(04-28 18:00) Added: 3 expected benefits per point;
(05-01 20:00) Correction: 3 Expected number of participants and benefits.
#Megadrop First issue #BounceBit
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Project and Token Information
BounceBit has built a BTC re-pledge infrastructure (think of EigenLayer for ETH re-pledge), providing a base layer for different re-pledge products.
The purpose of the project token $BB
Pledge.
Protocol Incentives: Rewarding tokens to stakers who secure the network.
The gas fee token native to the BounceBit chain.
Governance.
Currency. Used as currency on the BounceBit platform.
The project has currently raised $7.98 million from previous financing.
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Base
Event time: (Beijing time) 2024-04-26 08:00 to 2024-05-13 07:59:59
Reward distribution time: (Beijing time) 2024-05-13 14:00
Trading time: (Beijing time) 2024-05-13 18:00
Total amount of reward tokens: 168,000,000 (168 million) BB
Hard cap for single user rewards: 1,344,000 BB
Web3 task points: 1000 points
Web3 task multiplier: 1.5
For the basics, please refer to this article: How to participate in "Megadrop"
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Expected return analysis
Total Token Supply: 2,100,000,000 (2.1 billion)
Initial circulation of tokens: 409,500,000 (approximately 410 million)
(I may overestimate it. It’s the first Megadrop, so the profit effect should not be bad. The overall market is too bad, so I lower my expectations)
Expected token price: $ 0.55
Expected circulating market value: Approximately $225 million
Expected total market value: $1.155 billion
(Since there is no historical data to refer to, the data from Launchpool is used as the basis. BNB has fallen recently, and the number of web3 participants has exceeded 200,000 in just a few days of the event, so some values have been increased)
Expected BNB fixed-term product inventory: 13 million BNB
Expected number of people to complete Web3 tasks: 400,000
(Assuming that 85% of BNB regular users complete Web3 tasks, and the median number of BNB regular users is 90 days)
Expected total points for the game: (0.15 * 13,000,000 * 120) + (0.85 * 13,000,000 * 120 * 1.5) + 1000 * 400,000 = 2,623,000,000 (approximately 2.623 billion)
Expected number of tokens per 1 point: (1 / 2,623,000,000) * 168,000,000 = 0.064048799 (Note: there is a cap on the number of reward tokens per person)
Expected number of tokens to be obtained by completing only Web3 tasks: 1000 * 0.064048799 = 64.048
Expected number of tokens to be obtained by depositing only 1 BNB (≥120 days): 130 * 0.064048799 = 8.326
The expected number of tokens obtained by completing Web3 tasks and depositing 1BNB (≥120 days) is: ((1 * 130 * 1.5) + 1000) * 0.064048799 = 76.538
Other situations can be calculated based on existing data
Estimated profit per 1 point: 0.064048799 * 0.55 = 0.03522683945 (Note: there is a limit on the number of reward tokens per person)
Expected revenue from completing only Web3 tasks: 64.048 * 0.55 = $ 35.2264
Expected return for depositing only 1 BNB (≥120 days): 8.326 * 0.55 = $ 4.5793
Expected income after completing Web3 tasks and saving 1BNB (≥120 days): 76.538 * 0.55 = $ 42.0959
Other situations can be calculated based on existing data
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Web3 Wallet Task Tutorial
There is only one Web3 task in this issue. After completing it, you can get 1000 "Web3 task points" and a "Web3 task multiplier" of 1.5. The specific use will be calculated later in the "Expected Returns" section.
After entering the activity page of this Megadrop project, there is a "Complete Web3 Task" at the bottom where you can see all the tasks. There is only one staking task in this period.
Since this staking task is on the BSC (BNB Smart Chain, the abbreviation will be used below) chain, a certain amount of BNB is required as gas fee. At the same time, the task itself requires staking 0.0001 BTCB (the token anchored to BTC on the BSC chain).
There are many situations at this time:
You don't have any assets on the BSC chain. At this time, you need to withdraw two assets from the exchange to your BSC wallet. In order to save costs, it is recommended to withdraw only BNB, because you don't have bnb on the chain, so you need to withdraw some bnb to your bsc wallet (of course you can ask others to transfer it to you, the exchange withdrawal fee is much more expensive than the gas fee on the chain), and withdrawing another asset will incur an additional withdrawal fee. Binance charges a handling fee of 0.000011 BTC (priced at 64,000, about $0.704) to withdraw BTC to the BSC chain, and withdrawing other assets not only requires a withdrawal fee, but also requires interaction on the chain for btcb, so why not withdraw all directly to bnb? It should be noted that the withdrawal fee of bnb on some exchanges is relatively cheap. If you have accounts on multiple exchanges and have assets, you can compare the fees.
If you have a certain amount of BNB on the BSC chain (at least 0.0008 BNB, preferably a little more), as long as it is enough to cover the gas fee a few times, you don’t need to withdraw BNB specifically. Find a coin with a relatively cheap withdrawal fee and little volatility in a short period of time (first exclude BTC because the withdrawal fee is too expensive, you can consider USDT or USDC, compare it yourself). You can also shop around on multiple exchanges.
Since my bsc wallet already has bnb worth more than $2, the gas fee is completely enough, so I use usdt as an example, and ignore the withdrawal process. The total cost of my example is about $0.75: 0.33 USDT withdrawal fee, plus the 0.0005 BNB gas fee that has been incurred (on-chain exchange of btcb and deposit fees, priced at bnb 600, about $0.3), and there will be unincurred redemption fees (estimated) 0.0002 BNB gas fee (priced at bnb 600, about $0.12).
Prepare 7.33 (the extra 0.33 usdt is the withdrawal fee, which will increase or decrease according to the exchange's withdrawal fee) usdt at the exchange (the specific amount depends on the price of BTC. You can simply check how many usdt are needed for 0.0001 BTC at the exchange. 10% more is basically enough when withdrawing coins, because the current price is 64,000, so 7 usdt can buy more than 0.0001 BTC). If you only withdraw bnb, it is best to withdraw bnb worth $10. After exchanging it for 0.0001 BTC, the rest can be kept in the wallet as gas.
I used the built-in "Exchange" function of Binance Web3 Wallet. After entering Binance Web3 Wallet, you can see this function in the bottom menu bar. You can switch between different chains to view the tokens on the chain. For example, I switched to BSC in the picture. Authorization and exchange require about 0.000331 BNB.
After clicking "Exchange", you will enter the exchange page, where the "payment" token is the asset token in your wallet for exchange, and the "receive" token is the target token btcb. Click on the two tokens to switch to the token you need (see another picture below the picture). Then enter the amount of the exchange, pay attention to the data changes, and the "minimum amount of payment" below. Generally, tasks with amount limits should be based on this data. Adjust the amount of the payment token until it exceeds 0.0001 btcb, and then click "Exchange" to complete the exchange. If you do not have authorized transaction permissions, you may need to "Approve" first.
In order to prevent choosing the wrong token, it is best to select the network first, select "bnb smart chain" first, and then search for the token you need.
After the exchange, you need to wait for the btcb to arrive.
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After the bsc wallet receives the btcb balance, it can perform web3 tasks. You need to enter the megadrop activity page first. For how to enter, please see the application article in the "Basics" above.
Click "Earn Points" (you can also click here after the task is completed) to enter the task details page. Check the relevant data and description above, and click "Start Now" below to jump to the pledge interface of the cooperative project (if you can't jump, you can wait, the wallet is very slow, if it doesn't jump after 1 or 2 minutes, you can close the app and try again). After the task is completed, click "Verify" to complete the task. Authorization and deposit require about 0.000167 bnb.
Click "Start Now" to make a deposit, and make sure to check the middle clause (that is, depositing 0.0001 BTC will complete the task, multiple deposits will only earn points once, but the interest on deposits is based on the amount of deposits), otherwise you will not be able to authorize and deposit. Then click "Approve" (authorize the trading rights of BTC tokens),
Then click “Deposit”. The deposit amount cannot be modified manually. The default is 0.0001 btcb. After confirmation, the transaction is completed.
It seems to be connected by default, and the deposit contract is directly called after authorization.
Finally, go to the megadrop activity page and click “Complete web3 tasks” to “Verify” the task. If the verification fails, you can wait a few minutes and try again.
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Theoretically, once the task is verified, the staked BTC can be redeemed. The retrieval process will be updated later (I am not in a hurry, maybe it will be processed after several days). Authorization and redemption require about (estimated) 0.0002 BNB.
The process is very simple. First, click "Withdraw" on the deposit page, then enter the amount on the "Request" page and click "Request Withdraw". There is a 14-day lock-up period after the deposit. If you apply for redemption during the lock-up period (interest is calculated to the 14th day), you will have to wait until the lock-up period ends to process your application. (If you apply for redemption after the deposit time exceeds the lock-up period, the interest will be calculated to the application date, and you will directly enter the waiting stage.) It takes about 3-5 days to process the application. After the review is passed, you can claim (redeem) your BTC.
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Reference Links
BounceBit Whitepaper: https://docs.bouncebit.io/
Megadrop BounceBit Task Help Manual: https://megadrop.bouncebit.io/faq?tab=web3
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The tutorial and data are for reference only, please refer to the actual situation!