What is Binance Megadrop? How to participate in Megadrop for newbies

Binance introduces Megadrop as a new form of token launch alongside Binance Launchpool. So what is Binance Megadrop? How to participate in Megadrop? How is Megadrop different from Binance Launchpool?

What is Binance Megadrop?

Binance Megadrop is a token launch platform (launchpad) that is seamlessly integrated with Binance Simple Earn and Binance Web3 Wallet. Binance Megadrop was introduced with the aim of changing the traditional airdrop experience.

For BNB holders, they will receive double rewards for staking BNB tokens in the BNB Locked Product, including bonus tokens from the Megadrop and Launchpool participation benefits.

Compared to Binance Launchpool, users must hold BNB or tokens designated by the platform to participate. However, Binance Megadrop allows users to participate in Web3 Quest to receive rewards in the form of project tokens. Although the distribution rates will be less than holding BNB, they nevertheless help give new users a competitive advantage in seizing investment opportunities.

How to participate in Binance Megadrop

To participate in Binance Megadrop, users follow the instructions below:

Note:

Megadrop rewards will be distributed based on the total score (Total Score) that users achieve when participating in the programs.

Megadrop rewards are returned to the user's Spot wallet on the Binance app.

First project on Binance Megadrop: BounceBit (BB) - the first staking project on the Bitcoin network.

Step 1: Register a Binance account and Binance Web3 Wallet.

To receive the 100USDT discount program when trading, users register an account using the link below:

Note

Binance account is KYC verified.

To be able to participate in Web3 Quests, you must register for the Binance Web3 Wallet.

Read more: Instructions on how to create and KYC a Binance account.

Step 2: Click More on the main interface, then select Megadrop and you will see a list of projects in the Megadrop program.

Find Megadrop on the main Binance interface

Step 3: Participate in staking BNB.

Visit Binance Simple Earn's BNB Locked Products page here and complete the subscription to earn bonus points.

Your reward points will be determined based on the amount of BNB registered and the time of registration.

Lock BNB to participate in Megadrop

Step 4: Complete Web3 Quest tasks in Binance Web3 Wallet to receive additional points (optional).

To participate, point your mouse at the Earn Points button.

Click Earn Points to join the Quest

At the interface, click Start Now and start performing the task. Once completed, click Verify to confirm. The screen will display Task Completed when the task is completed.

Complete the Quest in the Binance Web3 wallet

·      Megadrop scoring mechanism

·      The Megadrop scoring mechanism is used to determine the token rewards users receive on the Binance Megadrop.

·      Megadrop points calculation formula

Total bonus points = (Locked BNB Score * Web3 Quest Multiplier) + Web3 Quest Bonus

Note:

Reward points may change over time depending on various factors such as number of participants, total token allocation and market conditions.

The Multiplier is increased when you complete all the missions in Web3 Quest. If not completed, the locked BNB amount is only multiplied by a factor of 1.

Bonus points are calculated based on two main factors:

·      Register at BNB Locked Products.

·      Complete the Web3 Quest.

Register at BNB Locked Products

Users earn bonus points by registering BNB to BNB Locked Products on Binance Simple Earn.

For each Megadrop, users will receive a different number of points for each participation. The number of bonus points depends on the amount of BNB registered and the lock-up period. The longer the registration period, the higher the return score.

Participating through registration will receive more points than completing the task.

Users who lock BNB in the BNB Locked Product will enjoy benefits from Megadrop and Binance Launchpool.

Note: Users participating in BNB Vault are not counted in the Megadrop.

Complete the Web3 quest

·      Users can complete designated tasks in the Binance Web3 Wallet to earn additional reward points and tokens.

·      Tasks can include learning about Web3 projects, participating in polls, or connecting wallets to dApps.

·      Each mission will be awarded a certain number of points.

·      After completing Web3 Quest, Binance will continue to provide Web3 Quest Bonus and Web3 Quest Multiplier to increase reward points.

·      Web3 wallets participating in Megadrop must be created from Binance Web3 Wallet via back-up wallet. Wallets imported from other platforms will not be counted.

·      Users need to back-up their Binance Web3 wallet

Some tips to increase Megadrop reward points

·      Register multiple BNB in BNB Locked Product

·      The more BNB you sign up for, the more bonus points you earn.

·      However, do note that your BNB will be locked during the subscription period, so make sure you can afford not to use it.

·      Lock BNB for a long time:

·      Locking BNB for a longer period will yield a higher multiplier and more bonus points.

·      Consider the lock-in period appropriate to your investment goals.

·      Complete all Web3 missions: Each Web3 mission is awarded points, so make sure to complete all missions to maximize your bonus points.

Compare Binance Megadrop and Binance Launchpool

Binance Megadrop and Binance Launchpool are both platforms created by Binance to support the launch of new cryptocurrency projects. However, there are some key differences between these two platforms:

Binance Megadrop and Binance Launchpool are both useful platforms that allow users to participate in cryptocurrency projects. However, they all pose risks because the value of new tokens can fluctuate widely. Users should consider choosing a platform that suits their investment goals and risk tolerance level.