For this to happen, the coin’s trading volume must exceed the $30 billion mark

Creators of popular meme tokens on the BNB Chain will be able to receive up to $1 million in rewards

02.04.2024 - 14:10

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2 min

What’s new? The team of the BNB Chain blockchain from the Binance crypto exchange intends to actively attract meme token developers to its ecosystem. For this purpose, a prize fund has been created, from which teams whose open-source projects have successfully passed security audits can expect to receive funds. The creators of the meme token with the highest trading volume will receive $1 million. BNB Chain emphasized that the competition will allow community members “to innovate creatively.”

Material by Cointelegraph

What else is known? Interested developers can apply for the Meme Innovation Campaign and deploy their tokens to BNB Chain from April 10 to May 9. Participants need a minimum trading volume of $2 billion to qualify for the smallest reward. Token creators with more than $30 billion in trading volume can claim a $1 million prize.

There are other requirements, including passing at least one security audit and hosting an open-source project in the BscScan blockchain explorer. The number of valid token holders must exceed 1000, and the project must be featured on social networks including Telegram and Discord.

The initiative was launched against the background of the sharp growth of this segment. On April 1, the total capitalization of meme tokens reached $70 billion. This was facilitated by the growth of meme projects that have rapidly gained popularity, such as dogwifihat (WIF) and Book of Meme (BOME).

At the time of writing, the sector’s capitalization had corrected by 17%.

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Earlier, Avalanche Foundation launched Memecoin Rush, a $1 million rewards program in native tokens AVAX for meme token liquidity providers. the Arbitrum community proposed launching a fund to support meme token projects to stimulate activity on the blockchain.

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