BNB Chain aims to attract meme token developers amid surging popularity by offering up to $1 million in awards for project launches on its network.
This project is part of BNB Chain’s objective to increase the growth of memecoins on its network. Interested developers can participate in the “Meme Innovation Campaign” from April 10 to May 9, deploying their tokens on the network in exchange for awards.
To be eligible for prizes, creators must reach a trading volume of at least $2 billion for their memecoins. Higher numbers, exceeding $30 billion, might possibly land them the top $1 million award. They must also pass a security audit, open-source their project on the BNB Smart Chain explorer, and have at least 1,000 tokenholders.
BNB Chain’s action coincides with a recent spike in the market value of meme tokens, which reached $70 billion on April 1. This spike was spurred by the success of new tokens like Dogwifihat (WIF) and Book of Meme (BOME), as well as older ones like Pepe (PEPE) and Bonk (BONK).
Other blockchain networks are also getting on the memecoin bandwagon. On March 22, for example, the Avalanche Foundation announced a $1 million incentive for memecoin liquidity providers, indicating a broader tendency in the cryptocurrency sector.