The Binance Megadrop will distribute 588 million SOLV tokens, which is about 7% of the genesis total supply and 6.09% of the maximum token supply.
Binance Holdings Ltd, a top-tier cryptocurrency exchange with over 240 million globally registered members, has announced the third project on the Binance Megadrop dubbed Silvergate Protocol (SOLV), a leading Bitcoin staking platform. According to the announcement, BNB holders can complete Web3 quests through the Binance Wallet to be eligible for SOLV token distribution.
The Binance Megadrop reward per user will be based on the user’s total score in proportion to the total scores of all qualified participants. With more information expected in the next Megadrop announcement, Binance informed its customers that around 588 million tokens will be distributed to eligible participants.
Notably, the SOLV token will have a maximum supply of 9.66 billion but will be subjected to increases due to the network governance for the Bitcoin reserve offering. The Binance Megadrop token rewards will involve about 6.09% of the token supply and around 7% of the genesis token supply.
Why Binance Supported the Solv Protocol
According to the whitepaper, the Solv Protocol is an on-chain Bitcoin reserve that aims to unlock the full potential of Bitcoin BTC $83 367 24h volatility: 1.8% Market cap: $1.66 T Vol. 24h: $26.93 B in the fast-growing web3 space. Through the introduction of Staking Abstraction Layer, SolvBTC, and SolvBTC.LSTs, the Solv Protocol has attracted more than 572K users to date.
Remarkably, the Solv Protocol has amassed more than 23.3k Bitcoins staked, worth $2.3 billion based on the current market price of over $93K per BTC. The Solv protocol has attracted significant support from its investors led by Binance Labs, Blockchain Capital, Laser Digital, and OKX Ventures, among others.
To attract more users, Solv Protocol uses a fully transparent Proof-of-Reserve (PoR) system, which involves 1:1 backing through Bitcoin or a reliable Wrapped Bitcoin.
The mainstream adoption of Bitcoin, catalyzed by institutional investors, will help Solv Protocol follow in the footsteps of MicroStrategy Inc (NASDAQ: MSTR), which has grown its Bitcoin reserves exponentially in the past year.
Moreover, Solv Protocol is actively maximizing Bitcoin’s utility by enabling reliable yields to users.
According to market data provided by Defillama, Solv Protocol is among the top restaking decentralized platforms on the Bitcoin network. Other top DeFi protocols on the Bitcoin network include Babylon, with over $5.3 billion in TVL, and Lombard, with over $1.4 billion in TVL, among others.
Since January 1, 2024, to date, Bitcoin’s total value locked (TVL) has grown from $306 million to around $6.48 billion at the time of this writing. With over 727K active addresses in the last 24 hours, it is evident that the DeFi ecosystem on the Bitcoin network is fast growing amid the mainstream adoption of digital assets and web3 projects.
next