Cryptocurrency exchange Binance has announced the launch of a reward-based program that will feature airdrop and quests for its users. The exchange also announced an early access incentive for users in the Web3 ecosystem. According to the platform’s blog post, the program features access to selected projects for rewards.
Binance launches new reward program
In its blog post, Binance explained that users can use its native token BNB to subscribe to locked products or carry out tasks in their Web3 wallets.
These are the activities that will open them up for incentives from the project before the exchange lists the tokens. In simple terms, Megadrop is a loyalty-based program with rewards for active participants. Users who are eligible for the program will be able to stake BNB before the launch of the projects.
The announcement also said that users will also be able to carry out quests. However, Binance did not specify what type of quests they will be involved in but it would likely involve tasks like performing engagements regarding Web3 products on the platform. While the exchange has done some of these before, especially its Coinbase Earn service, this new Megadrop program is a bit different from the others.
Implication of the rewards program
Although the usual learn-to-earn rewards-based system is typically a timed event, this is looking like a long-term program. The exchange is using the early access feature to ensure optimum participation. In its post, Binance noted that users can earn more rewards as more people on its platform participate in the programs. “Users will receive a Web3 Quest Bonus and a Web3 Quest Multiplier when they complete all the designated Web3 Quests with the minimum requirements specified,” the exchange said.
The new rewards system is coming after the exchange is preparing to move on after the resolution of its issues with the United States Securities and Exchange Commission (SEC). The exchange agreed to pay $4.3 billion in settlement to the agency after its CEO Changpeng Zhao pleaded guilty to disobeying anti-money laundering rules. Zhao is also scheduled for sentencing on April 30.
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