Dear Binance members,
Binance is pleased to announce the third project on Binance Megadrop - Solv Protocol (SOLV), a Bitcoin staking protocol that is building a Bitcoin-focused financial ecosystem. Megadrop’s amount, Web3 missions, and detailed listing plan will be announced in a separate announcement soon.
SOLV Megadrop Details:
Token Name: Solv Protocol (SOLV)
Maximum token supply: 9,660,000,000 SOLV (dynamic pool, may increase via network governance of Bitcoin reserve offerings)
Total Genesis token supply: 8,400,000,000 SOLV (86.96% of the maximum token supply)
Megadrop Token Rewards: 588,000,000 SOLV (7.00% of Genesis token supply, 6.09% of max token supply)
Initial stock available for trading upon listing on Binance Spot Market: 1,482,600,000 SOLV (17.65% of Genesis token supply, 15.35% of maximum token supply)
Research Report: Solv Protocol (SOLV) (will be available within 24 hours of this announcement)
What is Binance Megadrop:
Binance Megadrop is a new token launch platform that seamlessly combines Binance Simple Earn and Binance Wallet, reinventing the concept of free dropshipping. The platform gives users early access to a select group of Web3 projects before they are officially listed on Binance.
This unique combination of engagement, education, and rewards makes Megadrop an unparalleled interactive experience within both Binance and the broader crypto ecosystem.
How to get started with Binance Megadrop:
Log in to your Binance account.
Subscribe to reserved BNB products and/or complete Web3 tasks to earn points. To complete Web3 tasks, make sure you have at least one active Binance wallet. Create a Binance account and create your first Web3 wallet now if you haven’t already.
Complete subscriptions for BNB products reserved on the Simple Earn platform to earn points.
Go to Megadrop on the Binance app (will be announced in another announcement) and complete all the Web3 tasks assigned to earn points and get double points transactions.
Earn Megadrop rewards based on your total points.
Megadrop mechanism by points:
Megadrop rewards for each eligible user will be based on the user's total points relative to the total points of all eligible users.
point system:
BNB Points Reserved: Users will earn points based on the amount of BNB subscribed and the subscription period. The longer the subscription period, the more points you will earn. This number of points may fluctuate based on average daily balances.
Web3 Task Reward* and Web3 Task Multiplier: Users will receive a Web3 Task Reward and Web3 Task Multiplier when they complete all assigned Web3 Tasks within the specified minimum requirements.
The system will calculate the total points of users by applying the Web3 task multiplier factor to the total points of the BNB staked and then adding it to the Web3 task reward.
Total Points = (BNB Points Locked * Web3 Task Multiplier) + Web3 Task Reward
* If users do not complete the assigned Web3 tasks, the multiplier will be 1.
Users can refer to the FAQs for more details.
Update on BNB Reserved Products
In anticipation of future Megadrop events, Binance has updated the annual percentage rates and subscription caps per user. Please check your reserved BNB products for the latest changes.
A cap will be applied to the total subscription amount for BNB Reserved products used in BNB Reserved accounts at all Megadrop events. More details will be provided in a separate announcement.
For each Megadrop, users will receive different points for each active subscription they hold on locked BNB products, based on the duration of the relevant subscription period. The longer the duration, the more locked BNB points.
Subscribing to reserved BNB products will allow users to earn more points for Megadrop. Please note that BNB treasury assets will not count towards points calculations for Megadrop events.
Users who participate in Megadrop by staking their BNB in reserved products will receive both the launch pool rewards and the holder distribution at the same time. Users do not need to manually redeem their BNB from the staking products to participate in the launch pools or holder distribution.
Users can refer to the most frequently asked questions about Megadrop and BNB staked products to learn more information.
comments:
External wallets imported to Binance Wallet. Will not be counted.
Only backed up wallets created within Binance Wallet can participate in Megadrop.
Users can go to the Megadrop project page (the page will be available in the second announcement) to verify that the task has been completed successfully.
Megadrop rewards will be distributed to users' spot wallets on Binance.
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