Key highlights:
- Binance is airdropping $80,000 worth of MAV tokens to users of its Web3 wallet as part of the launch of the Maverick protocol.
- To qualify, users need to complete tasks like trading stablecoins or supplying liquidity on Maverick using the Web3 wallet before January 29.
- Rewards are capped at $30 MAV per user for trades and $50 MAV for liquidity supply. Total rewards are calculated based on the MAV token price as of January 1.
- The MAV token price surged over 7% after the airdrop news but has since declined.
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced an airdrop of $80,000 worth of Maverick (MAV) tokens to users of its Web3 wallet.
Time for our first #Binance Web3 Wallet airdrop of 2024!
Collect your share of $80,000 $MAV by completing swaps or providing liquidity through the wallet on @mavprotocol.
Start here ? https://t.co/8oDRabyYg3 pic.twitter.com/ynlp8kHOZ6
— Binance (@binance) January 16, 2024
According to the announcement, the airdrop event is already taking place. It started on January 16, 2024 at 00:00 UTC and will run through till January 29 at 23:59 UTC. To qualify for the airdrop, users need to complete specific tasks with the Binance Web3 wallet during the event period.
Create Binance Account
For on-chain swap transactions, a pool of $30,000 worth of MAV has been allocated for users who complete a trade of at least $10 equivalent between USDT, USDC, ETH and BNB on the Maverick protocol. Meanwhile, a pool of $50,000 worth of MAV has been allocated for users who provide at least 10 USDC equivalent liquidity to the USDC-USDT Elevated Position 11 pool.
Users can check the status of their tasks on the activity page by clicking the “Verify task status” button. This will confirm whether the tasks have been successfully completed. The maximum reward per eligible participant is capped at $30 MAV for on-chain swaps and $50 MAV for liquidity supply.
Additionally, the total value of the rewards will be calculated based on the MAV/USDT spot trading pair’s closing price on January 1, 2024 at 23:59 UTC, which was 0.4089 at the time of the announcement. Binance stated that the total $80,000 prize pool includes all network and gas fees that may be incurred during reward distribution.
Binance Web3 Wallet
The Web3 wallet is a browser extension launched by Binance late last year, Nov 8, 2023 during Binance Blockchain Week in Istanbul. It allows users to interact with decentralized apps (dApps) across various blockchains including Binance Smart Chain, Ethereum, Polygon, Avalanche and Fantom. Key features include a cross-chain bridge, NFT gallery and a DeFi dashboard.
Maverick Protocol price movement
The MAV token price responded to the airdrop announcement, climbing up by 7.09% and hitting a peak at $0.698. However, the token’s price has since seen a moderate correction to the downside.
According to our MAV price prediction, the token is expected to see a slight decline in the short term.
