Working hand-in-hand with the growing chain, projects can benefit greatly from the various benefits offered by Binance.
Building the Chain Together
The largest blockchain in the world has been playing host to several on-chain incentives to help build out its ecosystem. Binance Smart Chain (BSC) has become home to a myriad of Decentralized Applications (dApps) and millions of users.
BSC continues to power through the recent “micro” bear market, providing generous offers for developers to keep building on-chain. The term ‘bear market’ refers to a market that is seeing prices continually fall for an extended period of time. Despite this market BSC has continued to see high levels of activity and liquidity.
What is Binance Smart Chain (BSC)?
BSC is a high-performance network with cheaper transaction fees than other leading chains. The cross-chain Decentralized Finance (DeFi) system allows projects to easily bridge from Ethereum. DeFi networks are composed of individual blockchains that offer unique features and projects for users to explore.
The BSC blockchain has seen rapid growth since it first launched in late 2020. In April 2021, Binance Smart Chain’s hit a daily all-time high as transaction volume reached 11.8 million, a six-fold increase over Ethereum in less than a year.
As the largest blockchain, Binance provides a rich and growing ecosystem for the projects to thrive. There are opportunities available to projects on the chain who wish to ride the trails of crypto’s hottest blockchain. Here we will outline the most important incentives for BUIDLers on BSC.
In late 2020, Binance issued a list of fifteen projects supported by a $100 Million Accelerator Fund. The Accelerator Fund was one of Binance’s first major thrusts of incentivization. The program has proven to be a major boost for all projects involved and the chain itself.
Projects included in the Accelerator Fund earn a number of incentives. All projects are listed on Binance.com and included in the Binance Launchpad. All receive specialized investment from BinanceX and Binance Labs.
The Accelerator Fund also focuses on marketing and public relation support. Using the business connections of Binance, projects associated with the Accelerator Fund are able to build a healthy network of connections for recruitment and innovation.
Binance helped each project be vetted with the help of a fast-tracked audit from Certik, a leading blockchain audit and security group. All projects that passed the audit received additional funding. The whole idea is to boost projects and leverage the help of Binance to get there.
The fund is still available for application, so interested builders, from newbies to veterans, can apply via their application form.
Most Valuable Builder Program (MVB)
In February 2021, Binance announced their Most Valuable Builder (MVB) program. What started as a BUIDL reward program was transformed into the MVB program. Any project that integrates BSC or develops a product on BSC can apply to become a member of the MVB program.
The programs allow for different projects to compete for different prizes. Projects progress through different phases and are chosen based on general demand and community strength plus metrics like Total Volume Locked (TVL).
The second program also specifically wants interested parties to have completed at least one independent audit or security certification.
The first program focused on projects as a whole while the second program received a third of applications from Non-Fungible Token (NFT) projects. The original program launched in February and was a huge hit. With over 650 applications, three finalists were chosen: Autofarm, PancakeBunny, and Beefy.Finance were the lucky winners.
The second iteration of the program, MVB II, began in May 2021 and is ongoing.
Most Valuable Builder II (MVB II) is now heating up as Binance Smart Chain seeks out, “the best teams based on their network and user activity, TVL, and more while also meeting all the criteria such as audited security and a sustainable business model.”
From a total of over 400 projects the BSC has now whittled down the running pack to just 20 names. With 10 winning slots to play for, only half of those still in the competition will earn themselves the enviable title of Valuable Builder. For those who wish to check out the shortlisted projects refer to the following article.
There has been an increase of over 300,000 active addresses generated between April 23 and June 30 on the MVB II project. The finalists will be announced July 22.
How is Binance Supporting the Applicants?
Participating projects have greatly benefited from the support of Binance. Winning projects receive a host of promotional and insider support. The selected projects are given an in-depth incubation workshop with industry experts as well as additional funding. The amount of users that BSC offers to projects is already promising for developers. By adding their support, Binance makes sure that projects are given the tools they need to attract a user base.
Binance created the Martian program to promote career-driven opportunities to the enthusiasts of this emerging space. With projects emerging all around the world, Binance hopes to lift up individuals to a higher position with this initiative and focus on its core vision: building out the ecosystem by replacing legacy technologies with new, decentralized and innovative projects.
Binance hopes to recruit fresh faces including new graduates, community managers from traditional markets, techies, and marketers. The program will also look to build a Martian Ambassador pool for important micro-influencers and opinion leaders.
Anyone with an interest in blockchains can apply.
Benefits of the Martian Program
Chosen members will benefit career development and networking opportunities. Binance will host events that Martian members can attend like hackathons, meetups, and other promotions.
For individuals who do not have a specific project they are a part of, the Martian Program functions as a doorway to BSC and success in its ecosystem.
Binance has also begun hosting hack-a-thons across the globe. In an attempt to promote smaller projects and give equal chance to the world, hack-a-thons have been hosted in places like Russia, Turkey, Singapore, and Africa.
The hack-a-thons have served as both a proving ground and a platform for ambitious projects to attain name recognition. Binance works to fight the limitations inherent to blockchain systems that international developers face.
Is Being a BUIDLer Worth it?
There is no denying the success of the Most Valuable Builder program. The finalists of the first program have all seen large amounts of liquidity locked after launch. PancakeBunny did suffer an exploit which caused a price correction of their native BUNNY token of 97%. This exploit was not due to the BUIDLer program in any manner.
Regarding how Binance’s support weighs, the program is a very prospective choice for developers. Having the support of a chain with as much influence as Binance gives platforms the exposure needed to have a sizable audience judge their project.
Since it began, Binance has taken significant steps in laying the groundwork for project growth. They have sponsored events, hackathons, and offered prizes and rewards to nascent projects. Growth and exposure are critical to the development of new projects and Binance hopes to entice the best of the best to come forward and stake their mark in the ecosystem. The incentives make BSC an attractive chain for start-ups and well-known crypto projects to grow and compete.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.