Summary
BNB Chain is offering up to $1 million in rewards to developers who create meme coins on the network that reach certain trading milestones. The top-performing coin will receive 40% of the rewards pool, with the rest split among other finishers. The competition aims to capitalize on the meme coin frenzy in the crypto market, but some doubt the effectiveness of corporate initiatives in creating cultural phenomena. Previous attempts to pay creators to move to different networks have not always been successful.
Key Points
1. BNB Chain is hosting a “Meme Innovation Battle” with a prize pool of up to $1 million to attract developers and create meme coins that achieve significant trading milestones.
2. The competition will last for a month, with rewards distributed based on trading volume, number of token holders, and market capitalization, culminating in a $1 million prize pool if all participating meme coins collectively surpass $30 billion in trading volume.
3. The top-performing meme coin in the battle will receive 40% of the rewards pool, with decreasing percentages for second, third, and lower-ranking finishers, showcasing the potential for substantial rewards in this meme coin frenzy.