Binance continues to innovate and bring more features, products and/or services to its already buzzing ecosystem. The exchange recently introduced a new token launch platform called Binance Megadrop which integrates Binance Simple Earn and the Binance Web3 Wallet by enabling eligible participants to earn airdrops.
It aims to provide users with an interactive experience through engagement, education, and a reward system within Binance and the broader crypto ecosystem.¹
Megadrop has airdrops and Web3 quests where users can subscribe BNB to Locked Products and/or complete tasks in their Web3 Wallet for early access to rewards from selected Web3 projects before their tokens are listed on the Binance Exchange.²
How to Start on Megadrop
1️⃣ Login to your Binance account.
Create a Web3 Wallet via the Binance mobile application or on the web page (if you have not already done so). Imported wallets will not be eligible. KYC required. Certain regions are not allowed to participate.
2️⃣ Subscribe to any available Locked Products on Simple Earn. This is not mandatory, you can opt out of this and do quests instead.
Here's the updated APR and the maximum subscription cap per user for BNB Locked Products.
OR
3️⃣ Complete Quests to accumulate scores or do both (subscribe to Locked Products and do quests).
I checked and the Megadrop icon is not found on the Binance app yet but based on the announcement, it will be added soon.
Accordingly, Megadrop rewards are based on your Total Score against the Total score of all qualified participants. The more BNB you have in the lockup and the longer the subscription period in Simple Earn, the more scores you accumulate, which means you get more rewards.
Rewards will be airdropped to your Spot Wallet.
You can read more details from here and on the FAQs Page.
Binance Megadrop vs Binance Launchpool
To help users choose which product might be better for them, here's a comparison between the two:
| Megadrop | Launchpool | |
|---|---|---|
| Ways to Participate | Subscribe to Locked BNB Products and/or complete Web3 quests | Stake to BNB Pool or other designated token |
| Subscribing | BNB Locked Products | BNB Vault, BNB Locked Products or Stake into Launchpool directly |
| Rewards Calculation | BNB Subscription volume and length of lockup plus Web3 quests completion | Launchpool subscription volume |
| Rewards Boosting | Complete quests in Binance Web3 Wallet | No boost |
| Rewards Distribution | Spot Wallet | Spot Wallet |
| Project Types | New tokens only | Both new and existing tokens |
From my understanding, users can choose to lock their BNB to earn from both Megadrop and in the Launchpool.
Summing Up
Megadrop is another interesting way for users to earn new tokens. It also provides another use case for the BNB. This will certainly benefit token holders, especially those who are keeping them in their Binance accounts.
It's also good that any eligible user can participate by completing quests or tasks in their Web3 wallets, even without locking up their BNB in Simple Earn.
The first project to be introduced on the Megadrop is BounceBit, a BTC restaking chain. You can learn more about it on this research.
For infotainment only. NFA. Not an endorsement of products and/or services. Please DYOR.
Lead photo edited on Canva. Image/s from Binance. Screenshots linked to their sources. No copyright infringement intended. 19042024/20:50ph