Binance’s Web3 Wallet “Pulls a Big Move”: What Exactly is Megadrop?

Yesterday, Binance announced the launch of a new token issuance platform called Megadrop, with the first project to debut being the Bitcoin re-staking project BounceBit (BB). There has been much interpretation of the BounceBit project online, and I won’t elaborate further here. For detailed information, you can refer to the “Binance Report: A Quick Look at the BounceBit Project Highlights and Token Economic Model.”

However, the launch of the new platform Megadrop raises questions about its overlap with Binance’s new coin mining features, and how the new platform Megadrop calculates user earnings. For this, Odaily Planet Daily delves into an overview of the new platform and the profound implications behind Binance’s launch of Megadrop.

Binance Web3 Wallet Steps Up, Aiming to Be the New Airdrop Interaction Battlefield

Binance Megadrop integrates Binance Simple Earn and the Binance Web3 Wallet into a new token issuance platform. Similar to Binance Launchpool, it introduces new project airdrop tokens, allowing users to complete specified tasks via the Binance Web3 Wallet and link with Binance Simple Earn to lock BNB periodically. The airdrop rewards are calculated based on a scoring system, where users accumulate points from locked BNB and Web3 tasks, with their proportion of points determining their share of the airdrop.

The scoring mechanism operates such that an individual’s points as a proportion of all qualifying users determines the airdrop rewards. The points system is as follows:

• BNB Subscription: Users accumulate points by subscribing to BNB through Binance Simple Earn. The number of points depends on the amount of BNB subscribed and the duration of the subscription—the longer the duration, the more points earned. It is important to note that points may vary due to daily subscription volume fluctuations, as points are calculated based on a daily snapshot average.
• Web3 Task Points: Users accumulate Web3 task points and receive corresponding multipliers after completing all specified Web3 tasks and meeting the minimum task requirements.
• Final User Points = (Locked BNB Points * Web3 Task Multiplier)

It is worth noting that subscribing to BNB is not mandatory, but foregoing a BNB subscription will likely result in fewer airdrop tokens. If no BNB is subscribed and points are zero, the Web3 task multiplier will have no effect, which has not been explicitly clarified by the official sources and will need to be verified once the product officially launches.

As of now, the details of the Binance Simple Earn BNB subscription product are as follows, with different locking times and BNB amounts earning varying points, according to the official data:

• Lock BNB 0 < n < 59 days, calculated using a 30-day points coefficient;
• Lock BNB 60 ≤ n < 90 days, using a 60-day points coefficient;
• Lock BNB 90 ≤ n < 120 days, using a 90-day points coefficient;
• Lock BNB ≥ 120 days, using a 120-day points coefficient.

Whether the Megadrop platform conflicts with Binance Launchpool, as both require BNB staking, has been clarified by the official statement; both utilize different staking mechanisms, and BNB holders can participate in Megadrop while engaging with Launchpool.

The introduction of Megadrop by Binance not only provides a new earnings platform for users but mainly promotes the Binance Web3 wallet. Participation in Megadrop requires at least an active Binance Web3 account, completing Web3 tasks set by project teams via the wallet interface, thereby establishing the Binance Web3 wallet as a hub for airdrop interactions and enriching wallet use cases. Details of the Megadrop platform are pending as it has not yet launched; we will continue to update as it officially rolls out.