Author: RYXC

Binance has launched a new token issuance platform called Megadrop, with the first phase being BounceBit.

Compared to launchpool, the main differences are: 1) Locking BNB will earn a multiple bonus in points, 2) Completing tasks will earn additional rewards.

I believe the core purposes are twofold:

1) To provide more rewards to long-term BNB holders, emphasizing the importance of "long-term".

2) To empower the projects participating in Megadrop.

1 Locking BNB

At Megadrop, locking BNB can earn double points, with a maximum of 10x points for locking for 120 days. This is more friendly to long-term BNB holders. In the launchpool model, many people buy at the beginning and sell at the end, with some engaging in hedging during the interim period. Some also borrow BNB from lending platforms to participate. Although there are some costs, it only reduces the earnings slightly, and these individuals are not BNB holders.

Therefore, Megadrop's locking of BNB is clear in excluding speculators, allowing true long-term BNB holders to earn more rewards.

For the locked BNB, Binance also provides an annualized return as a "pig's foot meal". Additionally, if there are launchpool projects, users will be automatically enrolled.

2 Empowering Megadrop Projects

The second part of Megadrop involves completing web3 tasks for additional point bonuses. These web3 tasks are mainly related to the projects, and the specific tasks will depend on the first Bouncebit. However, I think these tasks should be tailored to each project's unique characteristics, so each project should be different.

Many people may not realize the empowerment for the projects. In the previous launchpool, users only needed to invest BNB or fdusd. They only had a general idea about the projects.

In terms of recent launchpool data, the number of participants in both pools is in the tens of thousands, with approximately 30,000 independent users after accounting for overlap. Megadrop requires everyone to participate in web3 tasks, meaning each phase will bring at least 300,000 new users to the projects. In the blockchain world, this is a terrifying number.

You may think many projects boast about having millions of addresses, but after removing duplicates and the projects' own exaggerations, the actual number of users is not that high. However, Megadrop's 300,000 users are real, as they need to stake BNB, have Binance's KYC, and creating multiple accounts will not increase earnings. So, if the projects are more effective, achieving a 10% retention rate, this user base will be quite substantial.

Therefore, while previous launchpool projects only increased exposure, Megadrop brings actual users to the projects.

3 Preparing for the First Bouncebit

The first project for Megadrop is BounceBit, and the specific web3 tasks have not been announced yet. But considering that there will be tens of thousands of people participating, it's best to prepare in advance.

1) How to find Megadrop

• On the Binance App homepage, log in to your Binance account and click on "More" - "Megadrop".
• You can see the list of Web3 projects and click to enter.
• Under the "Tasks" tab, you can complete different tasks to earn points and rewards.

2) Create a Binance Web3 Wallet

The Web Wallet is on the Binance homepage - click on "More" - "Web3 Wallet".

a) Your wallet account is KYC verified.

b) Backup your wallet.

c) Do not use imported wallets. How to create a Binance Web3 Wallet

3) Prepare a small amount of BNB and BTCB

BNB is used as gas fees, so only a small amount is needed. BTCB is for the activity, and if the quantity is uncertain, you can wait for the project to announce before purchasing.

How to transfer Binance to the web3 wallet is shown in the image below.

Official information for BounceBit, which may be needed at some point:

Website: https://bouncebit.io/

Chinese Twitter: https://twitter.com/bouncebit_zh

Discord: https://discord.com/invite/bouncebit

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