Binance, a leading cryptocurrency exchange, has introduced a new rewards program, HODLer Airdrops, to benefit holders of its native BNB token.
This initiative offers early access to tokens from upcoming projects set to launch on Binance.
The tokens featured in the airdrops will be from "small to medium projects with strong fundamentals, a large circulating supply, and strong and organic communities."
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At the time of writing, BNB is valued at $603.45, following a peak of $718.53 on June 6. BNB remains the fourth-largest cryptocurrency by market capitalization, exceeding $89 billion.
To participate in the HODLer Airdrops, users must hold BNB and be part of Binance's Simple Earn program. Furthermore, they need to complete account verification (KYC) and reside in eligible countries or regions. However, Binance has not yet disclosed the jurisdictions that will be included.
Binance plans to announce HODLer Airdrops ahead of time, allowing users to prepare. The allocation of rewards will depend on the users' BNB balances, which will be averaged hourly through snapshots taken multiple times every hour. Each airdrop will have a hard cap.
Joining the HODLer Airdrops will not impact users' existing benefits for holding BNB, such as eligibility for Binance's Launchpool and Megadrop events.
Binance announced on May 20 that it is calling on crypto projects to apply for inclusion in this new airdrop program and other listing programs.
Binance's HODLer Airdrops program represents a strategic move to enhance the value proposition for BNB holders while supporting emerging projects within the blockchain space.
The program's introduction comes during regulatory challenges for Binance's US division. Recently, North Dakota revoked Binance.US's money transmitter license, joining a list of seven other states that did so, too.
Meanwhile, the founder and former CEO of Binance, Changpeng Zhao, has recently begun his four-month prison term for charges related to money laundering.
