#BNBChain #Web3 #DeFi #Cryptocurrency #BlockchainTechnology #Staking #SmartContracts #Innovation
Dubai, UAE, June 19th, 2024 – The BNB Chain has made a significant announcement today, signaling a further commitment to the advancement of the Web3 arena. This comes with the launch of their third installment of the Total Value Locked (TVL) Incentive Program, a strategic initiative designed to galvanize development on the world’s largest smart contract blockchain. The program aims to provide robust support to Web3 projects deployed on the BNB Smart Chain (BSC) or opBNB, highlighting its commitment to fostering innovation within the blockchain ecosystem.
This year’s TVL Incentive Program introduces two main challenges: the $100,000 BNB Lock-Up Challenge (Part A) and the $200,000 TVL Challenge (Part B), making a total prize pool of up to $300,000. Unlike previous iterations, this edition extends its embrace to all asset types beyond BNB, broadening the opportunity for diverse projects to participate. The BNB Staking Challenge is particularly calibrated for DeFi platforms that facilitate BNB staking. It ranks participants based on their locked-up and staked BNB, rewarding them up to $50,000. Furthermore, the TVL Challenge aims to distribute $200,000 among projects based on their incremental total value locked, accommodating DeFi initiatives on both BSC and opBNB platforms.
The program underscores BNB Chain’s track record of nurturing projects that have grown to become pillars of the BNB ecosystem, such as Kinza Finance, BSquared, and Thena. By requiring applicants to have undergone at least one security audit and to be operational on BSC or opBNB, the program emphasizes the importance of reliability and quality assurance in project selection. Together with its MVG (Most Valuable Builder) program, BNB Chain continues to solidify its role in propelling the Web3 environment towards unprecedented innovation and growth.
The application window for both parts of the TVL Incentive Program is set from June 19, 2024, through June 26, 2024, with the competition period extending from June 27, 2024, to July 27, 2024. Winners will be announced on July 30, 2024, marking another chapter in BNB Chain’s vigorous pursuit of enriching the Web3 landscape. This program not only promises substantial financial rewards but also stands as a testament to BNB Chain’s enduring commitment to empowering developers and projects, catalyzing growth and innovation within the burgeoning domain of blockchain technology.
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