Binance introduces a new way for Binance Coin (BNB) holders to earn extra cryptocurrency with an SXP airdrop for the next 12 weeks.
The special airdrop for BNB holders on Binance.com means that, for everyone holding at least 0.1 BNB, they will get free SXP every week for the next 12 weeks.
What is an Airdrop?
An airdrop is the distribution of a token for a group of users who hold a particular token or being an active address on a Blockchain. Mostly part of a marketing campaign, airdrops are used to make more people of the project or reward users for holding another cryptocurrency.
In this particular airdrop, 4,000,000 SXP tokens (a little over $16,000,000) is being shared for holders of BNB for the next 12 weeks from August 17th.
How Does One Qualify For The SXP Airdrop?
To be part of the airdrop, you will have to hold at least 0.1 BNB and hold it on Binance.com. If you do not have an account there already, you can create one with our referral link or ID ‘O4EY05O6’ to get 10% in fee rebates.
Also, you can buy some BNB after you sign up on the platform. You can deposit several traditional currencies or use other crypto like bitcoin (BTC) and ethereum (ETH) to purchase BNB.
The first snapshot (a recording of all people who hold BNB on Binance) was taken on August 17th at 00:00 UTC. The next snapshot will be taken 7 days later.
SXP for people who qualify for the airdrop is then released within 3 days after every snapshot.
Here are other technical details:
- Weekly average BNB holding amounts are determined as the average of the seven days, using the daily BNB calculation rules.
BNB holding distribution will be calculated as follows:
- 333,333.33 SXP rewards received by Binance each week * User BNB holdings ratio.
- Your weekly BNB holdings ratio = Your daily average BNB holdings over each week / daily average of total user BNB holdings held on Binance.com over each week.
- You will be able to check receipt of their airdropped SXP via Account Center > Wallet > Distribution History.
Binance bought Swipe, the cryptocurrency debit card platform, in July 2020 for an undisclosed sum. Swipe allows cryptocurrency users to have access to debit cards and spend their crypto in the real world. SXP is the utility token of the Swipe platform. It is designed to be the gas and fuel of the Swipe Network.
Recently, the Swipe team also announced that holders of SXP can stake the token starting August 23rd.
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