BNB Chain, a smart contract blockchain, is making a move to attract developers of memecoins, as the popularity of these tokens continues to surge in the crypto world. In an effort to boost the growth of the memecoin landscape within BNB Chain, the company has announced that it will allocate up to $1 million to reward eligible developers who deploy their memecoin projects on the network.
To participate in the network’s “Meme Innovation Campaign,” interested developers can apply and deploy their tokens on the network during the campaign period, which will run from April 10 to May 9. BNB Chain emphasizes that the competition encourages creative innovation within its community. However, meeting the requirements may prove to be challenging. To qualify for the lowest reward, participants must have a minimum trading volume of $2 billion for their memecoins. Memecoins with trading volumes exceeding $30 billion can qualify for the $1 million prize.
To be eligible, developers must also complete at least one security audit and make their project open-source on BNB Smart Chain’s blockchain explorer, BscScan. The project must have over 1,000 valid new tokenholders and be present on social media platforms such as Telegram and Discord.
BNB Chain’s focus on memecoins comes as these tokens gain significant traction in the crypto space. On April 1, the total market capitalization of memecoins 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 and are encouraging their development within their ecosystems. For instance, on March 22, the Avalanche Foundation offered a $1 million reward to memecoin liquidity providers, allowing them to earn a share of the rewards by providing liquidity to selected memecoins.
The rise of memecoins has captured the attention of the crypto community, and various platforms and networks are recognizing the potential of these tokens. As the memecoin craze continues, it remains to be seen how this trend will evolve and shape the future of the crypto industry.