BNB Chain, a smart contract blockchain, has announced a $1 million reward initiative aimed at attracting memecoin developers amidst the surging popularity of meme tokens in the crypto landscape.
As part of its efforts to foster the growth of memecoins within its network, BNB Chain is allocating up to $1 million to incentivize eligible developers who deploy their memecoin projects on the platform.
💥 We're thrilled to announce the BNB Chain Meme Innovation Battle where up to $1M is up for grabs!
This is an exciting opportunity for developers and creators to showcase their creativity and compete for amazing rewards.https://t.co/6acfjHVimX
— BNB Chain (@BNBCHAIN) April 2, 2024
The initiative, dubbed the “Meme Innovation Campaign,” will run from April 10 to May 9, inviting developers to participate by deploying their tokens on the BNB Chain network.
While the competition offers an opportunity for creative innovation, meeting the requirements may pose challenges for participants. Memecoins must attain a minimum trading volume of $2 billion to qualify for the lowest reward tier, with those exceeding $30 billion in trading volume eligible for the $1 million prize.
Additionally, developers must fulfill various eligibility criteria, including undergoing at least one security audit, open-sourcing the project on BNB Smart Chain’s blockchain explorer, BscScan, and maintaining a presence on social media platforms like Telegram and Discord. The project must also attract over 1,000 valid new tokenholders.
BNB Chain’s initiative coincides with the exponential growth of meme-focused tokens in the crypto market, with the total market capitalization reaching $70 billion on April 1. This surge was fueled by the popularity of newly-launched tokens such as Dogwifihat (WIF) and Book of Meme (BOME), as well as established meme tokens like PEPE and BONK.
In a similar vein, other blockchain networks have also embraced the development of memecoins within their ecosystems. For instance, the Avalanche Foundation recently offered a $1 million reward to memecoin liquidity providers, incentivizing liquidity provision for selected memecoins.
