Binance Launches ‘Megadrop’ Early Access Program for Web3 Rewards

Cryptocurrency exchange Binance recently launched an early access incentive and rewards program for Web3 users that features airdrops and missions.

Dubbed “MegaDrop”, the new program is a token launch platform where users can register BNB for locked products and/or earn rewards from selected Web3 projects by completing tasks in the Web3 Wallet before their tokens are listed on Binance Exchange. According to the Binance blog post.

Basically, Megadrop works as a loyalty and rewards program to incentivize participation. Users registered on the platform will be given the opportunity to share Binance's BNB (BNB) token before projects are launched on the platform.

Users will also have access to questions. The blog post doesn't explain how quests work, but they could include performing engagement activities like watching educational videos on Web3 products or signing up for mailing lists.

While there are similar platforms in the industry – Coinbase Earn for example – Binance's Megadrop seems to set itself apart from the herd with a few key differences.

Although typical learning and savings services tend to be temporary or one-off, Binance is encouraging users to engage in long-term engagement with its early access platform.

According to the blog post, Megadrop rewards increase as users participate in more events and over a longer period of time:

“Longer subscriptions yield higher results. […] Users will receive the Web3 Quest Bonus and Web3 Quest Multiplier when they complete all assigned Web3 Quests with the specified minimum requirements.

The company's former CEO, Changpeng “CZ” Zhao, pleaded guilty to anti-money laundering charges and paid $4.3 billion in fines and restitution as part of a plea deal with the United States government when the new platform was launched. Laundry rules.

Related: Binance's US settlement was a ‘turning page', says exec

CZ is currently scheduled to be sentenced in the US on April 30 after being found guilty of money laundering. Despite the former executive's current troubles, Binance co-founder He Yi CZ says he is in a “positive state.”

CZ faces 12 months to 10 years in federal prison, according to analysts.