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The top cryptocurrency exchange in the world, Binance, is enticing developers to create the next big memecoin on its BNB Chain by holding the BNB Chain Meme Innovation Battle, which has a $1 million prize pool.
With the launch of the BNB Chain Meme Innovation Battle today, Binance’s BNB Chain is providing developers with an alluring platform to let their imaginations run wild and fight for big prizes.
“We’re thrilled to announce the BNB Chain Meme Innovation Battle where up to $1 million is up for grabs!” exclaimed a spokesperson from Binance.
As per a recent blog post, prospective memecoin producers can register for the tournament until April 9th. The fight is set to begin the next day, and the winners and finals will be revealed around a month later. Three weeks after the winner is selected, prizes will be awarded.
A novel idea is presented by Binance in the form of a “dynamic” prize pool, which has the potential to grow to $1 million in response to the total trading volume of eligible memes during the course of the competition session. The reward fund increases in direct proportion to the volume of transactions.
“The final prize pool will be divided among qualified participants based on their ranking in three categories: total trading volume, market cap, and meme community holders,” stated the spokesperson.
Prospective participants meeting the competition criteria can conveniently register through an online application linked in the company’s blog post.