- BNB Chain launched the “Growth Incentive Program” for Decentralized Applications.
- BNB’s new program will be available for projects in Q4 right away.
- Projects must meet a baseline monthly DAU to meet the program’s qualification requirements.
- The incentive fund is only available to projects that have already been deployed on BNB Chain.
BNB Chain, the world’s largest smart-contract blockchain network, announced on October 25 that it had launched a $10 million gas fee incentive program named “Growth Incentive Program” to support the growth of web3 and decentralized applications.
This new initiative will encourage faster development for dApps which can further expand the blockchain ecosystem.
However, according to the platform’s blog post, the program is set to be active for projects in the fourth quarter of this year, promising gas incentives of up to 800 BNB per project during that time.
The blog post also said they would donate $1 million each month to whichever team is most deserving. It would then hopefully encourage further user acquisition and growth from these teams.
BNB Chain Growth Incentive Program
Applicants must go through a four-stage procedure before being accepted into the program. Application is the first step in the process, where projects and teams must submit an application to start the evaluation process.
Second Evaluation, a detailed evaluation of the relevant applications will subsequently take place. After submitting an application, a review process begins in which we thoroughly look over the proposal.
Furthermore, the third phase involves making the “decision” to get in touch with candidates who match the evaluation criteria and carefully work with them to ensure that they clearly define significant growth goals.
The most crucial and entertaining step of all is Step 4, “Action,” when you’ll watch your project make significant progress on Web 3 technology.
The Program’s Qualification Criteria
According to the program’s eligibility requirements, projects must reach a monthly baseline target for daily active users (DAUs) that is consistent with their ongoing growth.
It suggests they may see an increase in adoption if they can build enough backing from other stakeholders or communities. Such projects that receive the backing of its community will be able to grow because it will attract a larger number of users.
The blog post particularly asserts that the incentive program will provide funding for all projects that have already been deployed onto BNB Chain, no matter how early in development they are, so long as they show consistent utilization from the community.
Investment Director at BNB Chain, Gwendolyn Regina, said:
Through the Growth Incentive Program, BNB Chain aims to support projects at various stages of growth and provide direct support for user acquisition so that the projects can also leverage other elements of the BNB Chain community to boost further growth and user experience.
BNB Chain Steps Towards A Decentralized Future
The Growth Incentive Program is one of many steps in helping the most successful decentralized apps and attracting millions or billion more users to Web 3.
Previously, the platform launched the” European Innovation Incubator,” a three-week virtual program made just for innovative web3 startups all over Europe so that they can build and scale up their dApp to create a decentralized future together.
In addition to this, the BNB Chain’s Builder Grant program keeps the door open for entrepreneurs searching for further funding by accepting monthly applications.
As per the blog post:
BNB Chain is committed to helping determined teams in our ecosystem reap the rewards of their hard work by helping build their userbase and welcoming the next billion users into Web3 together.