BNB Chain Allocates $1M to Boost Memecoin Development On Its Platform
Summary:
BNB Chain, a smart contract blockchain, is allocating $1 million to incentivize memecoin developers to launch their projects on their network, aiming to accelerate memecoin growth within BNB Chain. As part of its "Meme Innovation Campaign", developers can deploy their tokens during the campaign running from April 10 to May 9. Apart from the competition, there are eligibility requirements, including a minimum trading volume for tokens, completing a security audit and having social media presence. The announcement comes amidst a surge in meme-focused tokens in the crypto space, with other blockchain networks also encouraging memecoin development.
Amid a tidal wave of meme token growth throughout the crypto arena, BNB Chain, a smart contract blockchain, has set its sights on enticing memecoin developers. BNB Chain shared, through a Cointelegraph release, their plan to allot as much as $1 million to incentivize qualified developers to launch their memecoin initiatives on their platform. This move, they outlined, is to "speed up the expansion of the memecoin sector" within BNB Chain. Developers interested can sign up for the "Meme Innovation Campaign" on the network and roll out their tokens during the campaign, set to last from April 10 to May 9. BNB Chain indicated that the event gives its members a chance to foster creativity. The company explained, "This campaign, at the crossroads of creativity, Web3 culture, and innovation, aims to empower creators, both seasoned and novice ones, to employ blockchain technology to make their concepts a reality." Despite the competition's simplicity, meeting some standards might prove difficult. To be eligible for the smallest reward, contestants must guarantee a minimum trade volume of $2 billion for their memecoins. Moreover, memecoins boasting more than $30 billion in trade volume are eligible for the $1 million prize. There are also other qualifiers, such as, conducting a minimum of one security inspection, disclosing the project on BNB Smart Chain’s blockchain tracker, BscScan, ensuring a minimum of 1,000 distinct new token owners, and having a presence on social platforms like Telegram and Discord. As an illustration of the memecoin frenzy in the crypto realm, BNB Chain's memecoin campaign comes on the heels of significant growth. On April 1, total market capitalization saw a staggering leap to $70 billion. New tokens like Dogwifihat (WIF), Book of Meme (BOME), as well as older meme tokens like Pepe (PEPE) and Bonk (BONK) fueled this rise. Following suit, other blockchain platforms have also begun fostering memecoin development within their ecosystems. For example, Avalanche Foundation further promoted its memecoin drive by pitching a $1 million reward for memecoin liquidity providers on March 22. Participants who supply liquidity to selected memecoins can claim a portion of the rewards as theirs.
Published At
4/2/2024 2:00:00 PM
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