Multiplier

Cryptocurrency

when

Cryptocurrency exchange Binance recently launched an early access incentive and rewards program for Web3 users featuring airdrops and quests.&nbsp;
Dubbed “Megadrop,” the new program is a token launch platform 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,” <a href="https://www.binance.com/en-NG/support/announcement/binance-launches-megadrop-a-token-launch-platform-with-airdrops-and-web3-quests-748b7181f5d14d6fb2add4048374d646" target="_blank" rel="noopener nofollow">according</a> to a Binance blog post. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/9758602d-89e1-4ea4-ba88-e1149791d35b.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://twitter.com/binance/status/1780880581414576445" target="_blank" rel="noopener nofollow">Binance</a>
 </figcaption>
</figure>
Essentially, Megadrop will function as a loyalty and rewards program with incentives for participation. Users who sign up for the platform will be given the opportunity to stake Binance’s BNB (<a href="https://cointelegraph.com/binance-coin-price-index">BNB</a>) token prior to the launch of projects on the platform. 
Users will also have access to quests. The blog post didn’t specify how quests will work, but they’ll likely involve performing engagement tasks such as watching educational videos about Web3 products or signing up for mailing lists. 
While similar platforms exist throughout the industry — Coinbase Earn, for example — Binance’s Megadrop appears to separate itself from the herd with a few key differences. 
While typical learn-to-earn and staking services tend to be periodic or one-offs, Binance is incentivizing users to engage in long-term participation with an early access platform.
According to the blog post, Megadrop rewards increase as users participate in more events and for longer periods of time: 
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
The new platform’s launch comes as the company moves on after <a href="https://cointelegraph.com/news/us-officials-announce-binance-settlement">paying $4.3 billion in fines and restitution</a> as part of a plea deal with the United States government after the company’s former CEO, Changpeng “CZ” Zhao, pleaded guilty to running afoul of Anti-Money Laundering laws. 
Related: <a href="https://cointelegraph.com/news/binance-settlement-turning-page-executive-catherine-chen">Binance’s US settlement was a ‘turning page,’ says exec</a>
CZ is currently slated for sentencing in the U.S. on April 30 after being found guilty of money laundering. Despite the former executive’s current predicament, <a href="https://cointelegraph.com/news/binance-co-founder-he-yi-changpeng-cz-zhao-received-most-optimal-outcome">Binance co-founder He Yi says CZ is in “a positive situation</a>.”
According to analysts, <a href="https://cointelegraph.com/news/changpeng-zhao-sentencing-binance">CZ faces anywhere from 12 months to 10 years in federal prison</a>.

Binance launches ‘Megadrop’ early access program for Web3 rewards

Cointelegraph

Other articles published on Apr 19, 2024

Google Announces Major AI Team Consolidation

BlockDAG Mining Rigs Rise on the Moon, Dominates with $2.2M Sales, Outshining Cardano Whales, and...

The Lightning Network: A Beacon for Small-Scale Bitcoin Miners as Halving Nears

Tether Integrates USDT Stablecoin with TON Blockchain, Expanding Its Web3 Presence

Grayscale Bitcoin ETF Sees Large Redemptions ($1.6 Billion)

Dogecoin Sees Bullish Spike In Volume Despite Fierce Competition From Shiba Inu And Other Meme Coins

Join our free newsletter for daily crypto updates!