Binance Unveils New ‘Megadrop’ Token Launch Platform, Picks Bitcoin Restaking Chain To Serve As First Project

Binance is unveiling a new “megadrop” token launch platform with Bitcoin (BTC) “restaking” chain BounceBit (BB) as its first project.

In a new announcement, the world’s largest crypto exchange platform by volume says that the Binance Megadrop is a new platform that integrates both Binance Simple Earn and Binance’s Web3 Wallet and will grant investors access to assets not yet listed on the crypto exchange.

Furthermore, Binance says the Megadrop will feature the native asset of BounceBit and Web3 quests that allow users to earn rewards.

“Binance is launching Binance Megadrop, a new token launch platform with airdrops and Web3 quests, where users can subscribe BNB to locked products and/or complete tasks in their Web3 Wallet for early access to rewards from selected Web3 projects before their tokens are listed on the Binance Exchange.”

BounceBit is a project that has a framework built around both centralized and decentralized finance, allowing BTC holders to earn yield across many sources.

“BounceBit’s approach is based on the idea that boosting Bitcoin should mainly involve using assets without altering the Bitcoin blockchain.

By [bringing] access to funding rate arbitrage and creating on-chain certificates for re-staking and mining, BounceBit effectively combines the strengths of centralized finance (CeFi) and decentralized finance (DeFi).”

The project’s native asset can be staked, used as a governance token and to pay for the protocol’s gas fees, given out as a validation reward, or be a medium of exchange or store of value.

The token will have a max supply of 2.1 billion while only 8% of that (168 million) will be allocated for the Megadrop, according to Binance.

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