Binance announced the launch of its first “token issuance platform” Megadrop, and the debut of its first project, BounceBit (BB). This article provides an overview of its design mechanism, staking rewards, token economics…
Contents:
What is Binance Megadrop?
How to participate in Binance Megadrop?
Megadrop will launch BounceBit (BB)
What is BounceBit (BB)?
How to provide liquidity to BounceBit?
The primary uses of BB tokens on BounceBit
BounceBit token economics
The world’s largest cryptocurrency exchange, Binance, announced yesterday (18) that it will launch its first “token issuance platform” Megadrop. Users can purchase BNB regular products through this platform, complete tasks specified by the Binance Web3 wallet, and interact directly with project teams to receive airdrop rewards.
What is Binance Megadrop?
According to the announcement by Binance, Megadrop is a brand new token issuance platform launched by Binance, seamlessly integrating the Binance Earn platform and the Binance Web3 wallet, aiming to provide users with a better airdrop experience.
How to participate in Binance Megadrop?
Log in to your Binance account; purchase BNB regular products or complete Web3 tasks to accumulate points. Users need to ensure that they have at least one active Binance Web3 wallet to complete Web3 tasks. New users can click to register a Binance account and create their first Web3 wallet; purchase BNB regular products on the Earn platform to accumulate points; complete all specified Web3 tasks on the Megadrop page of the Binance APP to accumulate points and obtain point multipliers; receive Megadrop rewards based on the final points.
Megadrop will launch BounceBit (BB)
At the same time, Binance also announced that it will soon launch the first project, BounceBit (BB), on the Megadrop platform, providing BTC re-staking services.
What is BounceBit (BB)?
According to Binance research, BounceBit is a re-staking service designed specifically for Bitcoin, and its built-in BTC re-staking infrastructure provides a foundation for different re-staking products, with the following highlights:
BTC re-staking
Dual-currency PoS consensus mechanism: each validator can accept both BBTC and BB tokens
BounceClub: users can use built-in scripts to create DeFi products
Liquid custody: BounceBit introduces the concept of liquid custody to keep collateral assets liquid and provide more revenue opportunities.
How to provide liquidity to BounceBit?
When users deposit assets (BTC, USD, ETH, etc.) into BounceBit, they will receive a token (BBTC, BBUSD, BBETH) representing their assets, regulated custody at a 1:1 ratio. We call these tokens Liquid Custody Tokens (LCT). These tokens can be bridged to BounceBit and further utilized. For example, BBTC can be staked to the dual-token PoS to receive stBBTC, which can then be re-staked. Or you can directly participate in regular liquidity mining through DApps within the BounceClub ecosystem.
For more details, please refer to the official documentation.
Staking: Stake BB to participate in BounceBit PoS’s dual-token staking mechanism
Protocol incentives: Tokens are paid as staking rewards to network validators
Gas fees: BB is used to pay for transaction and smart contract execution Gas fees
Governance: Use BB to participate in on-chain governance
Currency: BB can be used as currency on BounceBit
Token Name: BounceBit (BB)
Maximum token supply: 2,100,000,000 BB
Initial circulation: 409,500,000 BB (19.5% of maximum token supply)
Binance Megadrop: 168,000,000 (8% of maximum token supply)
Liquidity provider: 3% of total tokens
Testnet incentives: 4% of total tokens
Advisors: 5% of total tokens
Team: 10% of total tokens
BounceClub and ecosystem reserves: 14% of total tokens
Investors: 21% of total tokens
Staking rewards: 35% of total tokens.
Related reports
With the halving of BTC imminent, check out the ecological layout of the top 5 projects: Merlin, Stacks, B2, BounceBit…
BounceBit attracts top institutions with a $6 million investment! Igniting the “re-staking” track of Bitcoin?
The Bitcoin re-staking track: How does BounceBit drive CeDeFi?