Original | Odaily Planet Daily

Author | Asher

On April 26, BounceBit (BB), the first project of Binance Megadrop, was officially launched. Users can participate by purchasing BNB fixed products on the Binance Megadrop platform or by completing the BounceBit Quest through the Binance Web3 wallet to receive airdrop rewards. 8% of the total token supply will be used for this event. The event has only been running for 2 days, with over 57,000 users participating and BounceBit Megadrop TVL approaching nearly $10 million. It is also worth noting that Binance will launch BounceBit (BB) at 18:00 on May 13, Beijing time.

Image source: Project Official Website

So, why can BounceBit become the first project on the Binance Megadrop platform, and how should novice users (who only need about $15 to participate) participate in "earning rewards"? Odaily Planet Daily will combine official information to introduce it to everyone one by one.

BounceBit: BTC Re-Staking Infrastructure

Introduction

BounceBit is a BTC re-staking public chain, aiming to create a native BTC re-staking ecosystem to rethink the value of BTC. By introducing a dual staking system of native BTC and BounceBit (BB) tokens, it maximizes the value of BTC and provides more profit opportunities for BTC holders.

Currently, according to the official website data, the TVL has exceeded $1 billion. Among them, the staked amount of BTCB exceeds $806 million, the staked amount of USDT exceeds $71.3 million, the staked amount of FDUSD exceeds $57.31 million, the staked amount of WBTC exceeds $46.46 million, the staked amount of AUCTION exceeds $24.76 million, the staked amount of MUBI is nearly $16.55 million, and the staked amount of DAII exceeds $3.48 million.

Total Locked Amount of the Project

Project Highlights

As a BTC ecosystem infrastructure, BounceBit (BB) has several highlights, including:

• BTC Re-Staking: When assets generate interest through arbitrage strategies managed by experienced asset management entities, users will receive a BTC-pegged version called bounceBTC (BBTC). This version can be delegated to node operators, who will return the staking certificate (stBTC) to the staker.

• Dual-Coin PoS: Dual-Coin PoS is a hybrid consensus mechanism where each validator can accept both BBTC and/or BB tokens. This system expands the base of stakeholders and weaves an additional layer of elasticity and security into the network consensus structure.

• BounceClub: BounceClub can serve as an on-chain space where users can create DeFi experiences using a completed mini-program without code, easily integrated from the App Store.

• Liquid Custody: BounceBit introduces the concept of Liquid Custody, which keeps staked assets liquid and provides more opportunities to earn profits. When users deposit assets into BounceBit, they receive a Liquid Custody Token (LCT), representing their assets being custodied at a 1:1 ratio.

Financing

BounceBit completed a $6 million seed round of financing, led by Blockchain Capital and Breyer Capital, with participation from dao5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, DeFiance Capital, OKX Ventures, and HTX Ventures. Individual investors include Calvin Liu, Chief Strategy Officer of EigenLayer.

Image source: cryptorank

Token Economic Model

According to a research report released by Binance Research Institute, the total supply of BounceBit token BB is 2,100,000,000. The specific allocation is as follows:

• Binance Megadrop: 168,000,000 BB, accounting for 8% of the total supply;

• Liquidity Providers: 63,000,000 BB, accounting for 3% of the total supply;

• Testnet Incentives: 84,000,000 BB, accounting for 4% of the total supply;

• Advisors: 105,000,000 BB, accounting for 5% of the total supply;

• Team: 210,000,000 BB, accounting for 10% of the total supply;

• BounceClub and Ecological Reserves: 294,000,000 BB, accounting for 14% of the total supply;

• Investors: 441,000,000 BB, accounting for 21% of the total supply;

• Staking Rewards: 735,000,000 BB, accounting for 35% of the total supply.

BB Token Economic Model

Roadmap

According to the currently disclosed information, BounceBit's planned roadmap for the next year is as follows:

Q2 2024: Ecological construction, BounceClub distribution, continuous operation of Premium Yield products, and the launch of the BounceBit mainnet;

Q3 2024: Options and structured products, lending, and more CeDeFi products;

Q4 2024: BounceBit re-staking platform;

Q1 2025: Construction of the Shared Security Client (SSC) ecosystem.

So, after getting a basic understanding of the BounceBit project, Odaily Planet Daily will guide everyone step by step to participate in the airdrop activity of the first project BB token on Binance Megadrop.

BounceBit Project Web3 Task Operation Demonstration

Binance Megadrop First Project: BounceBit

STEP 1. Open the Binance Web3 wallet (needs to be created in advance) and deposit a small amount of BNB (enough to exchange for 0.0001 BTC);

STEP 2. Exchange for 0.0001 BTCB and enter the megadrop task page;

STEP 3. Enter the Web3 task and complete the 0.0001 BTC deposit task;

STEP 4. Return to the Megadrop activity main page for task verification.

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