BNB Chain Offers $1M Prize to Attract Memecoin Devs

BNB Chain Offers $1M Prize to Attract memecoin devs

BNB Chain Offers $1M Prize to Attract memecoin devs

BNB Chain is offering up to $1m in rewards to developers who deploy their memecoin projects on the network as part of their “Meme Innovation Campaign.

Amid the meteoric rise of meme tokens within the cryptocurrency ecosystem, the intelligent contract network known as BNB Chain is trying to capture the attention of memecoin developers.

BNB Chain has announced that it will be providing up to $1M in rewards to developers who are eligible to install their memecoin projects within the network.

BNB Chain To Help Boost Memecoin

Within the context of BNB Chain, the business emphasized that this was a component of their attempts to “accelerate the growth of the memecoin landscape.”

Developers interested in participating in the “Meme Innovation Campaign” of the network can apply to do so and deploy their tokens on the network during the campaign time, which will run from April 10 to May 9.

“Taking place at the intersection of creativity, Web3 culture, and innovation, the campaign is about empowering creators, both seasoned developers and newcomers, to use blockchain technology to bring their ideas to life.”

BNB Chain states that the competition provides its community members with the opportunity to innovate and be innovative. It stated that although the competition appears straightforward, several qualifications may be challenging to fulfill.

For participants to be eligible for the lowest payout, their memecoins must have a minimum trading volume of $2 Billion.

In the meantime, memecoins that have a trading volume of more than $30 billion have the potential to be eligible for the award of $1 million. To be eligible for the program, you must meet additional requirements.

BNB Chain Offers $1M Prize to Attract Memecoin Devs
Reward distribution structure for the memecoin competition. Source: BNB Chain

These requirements include completing at least one security audit and open-sourcing the project on BscScan, the blockchain explorer used by BNB Smart Chain.

Additionally, the project must be on social media sites like Telegram and Discord, and the number of valid new tokenholders must be greater than one thousand.

The attempts of BNB Chain to create a memecoin coincide with the rise of meme-focused tokens in the cryptocurrency industry. The overall market value reached $70 billion on April 1st, a significant increase.

Pumps in recently introduced tokens such as Dogwifihat (WIF) and Book of Meme (BOME), as well as pumps in older meme tokens like Pepe (PEPE) and Bonk (BONK), were the primary drivers of this phenomenon.

Alongside the BNB Chain, several other blockchain networks have also begun to foster the growth of memecoins inside their respective ecosystems.

As part of its ongoing efforts to promote memecoin, the Avalanche Foundation announced on March 22 that it would be providing a prize of $1b to memecoin liquidity providers.

Those individuals who can increase the liquidity of certain memecoins are eligible to receive a portion of the prizes. 

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