The world’s largest smart contract blockchain, hosted by community-driven blockchain ecosystem BNB Chain, has announced the release of its fourth Total Value Locked (TVL) Incentive Program. This initiative encourages projects to increase their TVL and participate in staking challenges in an effort to promote the development of the decentralized finance (DeFi) ecosystem on the BNB Chain.
Total Award Fund and Program Goals
With a maximum prize fund of $300,000, the TVL#4 Incentive Program is designed for initiatives that are implemented on the BNB Smart Chain (BSC) or opBNB. The program fits in with BNB Chain’s overarching objective of helping entrepreneurs and developers succeed commercially and bridging the gap to onboard the next billion Web3 consumers.
Program Structure: Incentive Challenges in Two Parts
There are two main components to the TVL#4 Incentive Program structure:
Part A of the BNB Staking Challenge: A $100,000 Prize Pool
All DeFi platforms that enable BNB staking are eligible to participate in the $100,000 prize pool offered by the BNB Staking Challenge. Based on their capacity to enhance the quantity of BNB locked during the event, participants are graded. Twenty percent of the ranking criteria are based on the growth in BNB used for liquid staking (such as slisBNB, BNBx, stkBNB, and ankrBNB) and the remaining eighty percent are based on the overall increase in locked BNB, including those used as collateral, in liquidity pools, or for liquid staking. $50,000, $30,000, and $20,000 will be awarded to the top three performers, accordingly.
TVL Challenge (Part B): A Prize Pool of $200,000.
DeFi projects that have undergone at least one security audit and have been deployed on either opBNB or BSC after January 1, 2023, are eligible to participate in the TVL Challenge, which has a $200,000 prize fund. The incremental TVL produced during the event serves as the competition’s basis. The three factors that decide the ranking are as follows: 50% for incremental TVL growth, 30% for the rise in stablecoins locked (FDUSD/USDT/USDC), and 20% for the increase in BNB locked. The prize pool is unlocked based on the overall TVL increase among all participants. A tiered distribution strategy will determine how the unlocked prize fund is divided among the top five projects.
Timeline for Registration and the Event
From September 5, 2024, until the event concludes, projects can register for one or both challenges by submitting the necessary information, such as the project name, chain (opBNB or BSC), DefiLlama link, and contract addresses. Enrollment in TVL #4 is automatic for projects registered in TVL #3. The challenge is open from September 12, 2024, at 0:00 UTC, to October 11, 2024, at 23:59 UTC. On October 11, 2024, the winners will be declared.
The Unwavering DeFi Growth Commitment of BNB Chain
BNB Chain’s continuous commitment to growing the Web3 ecosystem and providing significant assistance to DeFi platforms is demonstrated via the TVL#4 Incentive Program. It offers a great chance for initiatives to prosper and support a thriving DeFi ecosystem.
About BNB Chain: A Synopsis
A community-driven blockchain ecosystem called BNB Chain aims to remove obstacles to Web3 adoption. It consists of:
The BNB Smart Chain (BSC) is the governance chain for the ecosystem. It is a secure DeFi hub with the lowest gas fees of any Layer 1 blockchain that is compatible with EVMs.
opBNB: An expandable Layer 2 system offering cheap gas costs and quick processing times.
BNB Greenfield: An ecosystem-wide decentralized storage solution that enables users to establish their own data marketplaces.
Through programs like the AvengerDAO community and Red Alert, a real-time risk detector for decentralized applications (Dapps), the ecosystem places a high priority on security. Furthermore, the BNB Chain ecosystem’s Builder Support Program provides a range of benefits.
