BNB Chain to reward meme coin issuers with prizes up to $1m

2 April 2024

in BNB

Reading Time: 2 mins read

The BNB Chain ecosystem team has announced a program to support meme coin developers with a prize pool of up to $1 million.

As part of the Meme Innovation campaign, participants must deploy a meme coin on the BNB Smart Chain (BSC) and apply to participate by the end of April 9. The competition will last from April 10 to May 9.

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The prize fund will be determined based on the total trading volume of qualified meme tokens during the competition period, which can reach $1 million. The total trading volume of qualified memes during the competition period determines the final amount.

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“The dynamic prize pool can reach up to $1M USD, with the final amount determined by the total trading volume of the qualified memes during the competition period.”

BNB Chain announcement

The winners will be announced on May 16. The rewards will be delivered to their wallets within three weeks of the campaign’s end.

For several months now, meme coins have been attracting more and more attention from the cryptocurrency community. Recently, Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, said that meme tokens could serve well for the blockchains on which they are launched.

As for Ethereum co-founder Vitalik Buterin, he declared a lack of interest in meme coins. Buterin asked developers to create tokens to benefit society or use them for charity.

Analysts from the investment company Franklin Templeton also presented their report on meme coins. Experts noted the strong relationship of such coins with native blockchains and their impact on activity within the network.

Despite the ambiguity of the positions of opinion leaders, news about successful transactions involving the mentioned category of assets has repeatedly appeared in the community. With the new coins, traders continue to turn a few dollars into hundreds of thousands.

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