Binance has announced Solv Protocol (SOLV) as the third project on its Binance Megadrop platform. Solv Protocol is a Bitcoin staking protocol that focuses on building a Bitcoin-centric financial ecosystem and provides users with the opportunity to participate in the SOLV Megadrop, starting from January 7, 2025 00:00 UTC. The Megadrop page is expected to be available on the Binance app approximately 12 hours before the event.
After the Megadrop period ends, Binance will January 17, 2025 10:00 UTCthe introduced trading pairs include SOLV/USDT, SOLV/BNB, SOLV/FDUSD and SOLV/TRY. this Seed label Will be applied to SOLV upon release.
Key dates and participation periods
- SOLV Megadrop Period: January 7, 2025 00:00 UTC – January 16, 2025 11:59 UTC
- BNB Lockup Product Snapshot Period: Participants can start locking BNB before January 7, 2025 to maximize their locked BNB score and take hourly snapshots of BNB subscriptions throughout the period. Please see the FAQ for more details.
- Web3 exploration period: Users can complete specified Web3 tasks to improve their scores.
Web3 task details
- Task 1: Stake 0.0001 BTCB on the Solv protocol (available from January 17, 2025 06:00 UTC).
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Participants will receive Megadrop rewards in their Binance Spot account.
SOLV Token Economics
- Token name: Solving Agreement (SOLV)
- Maximum token supply: 9,660,000,000 SOLV (increased by network governance that can be issued through Bitcoin reserves)
- Genesis Token Supply: 8,400,000,000 SOLV (86.96% of maximum supply)
- Megadrop Token Rewards: 588,000,000 SOLV (7.00% of genesis supply, 6.09% of maximum supply)
- Binance initial circulation: 1,482,600,000 SOLV (17.65% of genesis supply, 15.35% of maximum supply)
Participation requirements and reward calculations
Participation in SOLV Megadrop is required KYC verification In eligible jurisdictions. Each user has a hard cap 4,704,000 solutions.
Total score formula:
Total score = (Locked BNB score * Web3 task multiplier) + Web3 task reward
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Locked BNB Score (based on hourly snapshot BNB lock product snapshot period) = (120-day average BNB locked amount*130) + (90-day average BNB locked amount*120) + (60-day average BNB locked amount*110) + (30-day average BNB locked amount*100) + (Average number of DeFi BNB assets * 30)
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this Web3 task multiplier is 1.5, and Web3 task rewards It’s 500.
How to participate
- Log in to your Binance account.
- Subscribe to BNB locked products or complete specified Web3 tasks through the Megadrop page on the Binance app.
- Make sure to connect at least one active Binance wallet to complete the task.
- After completing the Web3 task, click [Verify] Click the button on the Megadrop project page before the mission period ends to claim it Web3 task rewards and multiplier.
- Megadrop rewards will be distributed based on total points.
More details, including a research report on Solv Protocol (SOLV), are available on the Binance platform.
