Binance Announcement: Introduction of Megadrop Token Issuance Platform and Launch of First Project BounceBit (BB)
This article provides an overview of the design mechanism, staking rewards, and token economy of Binance’s first token issuance platform, Megadrop.
Summary:
Binance, the world’s largest cryptocurrency exchange, announced the launch of its first token issuance platform, Megadrop. Users can participate in this platform to purchase BNB fixed-term products, complete tasks designated by Binance Web3 Wallet, and interact directly with project teams to receive airdrop rewards.
What is Binance Megadrop?
According to the announcement by Binance, Megadrop is a new token issuance platform that seamlessly integrates Binance Earn and Binance Web3 Wallet, aiming to provide users with a better airdrop experience.
How to participate in Binance Megadrop?
To participate, users need to log into their Binance accounts, purchase BNB fixed-term products or complete Web3 tasks to accumulate points. Users must ensure they have at least one active Binance Web3 Wallet to complete Web3 tasks. New users can register a Binance account and create their first Web3 Wallet. By purchasing BNB fixed-term products on the Binance Earn platform, users can accumulate points. Users can also earn points and multiplier bonuses by completing all specified Web3 tasks on the Megadrop page of the Binance app. The final points will determine the Megadrop rewards.
Megadrop to launch BounceBit (BB)
Simultaneously, Binance announced the upcoming launch of the first project, BounceBit (BB), on the Megadrop platform, offering BTC re-staking services.
What is BounceBit (BB)?
According to Binance’s research report, BounceBit is a re-staking service designed specifically for Bitcoin. Its infrastructure provides a foundation for various re-staking products, and it has the following highlights:
– BTC re-staking
– Dual-coin PoS consensus mechanism: Validators can accept both BBTC and BB tokens simultaneously
– BounceClub: Users can use the built-in program to create DeFi products
– Liquid staking: BounceBit introduces the concept of liquid staking, allowing collateralized assets to maintain liquidity and provide additional income opportunities.
How to provide liquidity to BounceBit?
When users deposit assets (BTC, USD, ETH, etc.) into BounceBit, they will receive a token (BBTC, BBUSD, BBETH) representing their assets in a 1:1 ratio. These tokens, known as Liquid Custody Tokens (LCT), are regulated and held in custody. Users can bridge these tokens to BounceBit and utilize them further. For example, users can stake BBTC on the dual-coin PoS to receive stBBTC and re-stake it. Alternatively, users can directly participate in typical liquidity mining through DApps within the BounceClub ecosystem.
For more details, please refer to the official documentation.
Token Utility and Distribution:
– Staking: Staking BB tokens for participation in BounceBit PoS dual-coin staking mechanism
– Protocol incentives: Tokens paid as staking rewards to network validators
– Gas fees: BB tokens used to pay for transactions and executing smart contracts
– Governance: Participation in on-chain governance using BB tokens
– Currency: BB tokens can be used as currency within BounceBit
Token Details:
– Token Name: BounceBit (BB)
– Maximum Token Supply: 2,100,000,000 BB
– Initial Circulating Supply: 409,500,000 BB (19.5% of the maximum token supply)
– Binance Megadrop: 168,000,000 BB (8% of the maximum token supply)
– Liquidity providers: 3% of the total token supply
– Testnet incentives: 4% of the total token supply
– Advisors: 5% of the total token supply
– Team: 10% of the total token supply
– BounceClub and ecosystem reserves: 14% of the total token supply
– Investors: 21% of the total token supply
– Staking rewards: 35% of the total token supply.
Related Reports:
– Bitcoin Halving: Overview of 5 Project Ecosystems – Merlin, Stacks, B2, BounceBit..
– BounceBit Secures $6 Million Investment from Top Institutions! Igniting the Bitcoin Re-staking Race.
– Bitcoin Re-staking Race: How BounceBit Drives CeDeFi?