A deeper look into the Binance BUIDL Reward Program

The Binance BUIDL Reward Program was introduced in Q4 2020. Via the Binance Smart Chain the dApp ecosystem encourages developers to qualify for the Binance Smart Chain Ecosystem. Lets take a deeper look into some of the older and newer updates of the Binance BUIDL Reward Program to get a better understanding.

What is the BUIDL Reward Program According to Binance?

What is BUIDL Reward Program

To further encourage the development of the dApp ecosystem on Binance Smart Chain, Binance.com has announced a new Binance Smart Chain BUIDL Reward Program. This reward program is part of the $100 million DeFi accelerator fund: up to $5 million worth of BNB will be paid back to developers in proportion to the gas used for their contracts. Binance will reward qualified developers equivalent to 30% of gas paid by triggering the registered contracts.

Source: Binance.org

BUIDL seems to be a new and exciting program for project teams and companies to get supported with their projects especially when it comes to reducing the gas fee for the end users.

The BUIDL Reward Program was announced around October 2020

Introducing the BUIDL Reward Program for Binance Smart Chain

To further encourage the development of the dApp ecosystem on Binance Smart Chain, we have committed $5 million USD worth of BNB to the newly-launched Binance Smart Chain BUIDL Reward Program. Participate here.

This program seeks to reward developers who deploy usable dApps onto Binance Smart Chain. This is part of our bigger $100 million commitment to a DeFi accelerator fund that seeks to bridge DeFi and centralized finance (CeFi) solutions, therefore promoting greater freedom of money to everyone.

As the Binance Smart Chain (BSC) ecosystem develops, Binance will adjust the program accordingly to deliver the best support possible to developers who come in as BSC pioneers.

The reward comes in the form of a rebate, under the following rules:

1. Anyone who deploys callable smart contracts can register their smart contract addresses into a smart contract on Binance Smart Chain. During the registration, we will ask for the smart contract address and the reward receiver address of the qualifying participant. Only registrations submitted by the deployer address will be honoured. Users can also check the result of their registration on Binance Smart Chain through smart contracts. Go to this guide from the Binance Chain blog to learn how to participate in the BUIDL program.

2. All the gas fees paid from transactions that call the registered smart contracts will be calculated, and a certain percentage will be recorded and accumulated as a reward. Please note that all the gas fees paid by this transaction, including gas spent within the called first-level contract, together with all the gas spent in the contracts called by the first-level contract, will be ascribed to the first-level contract. This is because the first-level dApps drive blockchain usage.

3. The rewards will be in BNB, and they will be sent to the registered receiver addresses every month during the duration of the program, as long as the accumulated reward for that contract is above 2 BNB. Detailed statistics on reward accumulation and distribution will be published on the Binance.org blog.

To promote further development on Binance Smart Chain, Binance will set the reward percentage to 30% for the rest of 2020, or until the entire $5 million in BNB is fully spent, whichever comes first. For example, we will reward qualified developers equivalent to 30% of gas paid by triggering the registered contracts. The first distribution will happen on October 31, 2020.

Source: Binance.com

Since then the BUIDL Reward Program by Binance has taken off quite well and a lot of success stories have been founded on top of the BUIDL Reward Program.

1 Million Dollar Distributed BUIDL Rewards from March

Binance BUIDL March Reward Recipients

In March, a total of 69 smart contracts received equivalent to 3% of gas paid by triggering the registered contracts. The sum of rewards this month is 1660.612294 BNB, which is about 1MM USD. Check the recipient list in Appendix A. Additional 536 contracts have registered for this BUIDL reward program.  Compared to that of February, the number of recipients is 426.

March rewards recipients should have received their reward.


Source: Binance.org

BUIDL Reward Program Highlight

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