BNB Chain Unveils Third Round of Meme Coin Innovation Battle
Joerg Hiller Aug 13, 2024 14:58
BNB Chain launches the third round of its Meme Coin Innovation Battle, offering up to $150,000 in prizes to foster the meme coin ecosystem.
BNB Chain has announced the third round of its Meme Coin Innovation Battle, a competition designed to foster the meme coin ecosystem on its blockchain. The initiative, which boasts a prize pool of up to $150,000, aims to provide new opportunities for meme coin projects to gain traction and visibility.
Competition Structure
The Meme Coin Innovation Battle is divided into two parts. The first part focuses on the migration or launch of new meme coins, while the second part encourages projects to compete for liquidity. The event will run from August 14, 2024, to September 13, 2024.
During this period, participants will have the chance to leverage various resources and supports provided by BNB Chain. These include tailored marketing support and access to a $900,000 liquidity pool, although the exact nature of the support will be determined on a case-by-case basis, according to BNB Chain Blog.
Part 1: Launching New Meme Coins
BNB Chain has partnered with four launchpad platforms to facilitate the launch of new meme coins. These platforms offer incubation support and other resources to help projects succeed:
- Four.meme: Offers up to 1 million Four.meme Points and $20,000 in meme tokens.
- Flap: Provides over $50,000 in creator rewards.
- Burve Protocol: Features a $100,000 acceleration fund.
- MyShell: Offers an AI meme generator app and a $10,000 prize pool.
Participation with these platforms is optional, and projects can still take part in Part 2 activities even if they launch on other platforms.
Part 2: Competing for Liquidity
Participants must meet specific eligibility criteria to compete for liquidity. These include holding more than 1,000 MEME tokens, maintaining a daily trading volume of over $30,000, and ensuring liquidity of at least $50,000. The meme coin must have been launched after March 2024 and have a social media presence.
The prize pool will be distributed based on the number of eligible meme coins and their performance. The dynamic rewards pool will be divided among participants according to their ranking in liquidity pool performance scores.
Reward Allocation
The final prize pool will be divided among qualified participants based on their ranking in the liquidity pool performance score. The indicators, weights, and formula are:
- Liquidity Ranking: 25%
- Daily Average Trading Volume: 25%
- Active Accounts: 25%
- Market Cap: 25%
The top-ranked project will receive 40% of the dynamic rewards pool, the second-ranked project will get 30%, and the third-ranked project will receive 15%. Projects ranked fourth to tenth will share the remaining 15% equally.
Important Notes
BNB Chain has outlined several important guidelines and terms for participants. These include ensuring liquidity on supported decentralized exchanges like Pancakeswap, Uniswap, and Thena. Projects must also adhere to the liquidity, trading volume, and market cap requirements to qualify for rewards.
The leaderboard will be updated daily starting August 20, 2024, and rewards will be distributed within three weeks after the event ends. Developers are encouraged to follow the AvengerDao Web3 Security Framework and consider third-party audits to ensure the sustainability of their projects.
Terms and Conditions
Participants must be at least 18 years old and meet all other entry criteria. They are responsible for ensuring that their participation complies with all applicable laws and regulations. BNB Chain reserves the right to amend or cancel the competition at any time and for any reason.
Join the Meme Coin Innovation Battle on BNB Chain and seize the opportunity to become one of the meme coin heroes. Stay tuned for more updates and announcements on the X platform.
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