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Alisa Davidson
Published: January 06, 2025 at 4:24 am Updated: January 06, 2025 at 4:24 am
Edited and fact-checked:
January 06, 2025 at 4:24 am
In Brief
Binance launches Solv Protocol as the third project on its Megadrop platform, allowing users to participate starting at 00:00 UTC on January 7th.
Cryptocurrency exchange Binance announced the launch of Solv Protocol (SOLV), a Bitcoin staking protocol, as the third project on its Megadrop platform. Users can begin participating starting at 00:00 UTC on January 7th.
Following the launch, Binance will list Solv Protocol (SOLV) at 10:00 UTC on January 17th, with trading available in SOLV-USDT, SOLV-BNB, SOLV-FDUSD, and SOLV-TRY pairs.
In order to maximize Locked BNB Scores, users are encouraged to lock their BNB in BNB Locked Products before 00:00 UTC on January 7th, as hourly snapshots of users’ subscription amounts will be taken during this period. Additionally, users can participate in Web3 Quest(s) during the Quest Period. Web3 Quest 1 involves staking 0.0001 BTCB on Solv Protocol. The participation period will run until 23:59 UTC on January 16th.
Starting January 17th UTC, rewards will be distributed, allowing users to view their Megadrop rewards in their Binance Spot Accounts.
Solv is a Bitcoin staking protocol that aims to create a reliable Bitcoin-based financial ecosystem by unlocking liquidity and enhancing the utility of idle Bitcoin assets. Through tools like the Staking Abstraction Layer, SolvBTC, and SolvBTC.LSTs, it enables both retail and institutional investors to access various yield opportunities without compromising liquidity, all while integrating Bitcoin into decentralized finance (DeFi) ecosystems.
SOLV is the native utility token of the Solv Protocol and is used for several functions, including governance, staking, and fee discounts. The total maximum supply of SOLV is 9,660,000,000 tokens, with the possibility of an increase through network governance related to the Bitcoin Reserve Offering. The initial supply, or genesis supply, is set at 8.4 billion tokens, representing 86.96% of the maximum supply. Meanwhile, Megadrop Token Rewards make up 588 million tokens, or 7.00% of the genesis supply and 6.09% of the maximum supply. The Hard Cap per user is 4,704,000 SOLV tokens.
How To Join SOLV Megadrop?
Users wishing to join the Binance Megadrop should log into their Binance account, subscribe to BNB Locked Products, and/or complete all designated Web3 Quest(s) via the Megadrop section on the Binance application to accumulate scores. To engage in Web3 Quests, users must have at least one active Binance Wallet.
After completing all designated Web3 Quests, users are required to tap the [Verify] button on the Megadrop project page before the Quest Period ends to claim the Web3 Quest Bonus and Web3 Quest Multiplier. The rewards will be distributed based on the Total Score.
Binance Megadrop is a new token launch platform that integrates Binance Simple Earn and the Binance Web3 Wallet, transforming the airdrop experience. It offers users early access to select Web3 projects before they are listed on the exchange.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
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