DeFi
BNB Chain Launches Third TVL Incentive Program; Offer up to $300,000 to accelerate growth
Dubai, United Arab Emirates, June 19, 2024, Chainwire
BNB Channelthe community-driven blockchain ecosystem that includes the the world’s largest smart contract blockchaintoday announced the launch of the third part of its (Total Value Locked) Incentive Program. This program is committed to nurturing Web3 businesses deployed on BNB Smart Chain (BSC) or opBNB.
Two challenges were designed for this series: a $100,000 BNB Lock-Up Challenge (Part A) and a $200,000 TVL Challenge (Part B). The TVL Challenge now includes all forms of assets, not just BNB.
The BNB Staking Challenge is designed for DeFi platforms that support BNB staking, with participants to be ranked and rewarded based on their BNB lockup and BNB LSD increments staked during the event. The reward for this challenge extends up to $50,000 and all DeFi platforms supporting BNB staking are eligible to participate.
The TVL incentive program offers a $200,000 prize pool to be distributed based on the total incremental TVL of all participants and is open to DeFi projects on opBNB and BSC. Participants will share rewards calculated on their additional TVL and BNB locked during the event period.
The third part of the BNB Chain TVL incentive program not only stimulates innovative projects on BNB Chain, but also fosters a nurturing ecosystem to accelerate growth. Several successful beneficiaries of our previous TVL incentive program, such as Kinza Finance, BSquared and Thena, have become key projects within the BNB ecosystem, showing significant growth.
Applicants must pass at least one security audit and be online on BSC or opBNB to be considered. Weighting and other criteria can be found here and applications can be submitted here.
The application period for Parts A and B begins from June 19, 2024 to June 26, 2024. The competition period will run from June 27, 2024 to July 27, 2024. The announcement of the winners of both challenges is scheduled for July 30, 2024 .
Rewards for both challenges will be distributed within three weeks after the end of the event. The full terms and conditions of the TVL Challenge, such as the need for participants to hold their TVL for one calendar month – with a TVL reduction of less than 15% – for the remaining 50% of their rewards to be distributed around August 28 2024, can be found in the link.
The TVL incentive program, featuring a total of $300,000 in prizes, builds on BNB Chain’s existing initiatives, such as its Most Valuable Builder (MVB) program, solidifying BNB Chain’s commitment to fostering the Web3 ecosystem.
For more detailed information and to submit an application, users can visit here.
Contact
BNB Channel
presse@bnbchain.org