BNB Chain, a smart contract blockchain, is seeking to attract developers of memecoins in response to the booming popularity of meme tokens in the crypto industry. The company has announced that it will allocate up to $1 million to reward eligible developers who deploy their memecoin projects on the BNB Chain network. This initiative is part of BNB Chain’s efforts to promote the growth of the memecoin landscape within its platform.
Interested developers can participate in the “Meme Innovation Campaign” by deploying their tokens on the network between April 10 and May 9. BNB Chain emphasizes that the competition encourages community members to showcase their creative innovations. However, meeting the requirements may prove challenging. To qualify for the lowest reward, memecoins must have a minimum trading volume of $2 billion. Memecoins with a trading volume exceeding $30 billion can compete for the $1 million prize.
To be eligible, developers must also fulfill other criteria, such as completing at least one security audit and open-sourcing their projects on BNB Smart Chain’s blockchain explorer, BscScan. Additionally, the project must have over 1,000 valid new tokenholders and be active on social media platforms like Telegram and Discord.
BNB Chain’s memecoin initiative aligns with the surge in meme-focused tokens in the crypto space. On April 1, the total market capitalization of these tokens reached $70 billion, driven by the success of newly-launched tokens like Dogwifihat (WIF) and Book of Meme (BOME), as well as established meme tokens like Pepe (PEPE) and Bonk (BONK).
Other blockchain networks have also joined the memecoin trend by encouraging their development within their ecosystems. For example, on March 22, the Avalanche Foundation offered a $1 million reward for memecoin liquidity providers, allowing them to share in the rewards by providing liquidity to selected memecoins.
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