Dubai, UAE, September 4th, 2024, Chainwire
BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, today announced the launch of the fourth installment of its Total Value Locked (TVL) Incentive Program. This program is designed to empower the growth of the DeFi ecosystem on BNB Chain by encouraging projects to expand their TVL and participate in staking challenges. Projects can apply here.
With a total prize pool of up to $300,000, the TVL#4 Incentive Program is designed to support projects deployed on BNB Smart Chain (BSC) or opBNB. This program aligns with BNB Chain’s vision to support developers and startups in achieving real business success and crossing the chasm, while also advancing its mission to onboard the next billion Web3 users.
The TVL#4 Incentive Program is divided into two parts:
- BNB Staking Challenge (Part A): This challenge offers a $100,000 prize pool and is open to all DeFi platforms that support BNB staking. Participants will be ranked based on their performance in increasing their locked BNB during the event. The ranking is determined by two criteria with 80% based on the total increase in locked BNB including BNB used as collateral, liquidity pools, and liquid staking. 20% is based on the increase in liquid staking BNB such as slisBNB, BNBx, stkBNB, and ankrBNB. The top performers will be rewarded, with $50,000 for first place, $30,000 for second place, and $20,000 for third place.
- TVL Challenge (Part B): This challenge offers a $200,000 prize pool and is open to all DeFi projects deployed on either opBNB or BSC after January 1, 2023 that have undergone at least one security audit. Participants will compete based on the incremental TVL they generate during the event period. The prize pool will be unlocked based on the total TVL increase across all participants. The ranking is determined by three criteria with 50% based on the increase in incremental TVL, 30% based on the increase in stablecoins locked (FDUSD/USDT/USDC), and 20% based on the increase in BNB locked (including but not limited to BNB used as collateral, liquidity pools, and liquid staking). The rewards distribution is based on a ranking system, with the top project receiving 40% of the unlocked prize pool, the second receiving 30%, the third receiving 20%, the fourth receiving 7%, and the fifth receiving 3%.
All projects must register here for either challenge or both from September 5, 2024, until the event ends, providing the project name, chain (opBNB or BSC), DefiLlama link, and contract addresses. Projects that registered during TVL#3 are automatically enrolled in TVL#4.
The challenge period for both Part A and Part B runs from September 12, 2024, 00:00 UTC to October 11, 2024, 23:59 UTC. Winners will be announced on October 11, 2024.
The TVL#4 Incentive Program continues to build on BNB Chain’s commitment to grow the Web3 ecosystem and offer robust support to DeFi platforms. It is a chance for projects to grow and contribute to a thriving DeFi ecosystem. For more detailed information and to submit an application, users can visit here.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
- opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
- BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.
Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.
For more, users can follow BNB Chain on X or start exploring via the Dapp library.
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