Cryptocurrency exchange Binance has announced BounceBit (BB), a Bitcoin staking platform, as the first project on the Megadrop token issuance platform. Users can now subscribe to BNB locked products or start working on project specific tasks in the Binance Web3 Wallet, gaining early access to BounceBit airdrop rewards.

BounceBit operates as a Layer 1 network, using a unique dual token system. This setup combines the security of Bitcoin with full compatibility with the Ethereum Virtual Machine (EVM), allowing validators to stake both BTC and BB. By resetting Bitcoin through bridges and oracles, BounceBit strives to optimize operational efficiency and enhance security.

BounceBit BB token has a total supply of 2.1 billion tokens, of which 409.5 million tokens are in initial circulation, representing 19.5% of the total supply. Furthermore, 168 million BB tokens are allocated to the Megadrop incentives, representing 8% of the total supply.

To participate, participants should set up their account on the exchange and its Web3 wallet. Users can then proceed to register BNB locked products or start completing tasks to gain points and complete the registration of BNB locked products on Simple Earn. Users are also encouraged to visit the Megadrop section in Binance and complete tasks there, accumulating points and point multipliers.

Binance Megadrop combines the exchange's Simple Earn feature with the Web3 Wallet, revolutionizing the airdrop process. Furthermore, the new platform offers users access to carefully selected pre-listing Web3 projects.

Binance Labs invests in BounceBit to accelerate project development

BounceBit is building the Bitcoin reset infrastructure to pave the way for a wide range of reset products. This infrastructure benefits from the security provided by regulated custody services provided by Mainnet Digital and Ceffu. The integration of both centralized and decentralized financial elements allows Bitcoin holders to earn profits across multiple networks.

Recently, Binance's venture capital arm, Binance Labs, invested in BounceBit to accelerate the project's development.

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