BNB Chain has announced the launch of its TVL Incentive Program #3, aimed at boosting BNB and Total Value Locked (TVL) growth across projects on opBNB and Binance Smart Chain (BSC). This initiative is designed to enhance BNB and liquid staking BNB (lstBNB) lock-up while incentivizing the ecosystem to grow TVL through a competitive challenge with substantial rewards, according to BNB Chain Blog.
Challenge Overview
The program is divided into two parts:
- Part A: Focuses on encouraging the lock-up of BNB tokens, welcoming participation from all DeFi platforms supporting BNB staking.
- Part B: Invites DeFi projects to compete for TVL, fostering innovation and growth within the ecosystem.
Part A: BNB Lock-up Challenge
This challenge is open to all DeFi platforms that support BNB. Participants will be ranked based on their incremental BNB locked and Liquid Staking BNB locked during the event.
Prize Pool: $100,000
Key Dates:
| Registration period | 2024.6.19 00:00 – 2024.6.26 23:59 UTC |
| Challenge period | 2024.6.27 00:00 – 2024.7.27 23:59 UTC |
| Announcement of winners | 2024.7.30 |
Reward Structure:
- Top 1: $50,000
- Top 2: $30,000
- Top 3: $20,000
Weighting:
| Ranking of incremental BNB Locked (Including BNB as Collateral, LP, and Liquid Staking BNB) | 80% |
| Ranking of Liquid Staking BNB (slisBNB, BNBx, stkBNB, and ankrBNB) | 20% |
Part B: TVL Incentive Program
This competition is open to all DeFi projects on opBNB and BSC. The prize pool, up to $200,000, will be unlocked based on the total incremental TVL of all participants.
Prize Pool: Up to $200,000
Key Dates:
| Registration period | 2024.6.19 00:00 – 2024.6.26 23:59 UTC |
| Challenge period | 2024.6.27 00:00 – 2024.7.27 23:59 UTC |
| Announcement of winners | 2024.7.30 |
Dynamic Prize Pool Formula:
$200K * (Total TVL Increment / 50M)
Example:
- $200K if TVL increased by $60M that month
- $200K if TVL increased by $50M that month
- $80K if TVL increased by $20M that month
Reward Structure:
| Ranking of increment TVL | 70% |
| Ranking of increment BNB Locked (Including BNB as Collateral, LP, and Liquid Staking BNB) | 30% |
Projects on opBNB and BSC will be ranked separately. A project can only win once, with the highest value taken if it ranks in both.
Eligibility
- Projects deployed to opBNB mainnet
- Projects deployed on BSC after January 1, 2023
- Projects with at least one security audit
- Projects that complete the application form during the registration period
Terms & Conditions
- Participants must submit an application through the form.
- Projects can apply for both challenges but can only win one reward.
- Rewards will be distributed based on the BNB token exchange rate on the distribution day.
- BNB Chain reserves the right to disqualify projects using illegal bulk wallet addresses or engaging in fraudulent activity.
- BNB Chain reserves the right to amend or cancel the program at any time without prior notice.
Disclaimer
Participation in the BNB Chain TVL Incentive Program is optional. Eligible projects must agree to additional terms and conditions. Participation should not be construed as an endorsement by BNB Chain or any affiliated entity.
Image source: Shutterstock
