BNB Chain Launches $1M 'Meme Innovation Battle' to Encourage Memecoin Creation

Published: April 02, 2024 at 9:22 am Updated: April 02, 2024 at 9:22 am

Edited and fact-checked:
April 02, 2024 at 9:22 am

In Brief

BNB Chain launches “Meme Innovation Battle”, inviting developers and creators globally to create memecoins and vie for $1 million prize pool.

Cryptocurrency exchange Binance-backed blockchain BNB Chain team announced the commencement of the “Meme Innovation Battle” event, inviting developers and creators globally to demonstrate their creativity in creating memecoins and vie for a prize pool reaching $1 million.

According to the announcement, interested participants are required to register before 23:59 UTC on April 9th. The competition will commence on April 10th and conclude on May 9th at 23:59 UTC. The top 10 winners will be publicly revealed between May 10th and 15th, with final results to be disclosed on May 16th, 2024.

The prize pool allocation for “Meme Innovation Battle” will be dynamically adjusted according to the aggregate trading volume of the participating memecoins. The ultimate prize pool will be distributed among eligible participants, with the allocation determined by their ranking in three distinct categories: total trading volume, market capitalization, and the number of meme community holders. Following the event’s conclusion, the ultimate reward will be disbursed to the winners’ wallet addresses within three weeks.

BNB Chain anticipates receiving applications from both seasoned developers and amateurs. However, the projects vying for competition must adhere to eligibility criteria, such as undergoing at least one security audit and open-sourcing the project on BNB Smart Chain explorer–BscScan, among other stipulations.

We’re thrilled to announce the BNB Chain Meme Innovation Battle where up to $1M is up for grabs!

This is an exciting opportunity for developers and creators to showcase their creativity and compete for amazing rewards.https://t.co/6acfjHVimX

— BNB Chain (@BNBCHAIN) April 2, 2024

BNB Chain ranks as the second-largest Layer 1 ecosystem, following Ethereum in decentralized exchange (DEX) volume, and holds the third position for daily active users, according to DefiLlama.

It is also at the heart of the BNB Chain ecosystem among the EVM-compatible BNB Smart Chain, BNB Greenfield, and opBNB. With a focus on low gas fees and high throughput (TPS), the BNB Chain ecosystem supports a multitude of decentralized applications (dApps) spanning various sectors, including DeFi, metaverse, gaming, SocialFi, non-fungible token (NFTs), and infrastructure, each contributing its value.

Big Pump Token Presale Records Phenomenal Participation on Bakery Swap, Listed on Bitget

The announcement comes during a period when memecoin season is experiencing increased momentum. However, despite the surge in the popularity of memecoins on Solana and Ethereum blockchains, the introduction of prominent memecoins on the BNB Chain has been relatively limited.

A recent noteworthy instance is the meme project called Big Pump, whose underlying concept illustrates the desired outcome for cryptocurrency enthusiasts: a notable increase in the value of their assets.

Recently, the decentralized exchange and NFT platform Bakery Swap concluded the token presale for Big Pump, achieving a participation record surpassing $280 million. Following this, the token was listed on cryptocurrency exchange Bitget in both the Innovation Zone and Meme Zone, and the trading channel is presently accessible.

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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.

Alisa Davidson