BNB Chain Launches Second Phase of TVL Incentive Program; Offers Up to $160K for DeFi Projects Building on BSC
Dubai, UAE, March 5th, 2024, Chainwire
BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest Layer 1 blockchain, today announced the launch for the second round of its TVL (Total Value Locked) Incentive Program for Web3 projects building on its DeFi hub, BNB Smart Chain (BSC). A prize pool of up to $160,000 USD will be on offer for the five projects with the highest incremental TVL increases within the event period. While the first phase of the TVL Incentive Program was geared toward projects building on BNB Chain’s Layer 2 opBNB, the second phase will be catered toward projects who have deployed on the BSC mainnet from 1 January, 2023. Projects can apply here.
Built to help amplify and reward innovative BNB Chain projects, the BNB Chain TVL Incentive Program gives decentralized finance (DeFi) projects building on BSC the opportunity to be a part of a dynamic and rewarding ecosystem to accelerate growth. Recipients of previous TVL Incentive Program rewards have become foundational 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 live on BSC are eligible to submit an application to be considered here. The incremental TVL for each participating project will be determined by subtracting the baseline TVL from the project’s average daily TVL on BSC in the last 7 consecutive days of the event epoch. Prizes will be allocated as below:
- First prize = 50% of the total prize pool
- Second prize = 30% of the total prize pool
- Third prize = 10% of the total prize pool
- Fourth prize = 6% of the total prize pool
- Fifth prize = 4% of the total prize pool
The total prize pool awarded is contingent on the total TVL increase of the participating projects during the epoch. More details on participation terms and reward allocation can be found here.
With a focus on supporting developers, in addition to the TVL Incentive Program, BNB Chain announced the cohort for season 7 of its Most Valuable Builder (MVB) program in partnership with Binance Labs and CMC Labs last week. MVB offers exciting opportunities to early stage start-ups projects. This coupled with the TVL Incentive Program which incentivizes projects in the post-deployment phase to continue building showcases BNB Chain’s commitment to growing the Web3 ecosystem.
The application period for the first phase of the program will run from 5 March to 14 March, 2024. The competition period will run from 15 March to 13 April, 2024 with rewards being distributed within two weeks of the program’s conclusion.
More information on BNB Chain’s Web3 Builder Support suite of offerings can be found 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, the EVM-compatible BNB Smart Chain, and fosters a multi-chain ecosystem with BNB Greenfield and the L2 with the largest Daily Active Users, opBNB. Offering ultra-low gas fees and superior TPS, the BNB Chain ecosystem hosts thousands of dApps across DeFi, metaverse, gaming, SocialFi, NFTs and infrastructure, each of which add value to its ecosystem.
BNB Chain fosters impactful Web3 innovation with its BNB Chain Builder Support Program. This includes the MVB accelerator program, run in partnership with Binance Labs and CMC Labs.
For more, follow BNB Chain on Twitter.
