BNB Chain Dedicates $900K Liquidity Pool To Support And Develop Meme Coin Ecosystem
Dubai, UAE, June 25th, 2024, Chainwire
BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, today announced “Meme Heroes”, a continued commitment to the growth of the meme coin landscape. Building on the momentum of its Meme Innovation Campaign, BNB Chain will allocate $900,000 for liquidity pool (LP) support to foster the development and growth of high-potential meme projects within its ecosystem. This LP support is an extension of the committed $1 million, aimed at accelerating meme coin innovation on BNB Smart Chain (BSC).
In line with its mission to give back to the community and offer an open, scalable infrastructure, BNB Chain commits to reinvesting all revenue generated from these LPs back into the ecosystem. Any revenues will be directed to two dedicated LP addresses here and here, ensuring ongoing support and growth for meme coins within the ecosystem.
During the Meme Innovation campaign, BNB Chain awarded $100,000 in prizes to support meme coin development, generating participation from developers and meme projects globally. This initiative boosted innovation and highlighted BNB Chain as an ideal network for launching and trading meme tokens with 162 entries, boasting a total trading volume of 507M, and an effective trading volume reaching 499M.
The Meme Heroes campaign aims to improve liquidity, promoting a stable and secure trading environment for users. The criteria for selecting projects include requiring 100% of the LP liquidity to be locked for at least one year or sent to a null address, 10% of the total token supply to be added to the LP, ensuring that the top 10 EOA holders hold less than 10% of the total supply, and encouraging these significant stakeholders to lock or vest their funds over time. Additionally, the token source code should be verified on BscScan or have undergone a security audit. We will comprehensively consider the trading volume, number of token holders, and market capitalization if all other conditions are met.
With its mature infrastructure, security, affordability, vibrant community, and diverse DeFi ecosystem, BSC offers the ideal environment for creating, launching, trading, and exploring meme tokens. Its Ethereum Virtual Machine (EVM) compatibility, low gas fees, and scalability make BSC a preferred choice for developers.
V, Chief Scientist at BNB Chain said: “As a community-led blockchain ecosystem, BNB Chain is dedicated to initiatives that bolster growth and innovation within Web3. This LP support is a public goods event to strengthen the meme coin ecosystem. We believe in the transformative potential of these projects and are excited to further support them.”
Developers and meme projects are encouraged to submit their applications to become eligible for LP support here. Further details on application criteria and the support program can be found on the BNB Chain blog.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
- opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
- BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.
Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.
For more, users can follow BNB Chain on X or start exploring via our Dapp library.