TVL is close to 10 million USD. How to participate in BounceBit, the first project of Binance Megadrop?

Original title: "More than 57,000 users participated in two days, detailed explanation of Binance Megadrop's first project BounceBit (with operation tutorial)"

Original author: Asher, Odaily Planet Daily

On April 26, Binance Megadrop's first project BounceBit (BB) was officially launched. Users can apply for BNB regular products on the Binance Megadrop platform or complete BounceBit Quest through the Binance Web3 wallet to obtain airdrop rewards. 8% of the total tokens will be used for this event. In just two days of the event, more than 57,000 users have participated, and BounceBit Megadrop's TVL is nearly 10 million US dollars. It is also worth noting that Binance will launch BounceBit (BB) at 18:00 Beijing time on May 13.

Image source: Project official website

So, why BounceBit can become the first project on the Binance Megadrop platform and how new users (only about $15 is required to participate) should participate in "money-pulling", Odaily Planet Daily will introduce you one by one based on official information.

BounceBit: BTC re-pledge infrastructure

Introduction

BounceBit is a BTC re-pledge public chain, whose goal is to create a native BTC re-pledge ecosystem to reimagine the value of BTC. By introducing a dual staking system of native BTC and BounceBit (BB) tokens, the value of BTC is maximized and more profit opportunities are provided to BTC holders.

According to the official website data, TVL has exceeded 1 billion US dollars. Among them, the amount of BTCB pledged exceeds 806 million US dollars, the amount of USDT pledged exceeds 71.3 million US dollars, the amount of FDUSD pledged exceeds 57.31 million US dollars, the amount of WBTC pledged exceeds 46.46 million US dollars, the amount of AUCTION pledged exceeds 24.76 million US dollars, the amount of MUBI pledged is nearly 16.55 million US dollars, and the amount of DAII pledged exceeds 3.48 million US dollars.

Total locked-in amount of the project

Project highlights

As a BTC ecological infrastructure, BounceBit (BB) has the following highlights:

· BTC re-pledge: When assets generate interest through arbitrage strategies managed by experienced asset management entities, users will be given a BTC-pegged version called bounceBTC (BBTC), which can be delegated to node operators, who will return the pledge certificate (stBTC) to the pledger.

· Dual-currency PoS: Dual-currency PoS is a hybrid consensus mechanism where each validator can accept BBTC and/or BB tokens at the same time. This system expands the stakeholder base and weaves an extra layer of resilience and security into the network consensus structure.

· BounceClub: BounceClub can be used as an on-chain space where users can create DeFi experiences using pre-built mini-programs, without code, and can be easily integrated from the App Store.

· Liquid Custody: BounceBit introduces the concept of Liquid Custody to keep collateral assets liquid and provide more opportunities to earn returns. When users deposit assets into BounceBit, they will receive a Liquid Custody Token (LCT), which represents their assets being custodied at a 1:1 ratio.

Funding

BounceBit completed a $6 million seed round of financing, which was jointly led by Blockchain Capital and Breyer Capital, with participation from dao 5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, DeFiance Capital, OKX Ventures and HTX Ventures. Individual investors include Calvin Liu, Chief Strategy Officer of EigenLayer.

Image source: cryptorank

Token Economic Model

According to the research report released by Binance Research, the total supply of BounceBit token BB is 2,100,000,000, and the specific distribution is as follows:

· Binance Megadrop: 168,000,000 BB, accounting for 8% of the total supply;

· Liquidity providers: 63,000,000 BB, accounting for 3% of the total supply;

· Testnet incentives: 84,000,000 BB, accounting for 4% of the total supply;

· Advisors: 105,000,000 BB, accounting for 5% of the total supply;

· Team: 210,000,000 BB, accounting for 10% of the total supply;

· BounceClub and ecological reserves: 294,000,000 BB, accounting for 14%; Investors: 441,000,000 BB, accounting for 21% of the total supply; Staking rewards: 735,000,000 BB, accounting for 35% of the total supply.

BB Token Economic Model

Roadmap

Based on the information currently released, BounceBit's planned roadmap for the next year is:

2024 Q2: Ecosystem construction, BounceClub distribution, Premium Yield product continued, BounceBit chain mainnet launch;

2024 Q3: Options and structured products, lending, more CeDeFi products;

2024 Q4: BounceBit re-staking platform;

2025 Q1: Shared Security Client (SSC) ecosystem construction.

So, after having a basic understanding of the BounceBit project, Odaily Planet Daily will take you to participate in the airdrop of the first Binance Megadrop project BB token.

BounceBit Project Web3 Task Operation Demonstration

Binance Megadrop First Project: BounceBit

STEP 1. Open the Binance Web3 wallet (need to be created in advance) and deposit a small amount of BNB (can be exchanged for 0.0001 BTC);

STEP 2. Exchange 0.0001 BTCB and enter the megadrop task page;

STEP 3. Enter the Web3 task and complete the 0.00 01 BTC deposit task;

STEP 4. Return to the Megadrop event main page to verify the task.

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