit platform:

      • Staking: Stake $BB to actively participate in the PoS dual token staking mechanism.

      • Protocol Incentive: Tokens are paid as staking rewards to validators who secure the network.

      • Gas: $BB is the denomination of gas fees required to conduct transactions and execute smart contracts.

      • Governance: Use $BB to participate in on-chain governance, e.g. voting on protocol upgrades.

      • Currency: $BB can be used as currency on the BounceBit platform. It can be used in various applications and infrastructure, as a medium of exchange or store of value.

    • Layer 1 of BounceBit includes the following components:

      • Dual Token PoS : A hybrid consensus mechanism where each validator can accept both $BBTC and $BB tokens;

      • Native LSD Module: A module that allows staking authorization to validators and receiving LST vouchers in return.

    • BounceBit has a foundational CeFi layer that includes the components below:

      • Regulatory Custody: All user funds are stored in secure custody solutions using MPC wallets.

      • Off-Exchange Settlement (OES): OES enables secure access to CEX liquidity, while trades are settled off-exchange.

    • The project has raised $7.98 million from a previous fundraising event.

    • The total supply of $BB is2.100.000.000 and the circulating supply upon listing will be409,500,000 (19.50% of total token supply).

      1. What is BounceBit?

      BounceBit is a BTC staking chain with an innovative CeDefi framework, transforming BTC from a passive asset to a driving force in the ecosystem by actively participating in network validation and multiple yield-generating activities including CeFi, DeFi and staking again.

      1.1 Project tasks

      The project's mission is to democratize access to high-return opportunities in the Bitcoin asset class, which is typically reserved for leading quant and asset management companies. BounceBit aims to bring the combined benefits of CeFi and transparent DeFi to the masses.

      1.2 Value proposition

      BounceBit's approach is based on the idea that promoting Bitcoin primarily involves using the asset without altering the Bitcoin blockchain. By providing access to funding interest rate spreads and creating on-chain certificates for re-staking and mining, BounceBit effectively combines the strengths of centralized finance (CeFi) and decentralized finance (DeFi). This integration opens up opportunities for Bitcoin, allowing for better returns and wider adoption.

      1.3 Main highlights of the project

      • BTC Reset: BounceBit is building a BTC reset infrastructure where funds are secured through Ceffu, Mainnet Digital, and Fireblocks regulated custody services. While the asset generates interest through arbitrage strategies managed by experienced asset managers, users are issued a fixed version of BTC called bouncingBTC (BBTC). , can be delegated to node operators to return vouchers to stakers, stBTC. This liquidity staking derivative can then be staking to other shared security clients (SSCs) such as sidechains, bridges, and oracles.

      • Dual-Token PoS: Dual-Token PoS is a hybrid consensus mechanism where each validator can accept both BBTC and/or BB coins. This system expands the stakeholder base and adds a layer of resilience and security to the network's consensus structure.

      • BounceClub: BounceClub serves as an online Space for users to create DeFi experiences without code using pre-built widgets for easy integration available from the App Store.

      • Liquid Custody: BounceBit introduces the concept of Liquid Custody, allowing staking assets to maintain liquidity and provide more accessible profit-making opportunities. When users deposit their assets on BounceBit, they receive a Liquid Custodial Token (LCT), which represents their assets in regulatory custody on a 1:1 basis. These tokens can be connected to BounceBit and used further.

        1.4 Available products

        Solution design

        Liquid Staking Derivatives (LSD) Module

        This infographic depicts BounceBit's native liquid staking derivatives (LSD) module. Token holders can delegate their BBTC and or BB to validators and receive LST (stBBTC, stBB) as vouchers. A node is selected as an active validator based on the voting weight, otherwise it is a candidate. The maximum number of validators is determined by the administration.

        Liquid custody

        This infographic illustrates the concept of Liquid Custody. Once users deposit their assets, they will be issued Liquid Custody Tokens by BounceBit. Funds are stored in industry standard custody solutions. Optionally, users can participate in Delta Funding Neutral Rate Arbitration strategies through Forex settlement solutions (MirrorX by Ceffu).

        2. Token Sale and Economics

        2.1 Token Distribution



        2.2 BB token allocation



        2.3 BB token release schedule

        Differences between Binance Megadrop and Binance Launchpool



        So how to get started with Binance Megadrop?

        There are 2 main ways to participate in Megadrop:

        • Lock BNB (Binance Coin): You can lock a certain amount of BNB at Simple Earn for a period of time to receive Megadrop bonus points. The more BNB you lock up for longer, the higher the reward points.

        • Complete the Web3 mission:Use Binance Web3 Wallet to complete project-related taskscryptoComing soon to the marketBinance. The more missions you complete, the higher your reward points.

        To participate in Megadrop is extremely simple, below are 4 basic steps to participate

        1/ Register for a Binance account

        If you are new, you can refer to How to register - Instructions for opening a crypto investment account and verifying identity (KYC) on Binance https://bit.ly/3xhp66Q → If you already have an account, skip this step 1 here

        1.1/ Buy P2P directly on Binance or Deposit Onchain from Metamask, TrusWallet,... or any other Web3 or Cex (Centralized exchange) wallet

        (Everyone is encouraged to buy P2P directly on Binance for their first purchase to receive an additional $10-$20$ voucher from the Exchange)

        → The most detailed and simple instructions for buying P2P on Binance https://bit.ly/3IWMsRE

        2/ Register and complete registrationBNB Locked Products on the Earn feature to accumulate points.


        → Go to Earn Section → Simple Earn → Select BNB → Select Duration (Number of Lock days → should choose 120 days) → Subscribe

        Some notes when Locking BNB at Simple Earn

        • Lock BNB at Simple Earn for 30 / 60 / 90 / 120 days respectively

        • The more BNB you lock for longer, the higher the reward points

        • You can withdraw at any time, but you must accept the loss of rewards and wait 48 - 72 hours for BNB to return to the Spot wallet.

        • Locked BNB still counts towards Launchpool

        • If you have previously locked BNB in ​​Simple Earn, just keep it intact, Binance will automatically take a snapshot

        • AEs without BNB can still participate in the Megadrop but their points will be lower and they will be given fewer tokens

        Note: Snapshot time: 07:00 April 26, 2024 - 06:59 May 13, 2024

        3/ Complete tasks in the Quest section to earn points and receive rewards.


        → Instructions for registering for Web3 Binance Wallet: Refer here


        First task on Megadrop: “Stake 0.0001 BTCB on BounceBit"

        To participate in this mission, users need to satisfy the following two conditions:

        • The user already owns a Binance Web3 wallet. External wallets (like Metamask) imported to Binance Web3 will not be counted. Only backup wallets created in the Binance Web3 Wallet can participate in the Megadrop.

        • A minimum of 0.0001 BTCB (approximately 7 USD) is required to stake on BounceBit & an amount of BNB tokens are required to pay gas fees (approximately 4 USD) in the Binance Web3 wallet.


        Steps to do the BounceBit Stake task

        Below are detailed steps to Stake BTC

        • Step 1: You need to prepare about 0.00015BTC (~8 USD) and 0.004BNB (~4 USD) on Spot wallet or Binance Funding. Then access the Web3 wallet and select Transfer.

        • Step 2: Start transferring BNB from the exchange to the Web3 wallet to have BNB as gas fees. You select Coin as BNB, Network as BNB Smart Chain (BEP20). Then click the Transfer button below.

        • Step 3: Here you enter the amount of BNB you need to transfer. For this task, you need about 0.0065 BNB (about 4 USD). You then select confirm withdrawal to complete the BNB transfer.

        • Step 4: Continue to transfer BTC from the exchange to the Web3 wallet to have BTCB to stake. You select Coin as BTC, Network as BNB Smart Chain (BEP20). Then click the Transfer button below.

        • Step 5: Here you enter the amount of BTC you want to transfer. With the Megadrop program's requirement of 0.0001 BTC, you should leave a little extra of 0.00012 BTC (about 7 USD). Then you choose to confirm withdrawal to complete the BTC transfer.

        • Step 6: Proceed to complete the tasks in the [Complete Web3 tasks] section. For BounceBit, you only need to complete 1 task [Stake with BounceBit] by clicking the [Earn Points] button.

        • Step 7: Read the task description and instructions. Click [Start Now].

        • Step 8: Here you will be redirected to the BounceBit dApp interface. You connect your wallet and deposit 0.0001 BTCB to complete the task. Note that depositing more BTCB than 0.0001 BTCB will not increase your Megadrop points.

        • Step 9: After completing the Web3 tasks, you need to return to the Binance Megadrop section and select [Verify]. The completion status will be indicated by the word [Completed] with a green tick under the Stake with BounceBit section.

        • Step 10: To unstake BTCB from BounceBit (after the event ends), access again → select Withdrawal and click on Request. Here you enter the number of BTCB you want to withdraw and after 18 days you can claim this number of BTCB & withdraw it to your Binance Web3 wallet. Note that during the position closing period of 18 days you will not receive additional yield.

          Note: External wallets such as Metamask, Trustwallet, etc. imported into Binance Web3 Wallet will not be counted.


        4/ Get Megadrop rewards based on your Total Points.

        → Megadrop rewards will be airdropped to the user's Binance Spot Wallet, at 13:00 May 13, 2024 (4 hours before listing)

        How to Calculate Points when Locking BNB and doing Quests on Web3 Binance

        The system will calculate the user's Total Points by applying the Web3 Task Multiplier to their total locked BNB Points and then adding the Web3 Task Rewards. Specifically, the total score is calculated according to the formula:

        Total Points = (Locked BNB Points * Web3 Quest Multiplier) + Web3 Quest Bonus

        In there:

        • BNB Locked Points = (Average BNB Locked for 120 Days x 130) + (Average BNB Amount Locked for 90 Days x 120) + (Average BNB Amount Locked for 60 Days x 110) + (Average BNB locked for 30 days x 100)

        • Web3 mission factor: 1.5

        • Web3 Quest Reward: 1,000

        For example: If your average 30-day, 60-day, 90-day & 120-day locked BNB are all 1 BNB. Your locked BNB points are: (1 x 130) + (1 x 120) + (1 x 110) + (1 x 100) = 460

        If you complete the entire Web3 quest, your Web3 quest multiplier will be 1.5 and the Web3 quest reward is 1,000. Then, the total score will be: (460 * 1.5) + 1,000 = 1,690. Note that if you do not complete the Web3 tasks as specified then the default multiplier is 1.

        Note:

        • External wallets such as Metamask, Trustwallet, etc. imported into Binance Web3 Wallet will not be counted.

        • Only backup wallets created in the Binance Web3 Wallet can participate in the Megadrop.

        • Users can visit the Megadrop project page (this page will be available in the second announcement) to check if the task was completed successfully.

        • Megadrop rewards will be airdroppedBinance spot wallet (Spot). of the user .

        Hopefully the above article will help you better understand how to participate in the BounceBit Megadrop on Binance. Wished everyone success.

        #BinanceMegadrop #Megadrop