In an effort to capitalize on the burgeoning interest in meme tokens within the cryptocurrency market, BNB Chain, a leading smart contract blockchain, has launched a unique initiative to lure memecoin developers.
The blockchain has announced a funding pool of up to $1 million, specifically earmarked to incentivize developers who choose to build their memecoin projects on its network.
This initiative is part of BNB Chain’s broader strategy to stimulate the expansion of the memecoin sector on its platform.
The company conveyed through a statement to Cointelegraph its ambition to bolster the memecoin ecosystem’s growth, underscoring its commitment to fostering innovation in this niche.
Developers keen on leveraging this opportunity are invited to participate in the “Meme Innovation Campaign” set by BNB Chain.
This campaign, running from April 10 to May 9, is designed to encourage the deployment of memecoin projects on the network.
BNB Chain emphasizes the campaign’s role in bridging creativity, Web3 culture, and innovation, encouraging both experienced developers and newcomers to explore the potential of blockchain technology in realizing their creative ideas.
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However, the competition stipulates several challenging criteria that participants must meet.
A notable requirement is achieving a minimum trading volume of $2 billion for memecoins to be eligible for the lowest tier of rewards, with a $30 billion trading volume threshold set for the top prize of $1 million.
Other prerequisites include undergoing at least one security audit and making the project code publicly available on BscScan, along with a requirement for the project to have more than 1,000 new tokenholders and an active presence on social media platforms such as Telegram and Discord.
The move by BNB Chain comes against the backdrop of a significant uptick in the popularity of meme-focused tokens in the crypto realm, with the total market capitalization of these tokens reaching $70 billion on April 1.
This surge was fueled by the rise of new tokens like Dogwifihat (WIF) and Book of Meme (BOME), alongside gains in established meme tokens such as Pepe and Bonk (BONK).
BNB Chain is not alone in its quest to support memecoin development; other blockchain networks, including the Avalanche Foundation, have also introduced initiatives to foster the growth of memecoins, offering substantial rewards to liquidity providers for selected memecoin projects.
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