BNB Chain, a smart contract blockchain, is aiming to attract developers of memecoins, which have seen explosive growth in the crypto ecosystem. In order to accelerate the growth of memecoins on BNB Chain, the company is allocating up to $1 million to reward eligible developers who deploy their projects on the network. Interested developers can apply to participate in the “Meme Innovation Campaign” and deploy their tokens on the network from April 10 to May 9. The competition has certain requirements, such as a minimum trading volume of $2 billion for memecoins to qualify for the lowest reward, and memecoins with over $30 billion in trading volume can qualify for the $1 million prize. Other eligibility requirements include completing a security audit, open-sourcing the project on BNB Smart Chain’s blockchain explorer, and having a minimum of 1,000 tokenholders. The project must also be present on social media platforms like Telegram and Discord.
BNB Chain’s initiative comes as meme-focused tokens have experienced a surge in popularity. The total market capitalization of these tokens reached $70 billion on April 1, driven by the success of newly-launched tokens like Dogwifihat (WIF) and Book of Meme (BOME), as well as older tokens like Pepe (PEPE) and Bonk (BONK). Other blockchain networks have also started encouraging the development of memecoins within their ecosystems. The Avalanche Foundation, for example, is offering a $1 million reward for memecoin liquidity providers. By providing liquidity to selected memecoins, participants become eligible for a share of the rewards.