Binance to Support Upcoming BitTorrent Token (BTT) Airdrop
The holders of TRON (TRX) will receive a portion of BTT tokens in the coming years, even when holding the assets in an exchange wallet.
Binance, one of the earliest backers of the TRON (TRX) project, has released details of the long-awaited airdrop of BitTorrent Token (BTT). The process will start with a snapshot scheduled for February 11. Binance will use exchange balances for the snapshot, while BitTorrent will take account of the balances within the entire TRON network.
Owners of TRX will receive 0.11 BTT for each coin held. In addition to the initial airdrop, Binance will also support the monthly airdrop program, taking regular snapshots of balances.
The BTT airdrop will be a long-term process, with annual balances to be distributed until the year 2025. Binance will make monthly distributions of BTT based on a formula that accounts for the TRX and the general BTT balances on the exchange.
The BTT digital asset is still not traded and has not gone through price discovery. The actual tokens will be issued soon, potentially ending up used by 45 million active users of the client. The asset may serve to boost speeds for BitTorrent users. BTT usage will be optional, however.
Other exchanges will also support the airdrop based on the official snapshot:
Atomic Wallet, MathWallet, OKEx and other significant participants in the crypto ecosystem will support the BTT airdrop as well.
The TRX market price remains relatively unchanged, hovering around $0.026, with a gain of about 6% in the past week. This time, the airdrop is not generating the same level of hype.
BTT is the most prominent token for now as the TRON ecosystem has just started adding tokenized projects. The TRON network already boasts 1.5 million accounts although this is still far behind the number of BitTorrent users.
In addition to the airdrop, Binance will add new pairs for TRX, as well as Litecoin (LTC) in a push to expand to stablecoins beyond Tether (USDT). The new pairs will include TRX/PAX and TRX/USDC plus LTC/TUSD, LTC/PAX, and LTC/USDC, with trade starting from Thursday.