- BNB Chain has announced a $10 million fund to back projects seeking growth on the blockchain.
- The fund will initially back 10 projects during Q4 2022, with up to 800 BNB worth of gas incentives per month.
- The announcement comes days after launching a grant program for web3 builders.
BNB Chain has announced a $10 million fund to incentivise projects looking for growth on the blockchain. The launch comes hot on the heels of the company’s announcement of a grant program for web3 builders earlier this month.
According to the announcement, the fund will initially back 10 projects with 800 BNB worth of gas per month per project during the fourth quarter of 2022. The backing is meant to help projects build on their blockchain with user acquisition and growth.
Moreover, projects also stand to receive up to $1 million per month to cover gas costs and the transaction fees paid to on-chain validators for services rendered.
BNB Chain is the underlying blockchain for the Binance crypto exchange platform. It has also grown to become one of the fastest-growing networks for developer apps, supporting projects like non-fungible tokens (NFTs) — cryptographic files representing proof of ownership of a digital collectible, virtual merchandise, JPEGs, or artwork, and decentralised finance (DeFi) among others.
As a result, BNB Chain is now the largest blockchain by daily active users, tapping into both decentralised app communities and crypto traders on its exchange platform.
Commenting on the program launch, Gwendolyn Regina, investment director at BNB Chain, said: “Through the Growth Incentive Program, BNB Chain aims to support projects at various stages of growth and provide direct support for user acquisition so that the projects can also leverage other elements of the BNB Chain community to boost further growth and user experience. This is yet another step toward helping the most promising dApps and onboarding the next billion users to web3.”
To qualify for the incentives, projects are required to meet certain criteria, including a set target for daily active users per month backed by consistent user adoption. Furthermore, the program is only open to projects already deployed on the BNB Chain.
Projects are welcome to apply regardless of their stage in development, as long as they can back their application with verifiable consistent user growth.
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