At last, Binance has officially announced its support for the upcoming BitTorrent (BTT) token airdrop. The exchange joins a growing list of platforms and wallets supporting the airdrop.
BitTorrent (BTT) Airdrop Support Confirmed
The BitTorrent token sale, which launches on January 28, 2019, will take place exclusively on the Binance Launchpad, the exchange’s new token launch platform. Because of this – and the fact that Binance has been listing TRON (TRX) since late 2017 – it was assumed that they would be supporting the upcoming BTT airdrop for TRON holders, but no official word had been given until now.
Yesterday, Binance announced via their support website that they would, indeed, be supporting the airdrop:
Binance would like to confirm support for the BitTorrent (BTT) Airdrop Program for TRON (TRX) holders.
There you have it – right there in black and white. But that’s not all – in addition to supporting the initial BTT airdrop, Binance will be supporting the subsequent monthly airdrop as well.
Everything You Need to Know About the BitTorrent (BTT) Airdrop
On Sunday, TRON – through the BitTorrent Foundation blog – released some much-needed details about the upcoming airdrop. The initial airdrop will take place on February 11, 2019, and will be followed by a six-year-long airdrop that will take place each month from March 2019 through February 2025.
The timeline of the BTT airdrop is as follows:
|February 11, 2019||Initial airdrop of 10,890,000,000 BTT|
|March 11, 2019 - February 11, 2020||990,000,000 BTT airdropped on the 11th of each month|
|March 11, 2020 - February 11, 2021||1,072,500,000 BTT airdropped on the 11th of each month|
|March 11, 2021 - February 11, 2022||1,155,000,000 BTT airdropped on the 11th of each month|
|March 11, 2022 - February 11, 2023||1,237,500,000 BTT airdropped on the 11th of each month|
|March 11, 2023 - February 11, 2024||1,320,000,000 BTT airdropped on the 11th of each month|
|March 11, 2024 - February 11, 2025||1,402,500,000 BTT airdropped on the 11th of each month|
To determine how many BTT tokens each of its TRX-holding customers will receive in the initial airdrop, Binance will take a snapshot of all TRX balances on its platform when the block height on the TRON blockchain hits 6,600,000. For the monthly airdrop, the exchange will take TRX balance snapshots at 00:00 UTC on the 11th day of each month.
During the initial airdrop, TRX holders will receive BTT tokens at a ratio of 0.11 BTT per 1 TRX. So a user with 5000 qualifying TRX on Binance at the time of the snapshot would receive 550 BTT (0.11 x 5000 = 550).
For the subsequent monthly airdrop, the formula for calculating rewards (R = U / T x B) is a little more complicated. Each user’s BTT reward (R) is determined by dividing the total number TRX held by the user at the time of the snapshot (U) by the total number of TRX held by Binance at that time, multiplied by the total number of BTT (B) received by Binance for each month’s respective airdrop.
It is important to note that, according to Binance’s announcement, TRX tokens that are pending either deposit or withdrawal at the time of the snapshot will not be counted towards a user’s TRX balance for the purposes of the airdrop. In addition, users should have a balance of at least 100 TRX tokens in order to participate.
Other Crypto Exchanges Supporting the BTT Airdrop
Although BitTorrent tokens can only be purchased on the Binance Launchpad platform during the token sale, the exchange is not the only one supporting the airdrop. At present, the list of known crypto exchanges and wallets that have confirmed their support of the airdrop includes:
- Huobi and Huobi Wallet
- Coin Tiger
- Bitpie Wallet
- Cobo Wallet
Will you be participating on the BitTorrent (BTT) airdrop? Do you know of any other exchanges / wallets supporting the airdrop besides those listed above? Sound off in the comments below.
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