Binance added the native token of the newly launched Bitcoin staking protocol Solv Protocol to its “Megadrop” scheme.
The exchange announced that it allocated 6.09% of the token’s total supply, about 588 million SOLV, for the initiative. It noted that further details on rewards, Web3 Quests, and the listing roadmap will be announced soon.
The Binance Megadrop initiative provides users with early access to rewards from selected Web3 projects before they are officially listed on the exchange. This approach allows users to engage with and benefit from new projects early.
While exact trading details remain pending, Binance promised to release a comprehensive research report on the protocol’s target demographics within 24 hours.
The crypto exchange also clarified that SOLV tokens will only be launched on its platform, warning users to avoid any other platforms falsely claiming to list or offer SOLV.
Binance claimed Solv Protocol is designed to broaden Bitcoin’s utility within the DeFi landscape and foster a Bitcoin-native financial ecosystem.
Notably, the Solv protocol features a maximum supply of 9.66 billion SOLV tokens, with an initial genesis supply of 8.4 billion tokens, accounting for 86.96% of the total. At launch, 1.48 billion SOLV tokens will be in circulation, representing 15.35% of the total supply.
SOLV’s addition to the megadrop scheme follows LISTA’s, the token of a liquid staking and decentralized stablecoin protocol, in May 2024. LISTA is the second project under Binance’s Megadrop initiative. Like SOLV, LISTA tokens exclusively launched on Binance’s trading platform. Users participated in the scheme by subscribing to BNB Locked Products on Binance Simple Earn via their Binance Web3 Wallet address. Then, they earned scores and multipliers by completing specific Web3 Quests available on the Binance app.
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