Author: teco
On April 4, Binance Web3 Wallet announced an airdrop event in collaboration with the well-known BTC Layer2 project BEVM. The event attracted widespread attention, with BEVM preparing 0.5% of $BEVM and 0.5% of $OSHI rewards, which was full of sincerity.
Since the three tasks involved in this wave of airdrops are also very simple and extremely friendly to retail investors, it naturally attracted a large number of users to join. According to the data released by the BEVM official Twitter account, a total of 159,102 Binance users who have completed KYC participated in this airdrop event, which shows how popular it is.
Overall, this wave of joint airdrops between Binance Web3 Wallet and BEVM ultimately presented a win-win situation. As the "big brother" of exchanges, Binance needs a BTC L2 project with solid basic skills and strong innovation as an entry point to speed up the layout of the BTC L2 track. After all, it was taken the lead by OKX next door in the previous wave of narratives related to inscriptions. For BEVM, the project is still in the expansion stage and needs more users to participate in the ecosystem. Binance's powerful user resources just solve this problem.
What kind of event attracted nearly 160,000 participants?
Specifically, this joint airdrop event between Binance Web3 Wallet and BEVM has set up a total of 10,500,000 (0.5%) $BEVM and 500,000 (0.5%) $OSHI tokens. The way to participate is also very simple. As long as you complete one of the three tasks, you can get the corresponding token airdrop.
Task 1 requires users to complete BTC cross-chain through the Binance Web3 wallet. They can use the BEVM official bridge or the third-party bridge OmniSwap to cross BTC to BEVM.
Task 2 requires users to deposit BTC as collateral and mint stablecoin SAT through Satoshi Protocol, the Bitcoin stablecoin protocol officially supported by BEVM, to obtain airdrops. It is worth noting that completing Task 2 not only gets you BEVM token airdrops, but also Satoshi Protocol token airdrops.
Task three is even simpler. You only need to sign in on the chain every day and get the airdrop with just the movement of your fingers.
In addition to the token airdrop, all users who participated in this joint airdrop also received a rune named "ORDINALS • RUNES" officially released by BEVM. According to the official statement, the birth of ORDINALS • RUNES is not only to celebrate this joint event with Binance Web3 wallet, but also to commemorate the fourth halving event of BTC.
Users who use the official bridge will receive ORDINALS • RUNES airdrops to their BTC addresses, while users who use third-party bridges will receive airdrops to their BEVM addresses. ORDINALS • RUNES can be bridged to the secondary trading market of the BTC network, and the rune bridge will be launched later. Currently, more than 150,000 runes have been airdropped to users who participated in the event, making it the project with the most rune holders.
Why does BEVM attract so many users?
Why can BEVM attract so many users? I think the most important factors are the simplicity of the task, the generous airdrop rewards, and the support of the Binance Web3 wallet. In addition, there are other points worth mentioning.
From a technical perspective, B EVM is the first fully decentralized, EVM-compatible BTC L2 built on Taproot Consensus, and allows all DApps that can run in the Ethereum ecosystem to run on BTC L2.
Most of the so-called BTC L2 solutions currently avoid discussing how to solve the fundamental problem of BTC cross-chain, and only emphasize L2 technical terms such as ZK-rollup or OP-rollup. Unlike other BTC L2 solutions, the "Taproot Consensus" proposed by the BEVM team is based on the three core BTC native technologies of Schnorr signature, MAST contract, and BTC light node network, which perfectly solves the problem of secure decentralized BTC cross-chain and breaks through the core proposition of BTC L2.
Of course, the breakthrough of the problem is inseparable from the silent efforts of the team behind it. The BEVM team has six years of experience in developing and operating BTC L2 solutions. As early as 2018, the BEVM core team launched ChainX, using BTC's 15 multi-signature addresses and BTC light nodes to achieve BTC cross-chain bridging, which ultimately facilitated the cross-chain of more than 100,000 BTC.
BEVM's recognition in the capital market also accounts for a large part of the reason. At the end of last month, BEVM received investment from Bitmain, the world's largest Bitcoin mining machine manufacturer. Previously, BEVM announced that it had completed tens of millions of US dollars in financing, including the participation of top crypto institutions, including RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital and nearly 20 other institutions, with a post-investment valuation of US$200 million.
It is precisely because of the technical advantages and the good endorsement of the team that the joint activity has achieved impressive data and won the attention of the community.
Why is Binance betting widely on BTC L2?
At the same time, Binance also recently launched its token issuance platform Megadrop, which integrates Binance Simple Earn and Binance Web3 wallet to provide users with points and airdrop experience. It is also Binance’s second joint event BTC L2 project in addition to the BEVM event.
Among them, BounceBit (BB) is the first project launched on the Megadrop platform. It is a BTC ecosystem re-staking basic public chain. The focus of this event is to obtain points by purchasing BNB periodic products and completing Web3 tasks, and then calculate the corresponding token rewards based on the points. Compared with the airdrop task method of Binance BEVM, Megadrop's "points + tasks" model provides users with a clearer and simpler participation path.
Looking at the two concurrent events of Binance, BEVM's event rewards accounted for 0.5% of the total, and the number of participants was about 160,000. BounceBit used 8% of the total tokens to distribute Megadrop project rewards. According to its official event data, at the end of the BEVM event, the number of participants on BounceBit's chain was 100,000, and the final deadline was May 13. Compared with the more complicated BEVM event interaction process, BounceBit's process is slightly simpler, but the difference in the end-users' enthusiasm for participation is not that big.
Judging from the two BTC ecosystem project airdrops that Binance has won, the BTC Layer2 betting competition between OKX and Binance has come to a temporary end. With BounceBit listed on Binance on May 13, who will be the next one ready?
In general, the BTC L2 track itself is full of huge development potential and narrative. After the new asset types such as BTC Ordinals, inscriptions, and runes have caused a carnival, the expansion solution has gradually become the next hot spot. And from the recent actions of Binance, especially as the first BEVM to cooperate with Binance Wallet, it seems that we can still look forward to more.