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Last few days to participate in BounceBit-The 1st Project on Binance Megadrop. All you need to know
What is BounceBit (BB)?
BounceBit (BB) is the first native staking chain for Bitcoin. It introduces a novel approach to staking through a dual-token system. This innovative platform leverages the security of Bitcoin alongside full Ethereum Virtual Machine (EVM) compatibility to offer a convenient and secure restaking experience for users.
🔥 Personal Opinion about BounceBit 🔥
After the bankruptcy of Genesis Trading, Babel Finance, and Celsius, the Bitcoin ecosystem was left with a significant void in financial service provision. This caused underutilization of BTC assets and missed opportunities for profit, especially in sectors like DeFi and NFTs
The inherent conservatism of Bitcoin holders is not the only thing that prevents them from missing out on lucrative yield opportunities. On the inside, the absence of a robust smart contract platform within the Bitcoin ecosystem also limits the development of complex decentralized applications (dApps).
This is where BounceBit steps in to fill the gap. BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital (a premier asset management and fintech platform) and Ceffu ( a secure environment for storing digital currencies for institutional entities).
BounceBit’s TVL soared to over $600 million within a month after Early Access Launch ($550 million as of April 23), complemented by securing $6 million in seed funding from leading investors Blockchain Capital and Breyer Capital.
👉 Currently OTC Prices are around $0.75-$0.80 I am expecting $2-$3 once it's listed on Binance! Long-term I'm expecting 2 digits in the next Bull Cycle!
Binance will then list BounceBit (BB) at 2024-05-13 10:00 (UTC) and open trading with BB/BTC, BB/USDT, BB/BNB, BB/FDUSD and BB/TRY trading pairs.
BounceBit Megadrop Period:
2024-04-26 00:00:00 (UTC) to 2024-05-12 23:59:59 (UTC)
BNB Locked Products Snapshot Period:
To maximize Locked BNB Scores, users may start locking their BNB in BNB Locked Products before 2024-04-26 00:00:00 (UTC), as hourly snapshots of users’ subscription amounts will be taken during this period.
Web3 Quest Period:
Users may complete Web3 Quest(s) during the Quest Period.
Web3 Quest 1: “Stake 0.0001 BTCB to BounceBit”
👉You can find more information here:
https://www.binance.com/en/support/announcement/bouncebit-bb-megadrop-is-now-open-subscribe-to-bnb-locked-products-or-complete-web3-quests-to-participate-a0a11e79467e4ee6a937348005f7c84f
How BounceBit (BB) Works
1. Dual-Token Staking Mechanism
BounceBit offers a unique dual-token restaking mechanism. By staking both Bitcoin and BounceBit tokens (BB), participants play a vital role in securing the network. This approach not only enhances security but also introduces a diversified stakeholder base and helps boost the resilience of the ecosystem.
2. Proof-of-Stake Consensus
BounceBit adopts a Proof-of-Stake (PoS) consensus mechanism, known as Dual-Token PoS, where validators stake BB and/or BBTC (BounceBit's native token backed by Bitcoin) to record and verify transactions on the network. In return, validators receive transaction fees as staking rewards. This creates perpetual engagement and network reinforcement.
3. Transparent Financial Services
Addressing the transparency and misuse issues prevalent in traditional Bitcoin finance, BounceBit implements on-chain proof of reserve and transparent activities. This commitment to transparency rebuilds trust among users and creates a secure platform for earning yields on idle BTC.
4. Enhancing Bitcoin Utility
By providing avenues for BTC holders to actively engage their assets in DeFi and CeFi markets, BounceBit aims to enhance liquidity and expand utility for BTC in a transparent and efficient environment. Through its inclusive ecosystem catering to both retail and institutional investors, BounceBit democratizes access to Bitcoin-based financial products, thereby broadening yield opportunities and expanding use cases.
5. Smart Contract Features
Recognizing the importance of smart contract capabilities, BounceBit integrates full compatibility with the Ethereum Virtual Machine (EVM) and Solidity programming language. This compatibility allows developers to easily migrate their projects and build sophisticated dApps on the BounceBit platform, thereby enhancing the diversity of applications and utility of Bitcoin.
6. Unification Across Multiple Chains
By developing a unified platform that integrates various forms of Wrapped BTC across different blockchain networks, BounceBit centralizes liquidity and streamlines transactions. This initiative will enhance the efficiency and liquidity of BTC assets across multiple blockchains.
How to Participate in the Megadrop? Instructions
Step 1: Log in to your Binance account. You can use either the website or the app.
Step 2: Navigate to "More" (Services) and select "Megadrop"
You will see Megadrop icon below:
Step 3: Subscribe to BNB Locked Products and/or complete Web3 Quests to accumulate points. The higher your points, the greater your rewards.
Step 4: Complete subscriptions to BNB Locked Products on the Earn feature to accumulate points.
You can keep your BNB and BTC on Spot and participate.
Reward Mechanism Based on Points
Total Points = (Locked BNB Score * Web3 Quest Multiplier) + Web3 Quest Bonus
Locked BNB Score is based on the amount of BNB locked and the lock duration. The Web3 Quest Multiplier is applied to the Locked BNB Score when all Web3 Quests are completed.
The higher your total points, the greater your rewards.
Binance Megadrop marks a significant step forward in the evolution of token launch platforms. With its unique combination of features and the introduction of projects like BounceBit, it promises to offer users exciting opportunities to engage with the crypto community and unlock valuable rewards. As Megadrop continues to grow and welcome new projects, it remains an essential platform for crypto enthusiasts looking to maximize their potential in the ever-expanding world of decentralized finance.
How is Megadrop Different from Launchpool?
Some key differences between Megadrop and Launchpool include:
Participation Method: Megadrop allows users to participate by subscribing to BNB and/or completing Web3 tasks. Binance Launchpool only allows users to participate by subscribing to BNB or designated tokens.
Token Subscription: Megadrop only utilizes BNB Locked Products for token subscription. Binance Launchpool offers more diversity by allowing users to subscribe to tokens through BNB Locked Products, BNB Vault, or direct staking in Launchpool.
Reward Calculation: Megadrop rewards are based on the amount of BNB locked by users and the duration of lock, combined with the completion of Web3 Quests. Binance Launchpool rewards are based on the volume of subscriptions to Launchpool.
Reward Enhancement: Megadrop allows users to enhance their rewards by completing tasks within the Binance Web3 Wallet. Binance Launchpool does not offer this feature.
#BOUNCEBITLAUNCHPOOL #Megadrop
BounceBit (BB) is the first native staking chain for Bitcoin. It introduces a novel approach to staking through a dual-token system. This innovative platform leverages the security of Bitcoin alongside full Ethereum Virtual Machine (EVM) compatibility to offer a convenient and secure restaking experience for users.
🔥 Personal Opinion about BounceBit 🔥
After the bankruptcy of Genesis Trading, Babel Finance, and Celsius, the Bitcoin ecosystem was left with a significant void in financial service provision. This caused underutilization of BTC assets and missed opportunities for profit, especially in sectors like DeFi and NFTs
The inherent conservatism of Bitcoin holders is not the only thing that prevents them from missing out on lucrative yield opportunities. On the inside, the absence of a robust smart contract platform within the Bitcoin ecosystem also limits the development of complex decentralized applications (dApps).
This is where BounceBit steps in to fill the gap. BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital (a premier asset management and fintech platform) and Ceffu ( a secure environment for storing digital currencies for institutional entities).
BounceBit’s TVL soared to over $600 million within a month after Early Access Launch ($550 million as of April 23), complemented by securing $6 million in seed funding from leading investors Blockchain Capital and Breyer Capital.
👉 Currently OTC Prices are around $0.75-$0.80 I am expecting $2-$3 once it's listed on Binance! Long-term I'm expecting 2 digits in the next Bull Cycle!
Binance will then list BounceBit (BB) at 2024-05-13 10:00 (UTC) and open trading with BB/BTC, BB/USDT, BB/BNB, BB/FDUSD and BB/TRY trading pairs.
BounceBit Megadrop Period:
2024-04-26 00:00:00 (UTC) to 2024-05-12 23:59:59 (UTC)
BNB Locked Products Snapshot Period:
To maximize Locked BNB Scores, users may start locking their BNB in BNB Locked Products before 2024-04-26 00:00:00 (UTC), as hourly snapshots of users’ subscription amounts will be taken during this period.
Web3 Quest Period:
Users may complete Web3 Quest(s) during the Quest Period.
Web3 Quest 1: “Stake 0.0001 BTCB to BounceBit”
👉You can find more information here:
https://www.binance.com/en/support/announcement/bouncebit-bb-megadrop-is-now-open-subscribe-to-bnb-locked-products-or-complete-web3-quests-to-participate-a0a11e79467e4ee6a937348005f7c84f
How BounceBit (BB) Works
1. Dual-Token Staking Mechanism
BounceBit offers a unique dual-token restaking mechanism. By staking both Bitcoin and BounceBit tokens (BB), participants play a vital role in securing the network. This approach not only enhances security but also introduces a diversified stakeholder base and helps boost the resilience of the ecosystem.
2. Proof-of-Stake Consensus
BounceBit adopts a Proof-of-Stake (PoS) consensus mechanism, known as Dual-Token PoS, where validators stake BB and/or BBTC (BounceBit's native token backed by Bitcoin) to record and verify transactions on the network. In return, validators receive transaction fees as staking rewards. This creates perpetual engagement and network reinforcement.
3. Transparent Financial Services
Addressing the transparency and misuse issues prevalent in traditional Bitcoin finance, BounceBit implements on-chain proof of reserve and transparent activities. This commitment to transparency rebuilds trust among users and creates a secure platform for earning yields on idle BTC.
4. Enhancing Bitcoin Utility
By providing avenues for BTC holders to actively engage their assets in DeFi and CeFi markets, BounceBit aims to enhance liquidity and expand utility for BTC in a transparent and efficient environment. Through its inclusive ecosystem catering to both retail and institutional investors, BounceBit democratizes access to Bitcoin-based financial products, thereby broadening yield opportunities and expanding use cases.
5. Smart Contract Features
Recognizing the importance of smart contract capabilities, BounceBit integrates full compatibility with the Ethereum Virtual Machine (EVM) and Solidity programming language. This compatibility allows developers to easily migrate their projects and build sophisticated dApps on the BounceBit platform, thereby enhancing the diversity of applications and utility of Bitcoin.
6. Unification Across Multiple Chains
By developing a unified platform that integrates various forms of Wrapped BTC across different blockchain networks, BounceBit centralizes liquidity and streamlines transactions. This initiative will enhance the efficiency and liquidity of BTC assets across multiple blockchains.
How to Participate in the Megadrop? Instructions
Step 1: Log in to your Binance account. You can use either the website or the app.
Step 2: Navigate to "More" (Services) and select "Megadrop"
You will see Megadrop icon below:
Step 3: Subscribe to BNB Locked Products and/or complete Web3 Quests to accumulate points. The higher your points, the greater your rewards.
Step 4: Complete subscriptions to BNB Locked Products on the Earn feature to accumulate points.
You can keep your BNB and BTC on Spot and participate.
Reward Mechanism Based on Points
Total Points = (Locked BNB Score * Web3 Quest Multiplier) + Web3 Quest Bonus
Locked BNB Score is based on the amount of BNB locked and the lock duration. The Web3 Quest Multiplier is applied to the Locked BNB Score when all Web3 Quests are completed.
The higher your total points, the greater your rewards.
Binance Megadrop marks a significant step forward in the evolution of token launch platforms. With its unique combination of features and the introduction of projects like BounceBit, it promises to offer users exciting opportunities to engage with the crypto community and unlock valuable rewards. As Megadrop continues to grow and welcome new projects, it remains an essential platform for crypto enthusiasts looking to maximize their potential in the ever-expanding world of decentralized finance.
How is Megadrop Different from Launchpool?
Some key differences between Megadrop and Launchpool include:
Participation Method: Megadrop allows users to participate by subscribing to BNB and/or completing Web3 tasks. Binance Launchpool only allows users to participate by subscribing to BNB or designated tokens.
Token Subscription: Megadrop only utilizes BNB Locked Products for token subscription. Binance Launchpool offers more diversity by allowing users to subscribe to tokens through BNB Locked Products, BNB Vault, or direct staking in Launchpool.
Reward Calculation: Megadrop rewards are based on the amount of BNB locked by users and the duration of lock, combined with the completion of Web3 Quests. Binance Launchpool rewards are based on the volume of subscriptions to Launchpool.
Reward Enhancement: Megadrop allows users to enhance their rewards by completing tasks within the Binance Web3 Wallet. Binance Launchpool does not offer this feature.
#BOUNCEBITLAUNCHPOOL #Megadrop
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