BNBChain, a cutting-edge blockchain technology platform, is taking decisive steps to upgrade its $100 million incentive program to incorporate direct token acquisition. The decision to modify the program’s approach follows feedback from the ecosystem, indicating that the initial liquidity scheme for memecoins, decentralized finance (DeFi), artificial intelligence (AI), and gaming tokens was not meeting anticipated effectiveness levels.
In March 2024, BNB Chain initially announced this ambitious $100 million program. The goal was to incentivize centralized exchanges (CEXs) to list native BNB Chain tokens, thereby bolstering on-chain liquidity and shoring up market foundations. The program was structured as a tiered system, with projects earning rewards for listing on various CEXs. Top-tier exchanges included Binance, Coinbase, and Upbit, with the second and third tiers comprising Kraken, Bybit, OKX, Bitget, MEXC, Gate.io, KuCoin, and Crypto.com, respectively. The rewards on offer ranged from $10,000 to an impressive $500,000.
However, feedback received from a three-week pilot indicated that this model did not deliver the desired results. BNB Chain has thus decided to shift its focus from exchange listing incentives to supporting high-performing projects through direct investments. Projects that have a market capitalization over $1 million, average daily active traders exceeding 300, or a total value locked (TVL) of $20 million are eligible to enter a “qualified pool.”
Apart from these benchmarks, other metrics, including security, will also be considered. Selected projects will have the privilege of seeing the BNB Chain Foundation purchase $100,000 worth of their tokens. BNB Chain Foundation has also maintained its flexibility to determine the timing of token purchases and how to manage the acquired tokens.
The initiative is primarily targeting tokens that qualify as being 100% BNB Chain native. This classification will also be extended to tokens that have successfully migrated from other chains. The blockchain has been witnessing a surge of new projects, thanks to a spike in developer activity across DeFi, AI, web3 gaming, and memes.
Some of the notable new projects include infrastructure project Quex Tech, payments solution Crypto Use, AI-powered web3 launchpad BNB4.AI, and Market.Win, an oracle. With these new initiatives and the revamped incentive program, BNB Chain is poised to make significant strides in the blockchain technology space.
