BNB Chain Offers $1M to Attract Memecoin Developers; Former FTX CEO Denies Wrongdoing
Summary:
BNB Chain has set aside a $1 million reward to entice memecoin creators onto its network, reflecting the rising trend of memecoins in the current bullish crypto market, which experts describe as "weird". Meanwhile, former FTX CEO, Sam Bankman-Fried, confined to a detention center following a 25-year prison sentence, asserts his actions were not illegal and plans to appeal.
BNB Chain is the latest blockchain to incentivize memecoin development, offering a hefty reward of $1 million to bring developers onto its platform. The growth of memecoins has added an unexpected twist to the current bullish cryptocurrency trend, claim industry insiders. In a related news, prominent figure Sam Bankman-Fried has allegedly insisted on his innocence after being sentenced to prison.
BNB Chain has put out a $1 million lure to bring memecoin developers on board, banking on the rampant rise of meme tokens in the cryptocurrency world. The platform has set aside up to $1 million in rewards for qualified developers who launch their memecoin initiatives on the BNB Chain Network.
Potential developers are invited to register for BNB's "Meme Innovation Campaign" and introduce their tokens on the platform between the operational period from April 10th to May 9th.
Not just BNB Chain, other blockchain networks are promoting memecoin development within their landscape. For instance, the Avalanche Foundation, on March 22, extended its push towards memecoins by announcing a similar $1 million bait for memecoin liquidity providers. Providers can now earn a share of the rewards by supplying liquidity to selected memecoins.
The surge of memecoins is making this bull market the most peculiar one yet with an unanticipated Bitcoin high and frenzied race towards memecoins before Bitcoin's halving, industry observers claim.
Chainlink's community liaison, Zach Rynes, expressed this bull run as "strange" in an April 1 X post. He explained how the funds have moved in an unexpected manner, going straight from Bitcoin to memecoins, a sequence previously unseen.
Long-time Ethereum follower Anthony Sassano mirrored Rynes' views, calling this the most bizarre bull run in his decade long crypto career. He expressed doubt about retail traders investing significantly in crypto at the moment and believes the current sector-specific pump and dump situation is being driven by crypto veterans.
In other news, Sam Bankman-Fried, the former CEO of FTX, broke his silence following his 25-year prison sentence, asserting that he never believed his actions were illicit. According to ABC News, Bankman-Fried, currently held in the Metropolitan Detention Center in Brooklyn since last August, responded via email expressing his remorse for losses incurred but denied any intentional harm or fraudulent intentions.
He attributed the downfall of FTX and its partner trading company, Alameda Research, to "poor choices" but denied personal greed. Despite the heart-rending verdict, Bankman-Fried plans to appeal. Judge Lewis Kaplan's statement compared Bankman-Fried to a "criminal" and termed his efforts towards crypto regulation as a mere "show."
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The news was reported by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
4/2/2024 4:03:11 PM
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