BNB Chain unveils the second phase of its TVL incentive program, offering a prize pool of up to $160,000 to BSC projects to promote 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 designed for projects operating on Binance Smart Chain (BSC). The initiative aims to promote the growth and development of the BSC ecosystem by rewarding projects that demonstrate significant increases in TVL (a measure of capital secured in smart contracts).
The incentive program features a competitive prize pool of up to $160,000 allocated to support the most promising projects on the BSC network. The competition is open to any project that has been deployed on the BSC mainnet after January 1, 2023 and has completed at least one security audit to ensure the safety and reliability of its operations.
Key dates for Phase 2 of the TVL Incentive Program include an application period from March 5 to March 14, 2024 and a competition period running from March 15 to April 14, 2024. The program distributes rewards in two installments. Half of the rewards will be sent to the participant’s BEP20 wallet address within two weeks after the end of each era. The other half will be distributed by May 20 if the winner maintains their TVL with less than a 15% reduction.
Prize allocation is structured to encourage performance, with the top five projects with the highest TVL growth over the event period receiving a proportional share of the overall prize pool. The distribution of the reward pool is determined by the final amount of the total TVL increase during that epoch, with the first prize receiving 50% of the total prize pool, the second prize receiving 30%, the third prize receiving 10% and 6% respectively. . Fourth is 4%, fifth is 4%.
To ensure fair play and the integrity of the program, the BNB Chain core team has set certain terms and conditions, including the stipulation that rewards are based on real-time BNB token exchange, with the exception of TVL, which is derived from the project’s governance token. Rate on the day of distribution. The core team also reserves the right to disqualify projects suspected of illegal activity, such as using bulk wallet addresses or showing signs of market manipulation.
BNB Chain emphasizes the importance of this program for the continued development of the BSC ecosystem and encourages eligible projects to apply and leverage the rewards to further build TVL on the network.
This incentive program demonstrates BNB Chain’s commitment to supporting innovation and growth within the blockchain space and is expected to attract significant interest from developers and investors alike. This highlights the blockchain platform’s ongoing efforts to encourage development, enhance security, and promote widespread adoption of decentralized applications.
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