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 is launching 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.

Differences between Binance Megadrop and Binance Launchpool

• How to participate: Megadrop allows users to participate by registering BNB and/or completing Web3 tasks. Binance Launchpool only allows users to participate by registering BNB or a specified number of tokens.

• Token registration: Megadrop only uses BNB Locked Products for token registration. Binance Launchpool is more diverse as it allows users to register tokens using BNB Locked Products, BNB Vault or lock directly into Launchpool.

• Reward Calculation: Megadrop rewards are based on the amount of BNB the user has locked and the lock time, plus completion of the Web3 Quest. Binance Launchpool rewards are based on Launchpool registration volume.

• Boosted Rewards: Megadrop allows users to boost their rewards by completing tasks in Binance Web3 Wallet. Binance Launchpool does not allow users to do this.

• Reward Distribution: Both Megadrop and Binance Launchpool distribute rewards to users' Binance Spot wallets.

• Project type: Binance Megadrop only supports new tokens. Binance Launchpool supports both new and existing tokens

  
  
  So how to get started with Binance Megadrop? To participate in Megadrop is extremely simple, below are 5 basic steps to participate
  
  

  1/ Register for a Binance account 20-30% discount on transaction fees

  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 step 1

  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 a $10-$20$ voucher from the Exchange)

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

  1.2/ Access the Binance app on your phone, select More → Megadrop (Updating)

  1.3/ You will see a list of launched Web3 projects. Select an ongoing project to go to that project's details page.

  2/ Sign up for BNB Locked Products or complete Web3 Tasks to accumulate points → To complete Web3 Tasks, make sure you have at least one active Binance Web3 Wallet

  
  

  → Instructions for registering for Web3 Binance Wallet: Refer here

  3/ Complete registration of BNB Locked Products on Simple Earn feature to accumulate points.

  

  → Access Earn Section → Simple Earn → Select BNB → Select Duration (Number of Lock Days) → Subscribe
  

  4/ Complete different tasks in the Quest section to earn points and receive rewards. You will also see the participation time, reward distribution and Megadrop project listing time.

  

  5/ Get Megadrop rewards based on your Total Points.

  → Megadrop rewards will be airdropped to the user's Binance Spot Wallet.

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

  The system will calculate the Totalpoint of users by applying the Web3 Task Multiplier to their total locked BNB Points and then adding the Web3 Task Reward.
  

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

  The Megadrop reward for each qualified user will be based on the user's Total Points relative to the Total Points of all qualified users.

  *If the user does not complete all the specified Web3 Tasks, the multiplier will be 1.

  Lock BNB

  BNB lock is determined based on the number of BNB registered and the registration time. The longer the registration time, the higher the score. Note that BNB lockpoints are subject to change due to daily subscription fluctuations. Binance will calculate the score based on the average number of registrations snapshotted daily.

  User points are calculated according to 4 fixed coefficients of 30, 60, 90 or 120 days, depending on their BNB lock-up period:

  • If BNB is locked for less than 59 days, the user's points will be increased by a factor of 30 days

  • If BNB is locked for 60 to less than 90 days, the user's points will be increased by a factor of 60 days.

  • If BNB is locked for 90 to less than 120 days, the user's points will be increased by a factor of 90 days.

  • If BNB is locked for 120 days or more, the user's points will be increased by the "120 days" factor.

  Web3 Quest

  Users can increase their score by completing Web3 Quests. If all missions are completed, the user's base mission points will increase by a certain coefficient and they will receive additional bonus points.

  For example:The score multiplier is 3 and your base mission score is 1,200. When you complete all tasks, you receive an additional 50 bonus points. Thus, your total score will be: (1,200 x 3) + 50 = 3,650.
  

  Updates on BNB locked products (as of April 22, 2024)
  

  In anticipation of future Megadrop events, Binance has updated the APR and increased the maximum subscription limit per user for BNB Locked Products, as per the table below.

  

  • There will be a limit applied to the total amount of BNB Locked Product subscriptions used to calculate Locked BNB Points in all Megadrop events. Detailed information will be provided in a separate announcement.

  • For each Megadrop, users will receive different scores for each active BNB Locking Product subscription they have, based on the length of the respective subscription period. The longer the term, the higher your locked BNB Points.

  • Registering for BNB Locked Products will allow users to accumulate points for the Megadrop. Please note that BNB Vault assets are not included in scoring for Megadrop events.

  • Users who are participating in the Megadrop by locking their BNB with Locked Products will also receive Launchpool rewards at the same time. Users are not required to manually redeem their BNB assets from BNB Locked Products to participate in Launchpools.

    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 airdropped to the user's Binance Spot Wallet.

      In the next article, I will analyze the projectBounceBit (BB) - First broadcast Megadrop. Don't forget to Follow and not miss any noteworthy information
      
      #BinanceMegadrop #BinanceVietnamSquare