Binance announces token drop platform Megadrop after securing Dubai VASP license

Leading crypto exchange, Binance has announced a new airdrop and web3 quest platform dubbed Megadrop.

Announced on April 18, Megadrop is primarily a token launch platform that will host airdrops and Web3 quests by integrating the Binance Simple Earn program and the Binance Web3 Wallet. The goal, per Binance, is to make the airdrop experience more engaging for users.

The platform exclusively allows access to select web3 projects before they are officially listed on the global exchange. Users can do this either by locking their BNB holdings for a certain period of time under its Locked product program or by completing Web3 quests and earning points in their Binance Web3 wallet.

The scores accumulated from this will be based on the amount of BNB locked and the duration for which it has been locked. For Web3 quests, the score will calculated based on the number of quests users complete. It must be noted that certain multipliers will also be applied when calculating the total scores

Users will earn rewards based on their total score. The rewards will be made available under the Megadrop section on the Binance app. 

“This unique combination of engagement, education and rewards positions Megadrop as an unparalleled interactive experience within both Binance and the broader crypto ecosystem,” the exchange wrote in a blogpost.

Binance unveiled BounceBit (BB), a Bitcoin restaking chain, as the first project to launch on the new platform. Megadrop users will be entitled to earn up to 8% of the token supply, accounting for 168,000,000 BB tokens.

The launch closely follows Binance securing a full virtual-asset services provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). The approval came a year after the exchange entered the third stage of the nation’s four-stage process.

“As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation,” said Binance CEO Richard Teng.

According to a Bloomberg report, the approval came after Binance co-founder Changpeng Zhao agreed to relinquish his voting rights for the local entity. Zhao is currently awaiting sentencing following his settlement with the U.S. Department of Justice.