BNB Chain Unveils Fourth TVL Incentive Program Featuring $300,000 Worth of Rewards

by
Alisa Davidson

Published: September 06, 2024 at 9:44 am Updated: September 06, 2024 at 11:54 am

by Anastasiia O

Edited and fact-checked:
September 06, 2024 at 9:44 am

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Blockchain platform designed for Web3 decentralized applications (dApps), BNB Chain introduced its fourth Total Value Locked (TVL) incentive program. This initiative is aimed at fostering the development of decentralized finance (DeFi) ecosystems on the blockchains. With a prize pool totaling  $300,000, it encourages projects to raise their TVL and engage in staking challenges.

The program consists of two parts, encompassing the BNB Staking Challenge, which features a $100,000 prize pool, and the TVL Challenge, with a $200,000 prize pool that encompasses all assets.

The activities will commence at 00:00 UTC on September 12th and continue until 23:59 UTC on October 11th. The first part winners will be announced on October 13th, while the results for the second part will be revealed on October 12th.

The first part is available to all DeFi projects that support BNB staking. Teams will be ranked according to their success in enlarging their locked BNB throughout the event. The top three performers stand a chance to receive prizes of $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 the increase in their TVL over the course of the campaign. To qualify, projects must have been launched on the opBNB mainnet or BSC after January 1st, 2023, and must have completed one security audit minimum.

The prize pool is set to be unlocked dynamically, correlating with the total TVL growth of all participants. The larger the overall TVL rise, the larger the prize pool can become, up to $200,000. Participants ranked from 1st to 5th will receive 40%, 30%, 20%, 7%, and 3% of the unlocked dynamic rewards pool, respectively.

In order to be eligible for participation, projects must complete the registration form during the application period, providing their project name, blockchain, a specific part they are interested in joining, DeFiLlama link, and all relevant contract addresses.

BNB Chain Begins Implementing Bohr Hard Fork On BSC And Integrates Parlia Protocol Into Ethereum Client 

BNB Chain operates as a decentralized ecosystem that relies on community participation and features multiple interconnected blockchains. Among these is BSC, which offers Ethereum Virtual Machine (EVM) compatibility and supports a multi-chain environment through Layer 2 networks like opBNB.

Recently, the network began activating the Bohr hard fork on the BSC testnet, with plans to implement the upgrade on the BSC mainnet on September 26th. Additionally, the Parlia consensus protocol has been integrated into its latest Ethereum client, Erigon 3. This integration aims to improve speed and cost-efficiency, enhancing support for the dApp ecosystem.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles

Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles