BNB Chain, formerly known as Binance Smart Chain, has launched a $10 million gas fee incentive program to support the growth of web3 and decentralized applications.
In an Oct. 25 announcement, BNB said its Growth Incentive Program would immediately be available for projects in the fourth quarter, offering significant gas incentives for every participating project each month.
BNB Chain plans to commit $1 million each month to relevant participating teams in order to help them drive growth and user acquisition. This $1 million will be used to support 100 projects in Q4
“We’re looking for projects that are eager to build, acquire even more users and expand their reach within our ecosystem,” said BNB Chain.
To participate in the program, applicants will have to undergo a four-stage process that begins with an initial application to kick-start the evaluation. The evaluation criteria requires projects to achieve a baseline target of daily active users (DAUs) each month that is consistent with their ongoing growth.
While the program is only offered to those projects building on the BNB Chain, they need not necessarily be in an advanced stage of development. Essentially, even early-stage projects will be eligible for the incentive fund as long as they can demonstrate consistent growth in users.
At the time of writing, BNB Chain accounted for 10.3% of Total Valued Locked (TVL) among blockchains in the DeFi ecosystem – second only to Ethereum which accounts for 58% of total TVL. This represents a 37% increase from the 6.6% market share that BNB Chain had at the start of this year.