The BNB chain unveils phase 2 of its TVL incentive program, offering up to $160K in prize money for BSC projects to drive ecosystem growth.
BNB Chain, a leading blockchain network, recently announced the launch of the second phase of its Total Value Locked (TVL) incentive program, specifically for projects running on the Binance Smart Chain (BSC). The initiative aims to encourage the growth and development of the BSC ecosystem by rewarding projects that demonstrate a significant increase in TVL – a measure of the capital secured in their smart contracts.
The incentive program is set to include a competitive prize pool of up to $160,000 distributed to support the most promising projects in the BSC network. The competition is open to all projects that have been deployed on the BSC core network since January 1, 2023 and have completed at least one security audit to ensure the safety and reliability of their operations.
Key dates for Phase 2 of the TVL Incentive Program include the application period from March 5 to March 14, 2024, followed by the competition period that runs from March 15 to April 14, 2024. The program will distribute awards in two installments, with half of the rewards being sent to participants’ BEP20 wallet addresses within two weeks of the end of each epoch. The other half will be given away by May 20, provided the winners keep their TVL at less than 15% discount.
The prize distribution is structured to incentivize performance, with the top five projects with the highest additional TVL during the event receiving a pro rata share of the total prize pool. The distribution of the prize pool depends on the final amount of the total TVL increase during the epoch, with the first prize receiving 50% of the total prize pool, followed by 30% for the second, 10% for the third, 6% for the fourth and 4% for the fifth.
In order to ensure fair play and the integrity of the program, the BNB Chain core team has established specific rules and conditions, including the exclusion of TVL received from a project management token and the condition that rewards will be based on the exchange of BNB tokens in real time percentage on the day of distribution. Additionally, the core team reserves the right to disqualify any projects suspected of illegal activities, such as using bulk wallet addresses or showing signs of market manipulation.
BNB Chain emphasizes the importance of this program to the continued development of the BSC ecosystem and encourages eligible projects to apply and use the rewards to further build their TVL on the network.
This incentive program is a testament to BNB Chain’s commitment to supporting innovation and growth in the blockchain space and is expected to attract significant attention from developers and investors alike. It highlights the ongoing efforts of blockchain platforms to drive development, improve security, and promote widespread adoption of decentralized applications.
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