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There has been a lot of talk about the success of memecoins on Solana for some time now. Smog is just debuting on the MEXC stock exchange, and Slothan’s pre-sale is very popular. Memecoins on Ethereum are also fighting bravely for a position on the podium, a good example of which is Dogecoin20 with its ambitious plans and carefully developed tokenomics.
It is clear that BNB Smart Chain (BSC) does not want to be left behind in this race and is entering the game, tempting the creators of new projects with a gigantic prize pool.
BNB Smart Chain competes with Solana and Ethereum
Blockchain BNB has just started a campaign in which it appeals to memecoin creators. The winners can count on prizes from a huge pool.
Blockchain BNB with its smart contracts decided to join the memecoin fever, offering prizes to creators in exchange for participating in the meme innovation duel – BNB Chain Meme Innovation Battle.
As the memecoin trend continues, it is no wonder that other crypto market participants want to carve out a piece of this cake for themselves. When subsequent meme tokens achieve spectacular pre-sale successes, record impressive price increases and take over decentralized exchanges, the movement in this segment does not stop and new players are already lining up. According to DefiLlama, DEX exchanges recorded a record transaction volume of $267 billion in March. In this way, it was possible to break the record from November last year, when the volume amounted to 234 billion.
BNB Chain sees the potential of memecoins
In an announcement published on April 2, BNB Chain representatives explained that the Meme Innovation Campaign project offers prizes of up to $1 million. In this way, they want to promote creativity and innovation, as well as encourage memecoin creators to develop further projects on their blockchain.
The campaign aims to encourage creative solutions and promote freedom of expression. In line with BNB Chain’s ethos of encouraging creators to build on-chain solutions, the new memecoin campaign is intended to engage the entire Web3 community. Ultimately, this will translate into greater visibility of the BNB blockchain not only among the creators of new memecoin projects, but among all cryptocurrency market participants. This is important because many investors are looking for alternative projects when… there is a threat of a decline in Bitcoin.
It’s supposed to be for everyone, but you have to try
The competition is addressed to both experienced creators and novices. However, participants must meet certain entry criteria to be able to participate in the project and issue their memecoins on BNB Chain. One of the requirements is to reach 1,000 new users with the token.
You must also successfully pass at least one security audit and open source your project on BscScan, have a liquidity pool of more than 25% frozen for at least half a year, and have an active project account on Telegram or Discord that is suitable for campaign.
One million dollars – an effective trap for memecoins
The idea is part of a broader strategy to accelerate the growth of the memecoin landscape on the BNB blockchain. Although the rules of participation seem simple, some requirements will be difficult to meet. A memecoin project must have a trading volume of around $2 billion to qualify for the lowest reward level.
As the organizers themselves say: The campaign combines the values of Web3 culture, innovation and creativity. We invite both experienced creators and novice memecoin designers to participate. We want them to find an environment on our blockchain where they can spread their wings and implement their concepts.
According to a statement from BNB Chain, the competition will start on April 10 at 00:00 UTC and end on May 9 at 23:59 UTC. Applications can be submitted until April 9, 11:59 p.m. The results of the campaign will be announced between May 10 and 15, and the winners will then receive prizes. The appropriate number of tokens will be transferred to their wallet addresses within three weeks of the end of the event.
Everyone wants memecoin
The appetite for the memecoin segment is growing. And no wonder, because on April 1, the total capitalization of this sector jumped to USD 70 billion. The rapid growth is not only caused by new tokens such as Dogwifihat ($WIF), Book of Meme ($BOME), Smog ($SMOG) or Slothana ($SLOTH), but also older and well-known coins such as Pepe or Bonk.
Other chains are slowly joining the competition, following BNB Chain’s lead. On March 22, the Avalanche Foundation offered a $1 million bounty for liquidity providers in memecoin projects. Those who provide liquidity to selected memecoins will receive a portion of the intended prize pool.
As you can see, ecosystems are competing with each other in ideas to attract creators of meme coins. This is a sign that there is more than just a barrel of laughs behind these tokens. A well-designed memecoin is able to attract a lot of interest and stimulate activity on the blockchain, as the example of Solana has perfectly demonstrated in recent weeks. Will incentives in the form of prizes make memecoin projects better and better in quality? We will probably know the answer to this question soon.