2024-04-03
BNB Chain, a smart contract blockchain on BNB Chain, aims to attract memecoin developers amidst the explosive growth of meme tokens in the crypto world. They have set aside up to $1 million to reward eligible developers who deploy their memecoin projects on the network.
To participate in BNB Chain's memecoin ecosystem, developers must meet certain criteria. They need to undergo a security audit and make their project open-source on BscScan, a blockchain explorer.
The company's objective is to accelerate the growth of the memecoin landscape within BNB Chain. Interested developers can apply for the "Meme Innovation Campaign" and launch their tokens on the network between April 10 and May 9.
BNB Chain emphasizes that the competition encourages creative innovation among its community members. They want to empower developers, both experienced and newcomers, to bring their ideas to life using blockchain technology.
While the competition may seem straightforward, meeting the requirements can be challenging. Memecoins need to have a minimum trading volume of $2 billion to qualify for the lowest reward. Tokens with over $30 billion in trading volume can compete for the $1 million prize.
Additionally, developers must fulfill other eligibility criteria, including undergoing a security audit and open-sourcing their projects on BNB Smart Chain's blockchain explorer, BscScan. They also need to have more than 1,000 valid new tokenholders and maintain a presence on social media platforms like Telegram and Discord.
BNB Chain's memecoin initiative aligns with the recent surge in meme-focused tokens across the crypto space. On April 1, the total market capitalization of these tokens reached $70 billion. This surge was fueled by the popularity of newly-launched tokens like Dogwifihat (WIF) and Book of Meme (BOME), as well as established meme tokens like Pepe (PEPE) and Bonk (BONK).
Besides BNB Chain, other blockchain networks are also embracing the development of memecoins within their ecosystems. For example, the Avalanche Foundation offered a $1 million reward to memecoin liquidity providers on March 22. Liquidity providers who support selected memecoins are eligible to receive a portion of the rewards.
