Binance has unveiled Solv Protocol, a Bitcoin staking protocol that aims to create a financial environment that is both Bitcoin-native and Bitcoin.
According to Binance, no other platform will be launching the SOLV tokens, and any site that says it is “listing” or providing SOLV tokens before of the launch date is deceptive.
Separate announcements will be made about the specifics and the trading time. Within the next 24 hours, a revised, official research report on Solv Protocol will also be released.
The genesis supply of 8,400,000,000 tokens, or 86.96% of the overall supply, and the maximum supply of 9,660,000,000 SOLV tokens are part of the Solv Protocol’s tokenomics.
As part of the Megadrop awards, 588,000,000 SOLV tokens—or 7.09% of the Genesis supply and 6.09% of the maximum supply—will be given out.
This circulation supply will be 1,482,600,000 SOLV tokens at the time of the Binance listing, which is 17.65% of the Genesis supply and 15.35% of the maximum supply.
In a subsequent statement, the cryptocurrency exchange will provide further information about Web3 Quests, the listing strategy, and the Megadrop rewards structure.
Binance Megadrop combines Binance Wallet and Binance Simple Earn to offer more comprehensive user airdrop experiences.
It gives users early access to selected Web3 projects, enabling them to get involved in creative ventures long before they are formally listed on Binance.
In order to determine the distribution of rewards, Megadrop participants can complete the Web3 Quests and subscribe to BNB Locked Products.
Their Total Score, calculated using the formula below, will determine how the awards are distributed pro rata: Web3 Quest Bonus + Web3 Quest Multiplier x Locked BNB Score = Total Score.
Additional benefits and multipliers are contingent on finishing the web3 missions, and the quantity and duration of BNB subscriptions determine the Locked BNB Score.
In anticipation of upcoming Megadrop events, Binance has revised the APRs and maximum subscription restrictions for BNB Locked Products.
External wallets or BNB Vault assets are not included in score calculations; only active BNB Locked Products subscriptions are.
Users who participate in the Megadrop through Locked Products without manually redeeming their assets will simultaneously get incentives from the Binance Launchpool and HODLer Airdrops.
To participate in the SOLV Megadrop, users must have a Binance wallet and a current Binance account.
Users can earn points for Megadrop rewards by finishing specific Web3 Quests and subscribing to BNB Locked Products on Binance Simple Earn.
The Binance Spot Wallets of users will get rewards via airdrop. Binance clarified that only wallets established and backed up on the Binance platform will be permitted to participate.
Information on the Megadrop project page and its upcoming announcement will be available shortly.
