In a bid to promote growth and innovation within the blockchain space, BNB Chain, a prominent blockchain network, has unveiled the second phase of its Total Value Locked (TVL) Incentive Program tailored for projects operating on the Binance Smart Chain (BSC). This initiative seeks to reward projects that demonstrate significant increases in TVL, which measures the capital secured in their smart contracts.

The program features a competitive prize pool of up to $160,000, aimed at supporting the most promising projects on the BSC network. Open to projects deployed on the BSC mainnet since January 1, 2023, and having undergone at least one security audit, this initiative underscores BNB Chain’s commitment to fostering a vibrant ecosystem of decentralized finance (DeFi) applications.

Key dates for Phase 2 of the TVL Incentive Program include the application period from March 5 to March 14, 2024, followed by the competition epoch spanning from March 15 to April 14, 2024. Rewards will be distributed in two installments, with half disbursed within two weeks after each epoch’s conclusion, and the remainder by May 20, provided winners maintain their TVL with a reduction of less than 15%.

To incentivize performance, the prize allocation is structured to reward the top five projects with the highest incremental TVL during the event. The distribution of the reward pool depends on the final TVL increase during the epoch, with the first prize receiving 50%, followed by 30% for the second, 10% for the third, 6% for the fourth, and 4% for the fifth.

The BNB Chain core team has implemented specific terms and conditions to ensure fair play and program integrity. TVL derived from a project’s governance token is excluded, and rewards are based on the real-time BNB token exchange rate on the day of distribution. The core team reserves the right to disqualify projects suspected of illegal activities, such as using bulk wallet addresses or displaying signs of market manipulation.

Emphasizing the program’s significance for ongoing BSC ecosystem development, BNB Chain encourages eligible projects to apply and leverage rewards to further build their TVL on the network.

This initiative showcases BNB Chain’s unwavering commitment to supporting innovation and growth within the blockchain space. Anticipated to attract substantial attention from developers and investors, it underscores continued efforts by blockchain platforms to incentivize development.

The prize allocation mechanism is designed to incentivize performance, with the top five projects boasting the highest incremental TVL during the event receiving a proportionate share of the total prize pool. The distribution of rewards hinges on the final TVL increase during the epoch, with the first prize receiving 50%, followed by 30% for the second, 10% for the third, 6% for the fourth, and 4% for the fifth.

To ensure fairness and program integrity, BNB Chain has outlined specific terms and conditions, including the exclusion of TVL derived from a project’s governance token and the calculation of rewards based on the real-time BNB token exchange rate on the day of distribution. Moreover, the core team reserves the right to disqualify projects suspected of engaging in illegal activities or market manipulation.

BNB Chain emphasizes the significance of this program in nurturing the continued development of the BSC ecosystem and encourages eligible projects to apply and leverage the rewards to bolster their TVL on the network.

This incentive program underscores BNB Chain’s dedication to supporting innovation and growth within the blockchain space. Expected to garner considerable attention from developers and investors alike, it highlights ongoing efforts by blockchain platforms to incentivize development and foster a thriving ecosystem of decentralized applications.