Alyssa Davidson
Posted: September 6, 2024 at 9:44 AM Updated: September 6, 2024 at 11:54 AM
Edit and fact check: September 6, 2024, 9:44 AM
Briefly
BNB Chain is launching a new TVL Incentive Program with a $300,000 prize pool to encourage projects to increase their TVL and participate in staking challenges.
BNB Chain, a blockchain platform designed for Web3 decentralized applications (dApps), has launched its fourth Total Value Locked (TVL) incentive program. The initiative aims to promote the development of the decentralized finance (DeFi) ecosystem on the blockchain. With a total prize pool of $300,000, the program encourages projects to increase their TVL and participate in staking challenges.
The program consists of two parts: a BNB staking challenge with a prize pool of $100,000 and a TVL challenge with a prize pool of $200,000 covering all assets.
The activity starts on September 12th at 00:00 UTC and runs until October 11th at 23:59 UTC. The winners of Part 1 will be announced on October 13th, and the results of Part 2 will be revealed on October 12th.
The first part is available to all DeFi projects that support BNB staking. Teams will be ranked based on how successfully they have increased their locked BNB throughout the event. The top three will have a chance to win $50,000, $30,000, and $20,000 respectively.
The second part welcomes DeFi projects deployed on opBNB or BSC. Participants will be evaluated based on their TVL growth during the campaign period. To be eligible, projects must be launched on opBNB mainnet or BSC after January 1, 2023 and must complete at least one security audit.
The prize pool is dynamically unlocked and correlated to the total TVL growth of all participants. The larger the total TVL growth, the larger the prize pool can be, up to $200,000. The 1st to 5th place participants will receive 40%, 30%, 20%, 7%, and 3% of the unlocked dynamic reward pool, respectively.
To be eligible to participate, projects must fill out a registration form during the application period, providing the project name, blockchain, specific part they wish to participate in, DeFiLlama link, and all relevant contract addresses.
BNB Chain Starts Implementing Bohr Hard Fork on BSC and Integrates Parlia Protocol into Ethereum Client
The BNB chain relies on community participation and operates as a decentralized ecosystem featuring multiple interconnected blockchains. This includes BSC, which provides Ethereum Virtual Machine (EVM) compatibility and supports multi-chain environments through second-layer networks such as opBNB.
Recently, the network started activating the Bohr hard fork on the BSC testnet, and plans to implement the upgrade on the BSC mainnet on September 26. In addition, the Parlia consensus protocol has been integrated into the latest Ethereum client, Erigon 3. This integration aims to enhance support for the dApp ecosystem by improving speed and cost efficiency.
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About the Author
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
More Articles
Alyssa Davidson
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
More Articles