Binance Reveals First Project For Airdrop Portal, Here’s All

Binance, one of the world’s leading cryptocurrency exchanges, has unveiled the inaugural project on its new Airdrop portal: Banana Gun (BANANA). This initiative is set to reward Binance Coin (BNB) holders. It concerns those who have subscribed their BNB tokens to Simple Earn products during a specified period. Hence, the introduction of Banana Gun marks a significant step in the exchange’s efforts to enhance user engagement.

The Launch Of Banana Gun (BANANA) On Binance HODLer Airdrop

Banana Gun is the ecosystem token of the Banana Gun bot. The platform offers a suite of trading tools for on-chain tokens. Recently, Binance has outlined a comprehensive plan for distributing BANANA tokens to eligible users. Moreover, the platform will also list the token on its exchange. The distribution is based on users who subscribed their BNB to Simple Earn products between June 23, 2024, at 00:00 UTC and July 5, 2024, at 23:59 UTC.

The BANANA HODLer Airdrop page is set to be available five hours after the announcement. Moreover, the tokens will be distributed to users’ Spot Wallets one hour before trading begins. The official trading of BANANA is scheduled to commence on July 20, 2024, at 09:00 (UTC). Spot trading pairs on the platform will include BANANA/BTC, BANANA/USDT, BANANA/BNB, BANANA/FDUSD, and BANANA/TRY.

Banana Gun (BANANA) has a total token supply of 8,900,000, with a maximum supply capped at 10,000,000 BANANA. The HODLer airdrops will distribute 800,000 BANANA tokens, significantly increasing the current circulating supply.

Before the Binance listing, the circulating supply will be 3,220,000 BANANA, which constitutes 36% of the total token supply. This increase in circulating supply could lead to significant price fluctuations. Hence, the crypto exchange cautioned users about the potential volatility.

Also Read: Binance Traders Open New Bitcoin Short Positions, What’s Ahead?

Participation & Eligibility For HODLer Airdrops

Binance HODLer Airdrops is designed to reward BNB holders based on historical snapshots of their BNB balances. Hence, users who subscribe their BNB to Simple Earn products, whether Flexible or Locked, are automatically eligible for these airdrops. The program offers a straightforward way for users to earn additional tokens without requiring ongoing actions.

To benefit from the HODLer Airdrops, users need to navigate to the [Earn] section on Binance, search for BNB, and subscribe to Simple Earn products. Thereafter, exchange will take multiple snapshots of user balances and total pool balances at random times to determine the average balances for reward calculations.

For context, the reward calculation for Binance HODLer Airdrops on June 11, 2024, might use snapshots from June 1 to June 7, 2024. Moreover, eligible users will receive their HODLer Airdrop rewards in their Spot Wallets within 24 hours after the announcement of the airdrops.

Also Read: PEPE, SOL, ETH Receives Major Support From Binance, Prices To Rally?

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