Binance launches ‘Megadrop’ early access program for Web3 rewards

by

Binance, the popular cryptocurrency exchange, has introduced an Early Access Incentives Program for users of web3, offering perks such as airdrops and quests as rewards.

😱 Trump's Tariff Bombshell Could Crush EUR/USD!

Markets on edge — read the urgent new forecasts before it’s too late!

View Urgent Forecast

The “Megadrop” program, as it’s called, serves as a token launch platform where users can sign up by locking BNB in their Web3 Wallets and accomplishing tasks related to selected Web3 projects. In return, they get early access to rewards from these projects before their tokens become available on the Binance Exchange. (Binance blog post)

In simpler terms, Megadrop acts as a membership program offering perks for users. By registering on the platform, members can securely deposit Binance‘s BNB token before new projects go live.

Along with other features, users can participate in missions called quests. The post didn’t go into detail about how these quests function, but it’s reasonable to assume they’ll require completing activities such as watching instructional videos on web3 tools or subscribing to newsletters.

Binance’s Megadrop stands out among other platforms in the crypto industry, such as Coinbase Earn, due to some distinct features.

Instead of the usual learn-and-earn or staking programs that offer occasional or single opportunities, Binance encourages users to take part in extended engagement through an early access platform.

The blog post indicates that Megadrop gives out bigger rewards to users who take part in more activities and stay engaged for extended durations.

“Longer subscriptions yield higher scores. … Users will receive a Web3 Quest Bonus and a Web3 Quest Multiplier when they complete all the designated Web3 Quests with the minimum requirements specified.”

The new platform will be introduced as the company makes amends and moves forward, having paid $4.3 billion in fines and restitution following a plea deal with the U.S. government over allegations that the company’s ex-CEO, Changpeng (CZ) Zhao, violated anti-money laundering regulations.

CZ, formerly a high-ranking executive, is set to be sentenced for money laundering charges in the United States on April 30th. However, Binance’s co-founder, He Yi, maintains that despite these circumstances, CZ finds himself in a favorable position.

According to analysts, CZ faces anywhere from 12 months to 10 years in federal prison.

Read More

2024-04-19 20:22