Binance launches ‘Megadrop’ early access program for Web3 rewards

The new platform combines airdrops and quests into a loyalty program.

Cryptocurrency

exchange Binance recently launched an early access incentive and rewards program for Web3 users featuring airdrops and quests.

Dubbed “Megadrop,” the new program is a token launch platform where users “can subscribe BNB to Locked Products and/or complete tasks in their Web3 Wallet for early access to rewards from selected Web3 projects before their tokens are listed on the Binance Exchange,” according to a Binance blog post.

Source: Binance

Essentially, Megadrop will function as a loyalty and rewards program with incentives for participation. Users who sign up for the platform will be given the opportunity to stake Binances BNB (BNB) token prior to the launch of projects on the platform.

Users will also have access to quests. The blog post didn‘t specify how quests will work, but they’ll likely involve performing engagement tasks such as watching educational videos about Web3 products or signing up for mailing lists.

While similar platforms exist throughout the industry — Coinbase Earn, for example — Binances Megadrop appears to separate itself from the herd with a few key differences.

While typical learn-to-earn and staking services tend to be periodic or one-offs, Binance is incentivizing users to engage in long-term participation with an early access platform.

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

“Longer subscriptions yield higher scores. […] 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 new platform‘s launch comes as the company moves on after paying $4.3 billion in fines and restitution as part of a plea deal with the United States government after the company’s former CEO, Changpeng “CZ” Zhao, pleaded guilty to running afoul of Anti-Money Laundering laws.

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

CZ is currently slated for sentencing in the U.S. on April 30 after being found guilty of money laundering. Despite the former executives current predicament, Binance co-founder He Yi says CZ is in “a positive situation.”

According to analysts, CZ faces anywhere from 12 months to 10 years in federal prison.