Binance has now introduced Solv Protocol, a Bitcoin staking protocol with aspirations to build a Bitcoin and Bitcoin-native financial ecosystem.
No other platform will be launching the SOLV tokens, and any platform claiming to be “listing” or offering SOLV tokens in advance of the launch timeline is a false advertisement, explains Binance. The details and the exact timing of trading will be announced separately. An updated, formal research report on Solv Protocol will also be published within the next 24 hours.
The Solv Protocol’s tokenomics includes the maximum supply of 9,660,000,000 SOLV tokens and a genesis supply of 8,400,000,000 tokens, comprising 86.96% of the total supply. Out of this, 588,000,000 SOLV tokens, which include 7% of the Genesis supply and 6.09% of the max supply, will be distributed as part of the Megadrop rewards.
At the time of the Binance listing, this circulating supply will be 1,482,600,000 SOLV tokens, representing 17.65% of the Genesis supply and 15.35% of the max supply. The crypto exchange will share more details on the Megadrop rewards structure, Web3 Quests and the listing plan in a separate announcement.
Binance Megadrop brings Binance Simple Earn and Binance Wallet together to provide richer user airdrop experiences. It provides users with early access to chosen Web3 projects so they can begin participating in innovative projects long before their official listings on Binance.
Participants in Megadrop can subscribe to BNB Locked Products and finish the Web3 Quests so that scores are awarded accordingly to determine the allotment of rewards. The rewards will be divided pro rata based on their Total Score, which can be computed by using the following formula: Total Score = Locked BNB Score x Web3 Quest Multiplier + Web3 Quest Bonus. The Locked BNB Score depends on the number of BNBs subscribed to and for how long, and extra bonuses and multipliers depend on completing the web3 quests.
Binance has updated the APRs and max subscription limits for BNB Locked Products in preparation for future Megadrop events. Only active BNB Locked Products subscriptions are eligible to be included in score calculations, and BNB Vault assets or external wallets are exempted. Users participating through Locked Products in the Megadrop will earn simultaneous rewards from Binance Launchpool and HODLer Airdrops without having to redeem their assets manually.
Users need to have an active Binance account and a Binance Wallet to participate in the SOLV Megadrop. By subscribing to BNB Locked Products on Binance Simple Earn and completing designated Web3 Quests, users will earn scores for Megadrop rewards. Rewards will be airdropped to users’ Binance Spot Wallets. Only wallets created and backed up within the Binance platform will be allowed to participate, according to clarification from Binance. Details on the Megadrop project page and its next announcement will follow soon.
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