Today, Binance announced the launch of the token issuance platform Megadrop. As Megadrop has not yet been officially launched, this article will take you to understand what Megadrop is, the difference between Megadrop and Binance new coin mining (Launchpool), and sort out the participation method and points mechanism of Megadrop.
What is Binance Megadrop?
Binance Megadrop is a new token launch platform that integrates Binance Simple Earn and Binance Web3 Wallet to redefine the airdrop experience. Binance Megadrop allows users to accumulate points by "locking BNB" and "completing Web3 tasks", and finally use the points to redeem token airdrops.
The launch of Binance Megadrop not only allows users to learn about web3 by participating in tasks and earn new currency income, but also for users who hold BNB for a long time, they can also receive stable new currency rewards.
This unique combination of engagement, education, and rewards makes Megadrop a whole new interactive experience on Binance as well as within the broader crypto ecosystem.
Differences between Megadrop and Launchpool
The important feature of Megadrop is that it uses a "locking" mechanism, which means that your BNB cannot be withdrawn within a specified time, which is different from the "staking" mechanism of Launchpool. However, while users participate in Megadrop, they can also participate in Launchpool and enjoy the benefits. In addition, Megadrop has also added Web3 tasks, which can help users increase their points and thus get the opportunity to get token airdrops.
It is worth mentioning that in addition to being able to participate in Megadrop to explore new airdrop opportunities, BNB users can also participate in Launchpool; and users who do not hold BNB can also participate in Megadrop through tasks and earn rewards.
Who can participate in the Binance Megadrop?
Participation in Megadrop requires being in an eligible jurisdiction. Users can refer to the Announcement for a detailed list of restricted countries and regions.
If you are in a region that does not support Binance Earn but have access to the Binance Web3 wallet, you can still participate by completing Web3 tasks. Conversely, if you do not have access to the Binance Web3 wallet but can use Earn, you can choose to lock your BNB in specific products to earn points.
How to access and participate in Binance Megadrop?
Step 1: Log in to your Binance account and select [More] - [Megadrop]. Make sure you have at least one active Binance Web3 wallet. New users can click to register a Binance account andcreateThe first Web3 wallet;
Step 2: Purchase BNB regular products and/or complete Web3 tasks to accumulate points;
Step 3: On the page, you will see a list of selected Web3 projects. Select an ongoing project and view its details.
Step 4: Under the [Tasks] tab, complete different tasks to earn points and receive corresponding rewards.
Binance Megadrop Points Mechanism:
On the Megadrop platform, the rewards a user can receive depend on the proportion of his or her final points to the total points of all users.
Binance Megadrop has two major points systems:
1. Lock BNB: Accumulate points by purchasing BNB regular products on the Binance Earn Coin platform. The number of points depends on the amount of BNB purchased and the length of the purchase period. The longer the purchase period, the more points you earn. It should be noted that the points may vary due to fluctuations in the daily purchase volume, because the basis for calculating the points is the average of the daily snapshots.
2. Web3 Task Points: After users complete all designated Web3 tasks and meet the minimum task requirements, they will accumulate Web3 task points and receive corresponding multipliers. These task points and multipliers further enhance users' competitiveness in Megadrop.
Binance Megadrop points calculation method:
The user’s final points are calculated by multiplying the locked BNB points by the Web3 task multiplier, and then adding the Web3 task points.
The formula is as follows:
User's final points = (locked BNB points * Web3 task multiplier) + Web3 task points
