Binance proactively looks for ways to secure benefits for our users. Today, we announced that we will distribute Edgeware tokens to ETH token holders on Binance. Here’s a Q&A blog on what that means.
At Binance, we want our users to get as many cryptocurrency opportunities as possible. With the recent prominence of staking tokens, we are on the lookout for benefits that we can pass on to Binancians everywhere. That’s why we willingly worked on enabling Binance users who held ETH on the exchange last August 31, at around 11:59:57 PM (UTC), to receive tokens from Edgeware’s lockdrop, a new form of token distribution. Binance is the only exchange that is supporting this move by Edgeware.
Here’s a Q&A blog to walk you through what will happen here.
Who is Edgeware?
Edgeware is launching a self-upgrading smart contract platform created on the Polkadot ecosystem, which enables cross-blockchain transfers and shared security. Participants in the Edgeware platform can vote, delegate, and fund each other to upgrade the network.
OK, sounds interesting. Now, what is a lockdrop?
Edgeware executed a lockdrop, which is a token distribution method for existing holders of a token’s blockchain. In Edgeware’s token, it’s distributing its EDG tokens to ETH holders, who can either signal their support for the Edgeware platform. Those who signalled with their ETH wallets are able to get EDG tokens.
For more information about how it works, read about it here.
And what does BInance have to do with this?
As a major cryptocurrency exchange, Binance is in custody of a lot of ETH that’s being traded across millions of users. When we got to know about Edgeware’s lockdrop, we made sure that our users are eligible to reap the benefits from that activity. So we signaled our support for the lockdrop through our ETH wallet.
What’s in this for me?
Through this lockdrop, we were able to gain more than 10% of the total 4.5 billion EDG up for grabs during the lockdrop. If you hold 1 ETH at around 11:59:57 PM (UTC) last August 31, you will likely get around 210 EDG, for free. If you got just a fraction of ETH, say 0.5 ETH, you’ll get the appropriate fraction in EDG, which is around 105 EDG.
We’ll keep you informed about the final numbers for this distribution.
Yay! What should I do to get this?
Nothing. Just sit back and relax. We’ll let you know soon when we’re done distributing the EDG tokens. This will likely happen within the next two weeks, when Edgeware’s mainnet network becomes live.
Of course, you can continue to trade ETH on Binance. Or if you’re in the mood for a vacation, just subscribe to our ETH products on Binance Lending so that your ETH stash can grow while you relax and HODL.
If I didn’t have any ETH on my Binance account during that day you mentioned. Will I get anything?
Unfortunately, no. But now you know that between staking, lending, new and upcoming products such as Binance Margin and Binance Futures, and now lockdrops and other airdrops, there are benefits that you can get from keeping your crypto SAFU with us.
What’s in this for you guys at Binance?
We’ve been pretty proactive in terms of supporting activities that give more opportunities for the funds you already hold on Binance. Like the time when we discovered that we were staking XLM tokens for quite a while, so we distributed what we got from staking to our users.
Think of it as our way of thanking you for supporting us. We’re happy when you’re happy. Enjoy your upcoming EDG tokens!
Fine-print stuff: Like any other token, EDG will go through BInance’s strict listing review process once they apply for listing. You can start withdrawing the EDG tokens you’ll get when we verify that the EDG mainnet is stable, secure, and SAFU.