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BNB Chain Introduces $10M Fund to Incentivize Project Growth on the Blockchain
The program will initially support 10 projects in the fourth quarter, with gas incentives up to 800 BNB a month in total.
Updated May 9, 2023, 4:00 a.m. Published Oct 25, 2022, 3:00 p.m.
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BNB Chain, one of the world's most actively used blockchains by daily active users, has introduced a $10 million fund to help projects with user acquisition and growth, a company representative told CoinDesk.
The program, known as the Growth Incentive Program, will initially support 10 projects in the fourth quarter, with gas incentives of up to 800 BNB tokens a month in total. In addition, individual projects can receive $1 million a month to cover fees spent on gas, the transaction fee paid to blockchain network validators for their services.
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"Through the Growth Incentive Program, BNB Chain aims to support projects at various stages of growth and provide direct support for user acquisition," Gwendolyn Regina, investment director at BNB Chain, said.
Qualification criteria for the program require that projects achieve a baseline target daily active users every month that is consistent with proof of growing user adoption. Only projects already deployed on the chain are eligible, but they can be at any stage of their journey as long as they have shown consistent user growth.
Earlier this month, BNB Chain launched a European Innovation Incubator, a three-week virtual program designed for innovative Web3 startups across Europe to build and scale dapps, driving towards a decentralized future.
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