(PRESS RELEASE – Dubai, United Arab Emirates, March 5, 2024)
BNB ChainThe community-driven blockchain ecosystem that includes the world's largest Layer 1 blockchain, today announced the launch of the second round of its TVL (Total Value Locked) Incentive Program for Web3 projects based on its DeFi hub, BNB Smart Chain (BSC). A prize pool of up to $160,000 USD will be offered for the five projects with the largest incremental TVL increases within the event period. While the first phase of the TVL incentive program was aimed at projects that are built on BNB Chain's Layer 2 opBNB, the second phase will be aimed at projects that have been deployed on the BSC mainnet as of January 1, 2023. Projects can apply here.
Created to help amplify and reward innovative BNB Chain projects, the BNB Chain TVL incentive program gives BSC-based decentralized finance (DeFi) projects the opportunity to be part of a dynamic and rewarding ecosystem to accelerate growth . Previous reward recipients of the TVL incentive program have become critical to the BNB chain ecosystem and have experienced substantial growth within the ecosystem. These include such notable projects as KiloEx and Kinza Finance.
Projects that have completed at least one security audit and are active in BSC are eligible to submit an application for consideration. here. The incremental TVL for each participating project will be determined by subtracting the baseline TVL from the project's average daily TVL in BSC over the last 7 consecutive days of the event time. Prizes will be distributed as follows:
- First prize = 50% of the total prize
- Second prize = 30% of the total prize
- Third prize = 10% of the total prize
- Fourth prize = 6% of the total prize
- Fifth prize = 4% of the total prize
The total prize awarded depends on the total TVL increase of the participating projects during the period. You can find more details about the terms of participation and the allocation of rewards. here.
With a focus on supporting developers, in addition to the TVL incentive program, BNB Chain Announced the cohort of season 7 of his Most Valuable Builder (MVB) Program in partnership with Binance Labs and CMC Labs last week. MVB offers interesting opportunities for start-up projects in the initial phase. This, along with the TVL incentive program that incentivizes projects in the post-deployment phase to continue building, shows BNB Chain's commitment to growing the Web3 ecosystem.
The application period for the first phase of the program will run from March 5 to March 14, 2024. The competition period will run from March 15 to April 13, 2024 and rewards will be distributed within two weeks after upon completion of the program.
You can find more information about BNB Chain's Web3 Builder Support suite of offerings here.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that seeks to remove barriers to Web3 adoption. Powered by BNB, it includes the world's largest L1 blockchain, supported by EVM. BNB Smart Chainand fosters a multi-chain ecosystem with BNB Greenfield and the L2 with the highest number of Daily Active Users, opBNB. Offering ultra-low gas fees and superior TPS, the BNB Chain ecosystem hosts thousands of dApps in DeFi, metaverse, gaming, SocialFi, nft and infrastructure, each of which adds value to its ecosystem.
BNB Chain fosters impactful Web3 innovation with its BNB Chain Builder Support Program. This includes the MVB accelerator programexecuted in partnership with Binance Labs and CMC Labs.
For more information, follow the BNB chain on Twitter.
Contact
BNB Chin
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