BNB Chain Launches $300,000 TVL#4 Incentive Program to Boost DeFi Ecosystem
Felix Pinkston Sep 05, 2024 06:24
BNB Chain has unveiled a $300,000 TVL#4 Incentive Program to foster DeFi growth. Projects can compete in staking and TVL challenges.
BNB Chain has announced the launch of the BNB Chain TVL#4 Incentive Program, a new initiative aimed at accelerating the growth of decentralized finance (DeFi) ecosystems on its platform. According to the BNB Chain Blog, the program features a total prize pool of up to $300,000, encouraging projects to expand their total value locked (TVL) and participate in staking challenges.
Program Structure
The TVL#4 Incentive Program is divided into two main parts:
- Part A: BNB Staking Challenge with a $100,000 prize pool.
- Part B: TVL Challenge with a $200,000 prize pool, including all assets.
Both challenges present significant opportunities for DeFi platforms to innovate and compete for substantial rewards. Registration for the program opened on September 5, 2024, and will continue until the end of the event.
Part A: BNB Staking Challenge
Event Timeline
- Challenge Period: September 12, 2024, 00:00 UTC - October 11, 2024, 23:59 UTC
- Winner Announcement: October 13, 2024
This challenge is open to all DeFi platforms that support BNB staking. Participants will be ranked by their performance in increasing their locked BNB during the event period. The rewards for the top three performers are as follows:
| Top 1 | $50,000 |
| Top 2 | $30,000 |
| Top 3 | $20,000 |
How to Participate
To participate in Part A, projects must complete the registration form during the application period, providing details such as project name, chain (opBNB or BSC), Defilama link, and all contract addresses.
Part B: TVL Challenge
Event Timeline
- Challenge Period: September 12, 2024, 00:00 UTC - October 11, 2024, 23:59 UTC
- Winner Announcement: October 12, 2024
This challenge is open to all DeFi projects deployed on either opBNB or BSC. Projects will compete based on the incremental TVL they generate during the event period. The prize pool is dynamically unlocked based on the total TVL increment across all participants, with a maximum prize pool of $200,000.
How It Works
The dynamic prize pool formula is as follows: Prize Pool = $200K * (Total TVL Increment / $80M). For instance, $200,000 will be unlocked if TVL increases by $80M or more, while $50,000 will be unlocked if TVL increases by $20M.
How to Participate
To participate in Part B, projects must complete the registration form during the application period, providing details such as project name, chain (opBNB or BSC), the part of the challenge they are participating in, Defilama link, and contract addresses.
Additional Details and Terms
Participants must submit an application through the form provided. Projects that registered during TVL#3 will automatically be enrolled in TVL#4. The rewards will be distributed in two batches, with 50% of the rewards given within two weeks after the end of each epoch and the remaining 50% distributed around November 20th, provided certain conditions are met.
The BNB Chain core team reserves the right to disqualify projects using illegal bulk wallet addresses or exhibiting fraudulent activity. They also reserve the right to amend or cancel the program at any time without prior notice.
Participation in the BNB Chain TVL Incentive Program is voluntary, and eligible projects must agree to additional terms to join the program. The BNB Chain core team's involvement does not imply endorsement of third-party projects participating in it.
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