Solv Protocol launches Binance Megadrop with 4.7M SOLV token limit
On January 7, Binance launched a Megadrop event by Solv Protocol, allowing participants to earn up to 4.7 million SOLV tokens by subscribing to BNB-locked products and completing various quests offered by the organizers.
The Solv Protocol Megadrop features a total distribution of 588 million tokens, representing 7% of the total supply. However, individual rewards are capped at 4,704,000 SOLV.Participation requires successful KYC verification in eligible regions, and rewards are calculated based on an overall score that combines a BNB Locked Score, a Web3 Quest multiplier, and a Quest Participation Bonus.
The SOLV Megadrop will be available until January 17, after which Binance will list Solv Protocol and open trading pairs for SOLV/USDT, SOLV/BNB, SOLV/FDUSD, and SOLV/TRY.
Solv Protocol boasts $1.4 B in locked value amid security and integrity concerns
Solv Protocol currently manages over $1.4 billion in locked value and 20,000 BTC, offering liquid staking options across multiple blockchains, including Ethereum, BNB Chain, and Arbitrum.
However, the protocol has gained attention not only for its liquid staking services but also due to a security breach on January 1. Hackers took control of Solv Protocol's official account on X (formerly Twitter) and posted a fraudulent token contract address, putting users at risk.In response, Solv Protocol's security team regained control of the compromised account and implemented enhanced security measures across its social media platforms.
On January 3, Nubit co-founder Hanji Liu raised concerns over Solv Protocol's operational integrity, alleging the platform reuses the same Bitcoin across multiple protocols instead of locking unique deposits. According to Liu, this practice artificially inflates Solv's Total Value Locked (TVL) metrics.Liu also accused Solv Protocol of moving funds allegedly locked in contracts to staking, urging users to withdraw their assets and verify whether their funds are genuinely secured or being reused across protocols.
In response, Solv Protocol's marketing director Eva Binari dismissed Liu's claims as misleading and unfounded. She explained that Solv's TVL figures align with its standard 15-day redeployment cycles and are accurately reflected on DeFiLlama.
Binance, the leading cryptocurrency exchange, has announced its largest-ever airdrop event, the $5M Airdrop Carnival, to celebrate the launch of the upgraded Binance Wallet.
The promotion will run from December 10, 2024, to February 28, 2025, and features token giveaways from a variety of Web3 projects.
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