Binance introduces Megadrop to replace its popular launchpool

Introduction

Binance will always try to be increasingly more relevant in the crypto ecosystem. The worlds biggest crypto exchange is trying to stamp a stronger foot on web3 with its brand new project called Megadrop. Airdrop hunters, crypto investors and generally Web3 enthusiasts in the space would likely find Megadrop really interesting. Now lets dive in a bit into this brand new project that seeks to woo web3 enthusiasts with tokens rewards for active participation.

Bigger rewards for project loyalty and engagement

Megadrop is a token launching platform in Binance Web3 wallet. The idea behind this project is to create more rewards for users that stake BNB long term and engage with new token lauching projects. Megadrop is tied with Binance already existing BNB staking products and aims to reward users that subscribe to the product and also engage in web3 tasks ahead of a token launch.

Binance hopes to drive more web3 users and investors on the platform to lock their BNB in various staking products for as long as they wish. The longer BNB is staked, the more airdrops users accumulate ahead of the token listing on Binance. And trying to build on the core principle of web3 which is engagement rewards, Megadrop will also airdrop more tokens to users to participate in more activities of the project.

The main features of Megadrop

Megadrop is like a hybrid of several web3 and Airdrop features. In fact, Binance announced that this project cut across many different features of the Binance platform. Lets take a look:

• BNB locked products: Binance already have a big product called BNB locking. Users of the platform can deposit their BNB and lock it up to earn some APR based on the amount of BNB staked and duration. This same product also doubles rewards when new tokens are to be listed on Binance. The same locked BNB generates APR rewards as well as airdrops of a new token to be listed on Binance.

Megadrop will thus be built on an existing Binance product. One qualifying criteria to earn new tokens in Megadrop is participation in BNB locked products. Users that have already locked their BNB will have more tokens airdropped to them. Basically, Megadrop will encourage more users to Lock their BNB for as long as they can. The more time and quantity of BNB locked, the more tokens to be earned anytime a new project is listing on Binance.

• Web3 Gamification: Megadrop is fully a web3 project. Its another smart move by Binance to create more awareness for its web3 wallet and rack up its use. Ahead of every token launching project, Binance will create tasks designed to increase the awareness for that token launch. Users are then invited to complete the tasks. In addition to the tokens earned from BNB locked products, users that actively participated and engaged more with the project would receive more airdrops of the token ahead of listing.

For now, no one has any details about the nature of Megadrop tasks. But most web3 projects that are launched this way often seek more publicity about the project by creating social tasks that must be completed to receive more airdrops. Some of the tasks might include interacting with social media content about the project. Users might be asked to comment on project announcement posts, like, reblog or comment on them. They might still be asked to refer their friends to join the new project. For now these are speculations. We will wait to see how it goes in the very first Megadrop project to be listed on Binance.

• Launchpool and Airdrop: Megadrop is purely a platform to help new projects get listed on Binance. Binance already has a launchpool product which has been used over the years to list new tokens on Binance exchange. However, the brand new Megadrop will definitely replace it. Megadrop will not just be a launchpool, but an integrated platform that combines the best of many different Binance products. You can see below how Binance put it in their announcement on X.

One important thing about Megadrop is that it will try to always have an active project all the time. Unlike Launchpool and similar products by other platforms that sometimes is not active, Megadrop will ensure that users always have a project to participate in. That in essence will ensure that users would always stake their BNB in various locked products as they anticipate the next project to be enrolled in Megadrop.

Conclusion

Megadrop would be an interesting Binance product to look out for especially for airdrop hunters. It combines the best of airdrops and launchpool in one place. Interestingly, Binance has already annouced Bouncebit, the very first project on Megadrop.

Remember that this article is for information purposes and not financial advice. Please never fail to do your Own Research first before putting funds into any crypto project. You can learn more through the links below:

• Announcement on X
• BounceBit Megadrop

Note: Thumbnail is mine.

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