Binance is set to introduce an innovative token launch platform called Binance Megadrop, with its inaugural project being the Bitcoin-based chain BounceBit (BB). The world’s largest cryptocurrency exchange platform by volume has announced that this new platform will combine Binance Simple Earn and Binance’s Web3 Wallet, providing investors with access to assets that have not yet been listed on the exchange. In addition, the Megadrop will offer the native asset of BounceBit and Web3 quests, enabling users to earn rewards.

According to Binance, the Megadrop will allow users to subscribe BNB to locked products and complete tasks in their Web3 Wallet in order to gain early access to rewards from selected Web3 projects prior to their tokens being listed on the Binance Exchange.

BounceBit is a project that encompasses both centralized and decentralized finance, allowing BTC holders to generate yield from various sources. The project’s approach revolves around the idea of boosting Bitcoin without making any changes to the Bitcoin blockchain. By providing 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 native asset of BounceBit can be staked, used as a governance token, utilized for paying gas fees, given as a validation reward, or used as a medium of exchange or store of value. Binance states that the token will have a maximum supply of 2.1 billion, with only 8% (168 million) being allocated for the Megadrop.

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