Get Ready for Babylon’s Mainnet Launch with SolvBTC.BBN & Binance Web3 Wallet
Solv Protocol and Binance Web3 Wallet have joined forces once again for an exciting campaign in preparation for Babylon’s Upcoming Mainnet Launch!
As a Decentralized Bitcoin Reserve, Solv Protocol allows Bitcoin holders the opportunity to generate yield through Liquid Staking Tokens (LSTs). By staking SolvBTC into SolvBTC.BBN, Bitcoin holders can gain access to Babylon’s staking yields, in exchange for sharing Bitcoin’s economic security with Proof-of-Stake (PoS) chains. This collaboration with Binance Web3 Wallet will give thousands of Bitcoin holders access to these yields, driving greater engagement and utilization of Bitcoin.
New users can participate by registering for a Binance Web3 Wallet, while existing users can leverage their wallets to dive straight into SolvBTC.BBN!
Prize Pool:
- 20% XP Boost, credited 2 weeks after the campaign ends.
- Enjoy 12 XP/$1 per day for holding SolvBTC.BBN
Campaign Duration:
- Start Date: August 1, 2024, 4:00 PM UTC+8
- End Date: August 7, 2024, 8:00 AM UTC+8
Note: Redemptions are subject to Babylon’s withdrawal policy, which has yet to be confirmed.
How to Participate?
Get at least 0.0001 BTCB
You’ll need to have at least 0.0001 BTCB on the BSC network in your Web3 Wallet before proceeding. Please note that you also must have some BNB to cover the gas fees.
1. Select the [Web3] tab and tap [Receive].
2. Select BTCB as the asset.
3. Tap [Transfer In] to transfer BTC with BNB Smart Chain (BEP20) from your Spot Wallet to receive BTCB in your Web3 Wallet.
Please note that you’ll need at least 0.0001 BTCB to proceed with the task.
4. Make sure you have some BNB tokens worth $2–3 to cover the gas fees. You can tap [Transfer] to transfer BNB from your Spot Wallet to your Web3 Wallet.
For more details, please refer to How to Send and Receive Tokens on Binance Web3 Wallet?.
Join the Campaign
1. On your Web3 Wallet homepage, go to [Discover] — [Airdrops]. Tap [Join Campaign] under the campaign banner.
2. Tap into the campaign landing page and tap [Stake Now].
Deposit your BTCB to SolvBTC
- Tap [SolvBTC] — [Connect Wallet] to connect your Binance Web3 Wallet.
2. Switch to [BNB Chain], enter the amount of BTCB to stake. Please note that you need to stake a minimum of 0.0001 BTCB. Tap [Approve].
3. Tap [Deposit] and confirm the transaction on your Binance Web3 Wallet.
4. You’ve successfully deposited your BTCB
Stake to SolvBTC.BBN, The LST For Bitcoin
1. Tap [SolvBTC.BBN]. Switch to [BNB Chain], enter the amount of SolvBTC to stake. Please note that you need to stake a minimum of 0.0001 SolvBTC. Tap [Approve].
2. Tap [Stake] and confirm the transaction on your Binance Web3 Wallet.
3. You’ve successfully staked your SolvBTC.BBN and confirm in [My Portfolio]
Frequently Asked Questions
- What is the exchange rate between BTCB and SolvBTC?
1.00 BTCB is equal to 1.00 SolvBTC.
2. How much babylon staking allocation do I get?
The Babylon staking allocation for SolvBTC.BBN holders will depend on the amount of Bitcoin staked by Solv when Babylon launches their mainnet.
The calculation formula is as follows:
Your Staking Allocation= (Total SolvBTC.BBNYour SolvBTC.BBN) × Bitcoin Staked in Babylon by Solv
In the long term, SolvBTC.BBN will be backed 1:1 by Bitcoin staked in Babylon, aligning to a 1:1 staking allocation. Initially, however, SolvBTC.BBN staking allocations will be proportional to the Bitcoin staked in Babylon.
3. When & how to receive rewards
- Rewards will accrue to your SolvBTC.BBN holdings. After Babylon’s Token Generation Events (TGEs), users will be able to redeem their SolvBTC.BBN for their wrapped Bitcoin plus Babylon rewards. This ensures that holders benefit from both their Bitcoin stake and additional rewards provided through the Babylon platform.
