Binance introduces Megadrop, a token drop platform, following successful acquisition of Dubai VASP license.
Binance, the leading cryptocurrency exchange, has recently announced the launch of a new platform called Megadrop, which combines airdrops and Web3 quests to enhance user engagement. Megadrop is a token launch platform that integrates Binance’s Simple Earn program and Web3 Wallet. Its purpose is to provide users with a more interactive airdrop experience.
Megadrop offers exclusive access to select web3 projects before they are officially listed on the global exchange. To gain access, users can either lock their BNB holdings for a specific period of time through the Locked product program or complete Web3 quests and earn points in their Binance Web3 wallet. The scores earned will be based on the amount of BNB locked and the duration of the lock. For Web3 quests, the score will be calculated based on the number of quests completed. It is important to note that certain multipliers will be applied when calculating the total scores.
Based on their total score, users will be rewarded. These rewards will be available in the Megadrop section of the Binance app. In a blog post, Binance stated, “This unique combination of engagement, education, and rewards positions Megadrop as an unparalleled interactive experience within both Binance and the broader crypto ecosystem.”
As the first project to launch on the Megadrop platform, Binance has introduced BounceBit (BB), a Bitcoin restaking chain. Megadrop users will have the opportunity to earn up to 8% of the token supply, which accounts for 168,000,000 BB tokens.
This launch closely follows Binance’s achievement of obtaining a full virtual-asset services provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The approval came after Binance completed the third stage of the nation’s four-stage process.
Binance CEO, Richard Teng, expressed his excitement about the VASP license, stating, “As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation.”
According to a Bloomberg report, the approval was granted after Binance co-founder Changpeng Zhao agreed to relinquish his voting rights for the local entity. Zhao is currently awaiting sentencing following his settlement with the U.S. Department of Justice.
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