Binance announces new airdrop system and will give thousands of free cryptocurrencies to holders
Binance announces new airdrop system and will give thousands of free cryptocurrencies to BNB holders
Binance announced this Wednesday, 19th, two major changes to the platform and its token launch system. The first of these was the closure of the launchpad system, which was used to launch new cryptocurrencies.
The system was widely used last year, but ended up losing popularity this year to Launchpool in which users earn free tokens as a reward for the staking period.
The second announcement was the launch of HODLer Airdrops, a rewards program for BNB holders that will give token holders early access to crypto assets that will be listed on the platform. Thus, BNB holders on Binance will earn airdrops of tokens that will be launched on the exchange.
âThese will be tokens from small to medium-sized projects with solid fundamentals, a large circulating supply and strong, organic communities,â the exchange said.
Binance did not provide many details in the announcement, but it did highlight that in order to earn the new tokens, interested users must have BNB staked in the Simple Earn program and have their account verified. There will be a maximum BNB limit of BNB in ââSimple Earn per participant and with each airdrop announcement a snapshot will be taken by Binance of the BNB balances.
âThe airdropped token will be automatically transferred to each userâs Spot wallet before the token is listed on the Binance Spot Market,â the announcement highlighted.
Binance
Since CZ stepped down as CEO of the exchange, this is the second major change Binance has made to its token distribution system and incentivization of BNB usage. The first, announced in April, involved the launch of Megadrop.
Essentially, Megadrop functions as a loyalty and rewards program with incentives for participation. Users who sign up to the platform have the opportunity to stake BNB before projects launch on the platform.
Users will also have access to missions such as engagement tasks, watching educational videos about Web3 products, or subscribing to mailing lists to be eligible for airdrops.
According to the blog post, Megadrop rewards increase as users participate in more events and for longer periods.
"Longer subscriptions yield higher scores. [...] Users will receive a Web3 Quest Bonus and a Web3 Quest Multiplier when they complete all designated Web3 Quests with the specified minimum requirements," the exchange highlighted.
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