BNB Chain, the smart contract blockchain, is making a move to attract memecoin developers amidst the rapid growth of meme tokens in the crypto world. As part of its initiative to boost the memecoin landscape within BNB Chain, the company has announced that it will allocate up to $1 million to reward eligible developers who deploy their memecoin projects on the network.
Interested developers can participate in the “Meme Innovation Campaign” by applying and deploying their tokens on the BNB Chain network during the campaign period, which will run from April 10 to May 9. The competition aims to foster creativity and innovation within the community by empowering both experienced developers and newcomers to utilize blockchain technology and bring their ideas to life.
The competition does come with certain requirements that may pose challenges for participants. Memecoins must have a minimum trading volume of $2 billion to qualify for the lowest reward, while those with over $30 billion in trading volume are eligible for the $1 million prize. Participants must complete at least one security audit and openly share their project on BNB Smart Chain’s blockchain explorer, BscScan. The project must also have more than 1,000 valid new tokenholders and be active on social media platforms such as Telegram and Discord.
The surge in meme-focused tokens in the crypto space has prompted BNB Chain to jump on the bandwagon. On April 1, the total market capitalization of meme tokens reached $70 billion, thanks to the popularity of tokens like Dogwifihat (WIF), Book of Meme (BOME), Pepe, and Bonk (BONK).
BNB Chain is not the only blockchain network making efforts to promote the development of memecoins within its ecosystem. The Avalanche Foundation recently offered a $1 million reward for memecoin liquidity providers on March 22. Liquidity providers who support selected memecoins on the network have the opportunity to receive a share of the rewards.
BNB Chain’s initiative to attract memecoin developers reflects the growing interest and potential within the meme token market. By providing financial incentives and creating a platform for innovation, BNB Chain aims to accelerate the growth of the memecoin landscape on its network.
It’s impressive to see BNB Chain actively supporting the growth of the memecoin market. This will definitely attract talented developers.