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 receive an airdrop of tokens that will be launched on the exchange.
“These will be tokens from small to medium-sized projects with solid fundamentals, a large circulating supply and strong, organic communities,” said the exchange.
Binance did not provide many details in the announcement, but highlighted that 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 on Simple Earn per participant and with each airdrop announcement a snapshot will be taken by Binance of the BNB balances.
“The airdrop token will be automatically transferred to each user’s Spot wallet before the token is listed on the Binance Spot market,” the announcement highlighted.
Binance
Since CZ ceased to be the exchange's CEO, this is Binance's second major change to its system for distributing tokens and encouraging the use of BNB. The first of these, announced in April, involved the launch of Megadrop.
Essentially, Megadrop works 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, watch educational videos about Web3 products, or subscribe 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 of time.
"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.
