BNB Chain Launches $160K Incentive Program for BSC Projects in Second Phase
Jessie A Ellis Mar 07, 2024 03:05
BNB Chain unveils Phase 2 of its TVL Incentive Program, offering a prize pool of up to $160K for BSC projects to boost ecosystem growth.
BNB Chain, a leading blockchain network, has recently announced the launch of the second phase of its Total Value Locked (TVL) Incentive Program, specifically designed for projects operating on the Binance Smart Chain (BSC). The initiative aims to foster the growth and development of the BSC ecosystem by rewarding projects that demonstrate substantial increases in TVL—a measure of the capital secured in their smart contracts.
The incentive program is set to feature a competitive prize pool that could reach up to $160,000, allocated to support the most promising projects on the BSC network. The competition is open to all projects that have been deployed on the BSC mainnet since January 1, 2023, and have completed at least one security audit to ensure the safety and reliability of their operations.
The key dates for Phase 2 of the TVL Incentive Program include the application epoch from March 5 to March 14, 2024, followed by the competition epoch, which runs from March 15 to April 14, 2024. The program will distribute rewards in two installments, with half of the rewards being sent to participants' BEP20 wallet addresses within two weeks after the conclusion of each epoch. The remaining half will be distributed by May 20, provided the winners maintain their TVL with a reduction of less than 15%.
The prize allocation is structured to incentivize performance, with the top five projects with the highest incremental TVL during the event receiving a proportionate share of the total prize pool. The distribution of the reward pool is contingent upon the final amount of the total TVL increase during the epoch, with the first prize receiving 50% of the total prize pool, followed by 30% for the second, 10% for the third, 6% for the fourth, and 4% for the fifth.
To ensure fair play and the integrity of the program, the BNB Chain core team has established specific terms and conditions, including the exclusion of TVL derived from a project’s governance token and the stipulation that rewards will be based on the real-time BNB token exchange rate on the day of distribution. Additionally, the core team reserves the right to disqualify any projects suspected of illegal activities, such as using bulk wallet addresses or displaying signs of market manipulation.
BNB Chain emphasizes the importance of this program for the ongoing development of the BSC ecosystem and encourages eligible projects to apply and leverage the rewards to further build their TVL on the network.
This incentive program is a testament to BNB Chain's commitment to supporting innovation and growth within the blockchain space, and it is expected to attract a significant amount of attention from developers and investors alike. It underscores the continued efforts by blockchain platforms to incentivize development, enhance security, and promote the widespread adoption of decentralized applications.
Image source: Shutterstock