Binance Announces Largest-Ever Crypto Funding Program to Support Web3

When the mainnet of Binance Smart Chain was launched over a year ago, the US $ 100 million BSC Accelerator Fund was also developed to help build decentralized applications (dApps) on top of BSC. BSC offers them unique incentives to drive growth beyond the lowest cost blockchain.

Since then, a $ 100 million fund has been set up to boost the BSC ecosystem to fund more than 40 projects valued at up to $ 1 million. On the other hand, more than 60 projects were incubated as part of the Most Valuable Builder program. More than 200 startups have received funding through hackathons and sponsorship programs (Build for Bharat, Gitcoin, Dorahacks Event, Russian-SEA-Africa Hackathon …). The BUIDL Reward Program (now merged with MVB) has distributed over $ 30 million to eligible projects.

BSC is developing into one of the best blockchains for piloting and launching new dApps. The community is actively growing and has over 1 million active users every day on over 900 dApps, which also makes BSC one of the largest crypto ecosystems in general.

BSC’s core vision is to provide a robust cross-chain and multi-chain ecosystem to interact and work seamlessly while keeping costs down. Since this is still an improvement, it is time to accelerate the adoption of these solutions to a wide range of users in order to build a robust financial infrastructure. The purpose of BSC is to introduce the world of games, social networks, financial services and more to the masses in order to spread awareness of WEB 3.0.

To address the problem, Binance is announcing the largest funding program of its kind in the entire crypto industry – $ 1 billion to drive adoption not just from BSC but across the industry.

Development fund $ 1 million

The foundation is divided into 4 different groups, each with different challenges and goals.

$ 100 million talent development

A total of $ 100 million in funding is earmarked for talent development, including mentoring the developer community, training new investors, providing academic scholarships to universities, training program organizations and supporting research and development on cutting-edge blockchain innovations in cryptography, multi-media Party Computing (MPC).

$ 100 million liquidity incentive program

The Liquidity Incentive Initiative will run a variety of programs to incentivize cryptocurrency and traditional financial markets to participate, including, but not limited to:

– Provide liquidity rewards for specific protocols based on innovation, locked value, active users or trading volume. For example, in the fourth quarter, Advanced DeFi is one of the most sought-after dApps in the BSC ecosystem, and derivative projects like MCDEX.io and Finance will be the first pilots to join the software program.

Provides flexibility and support for professional and institutional traders to provide more liquidity in DeFi protocols. For example, more contributions to liquidity pools, money market lending and lending, yield farming in vaults, higher arbitrage profits and more.

This aims to develop compliance relationships among investors and develop emerging markets for digital assets.

$ 300 million incubation and development program

The Builder Program is funded with $ 300 million. Of this, $ 100 million goes to running regional and global hackathons, white hackers receive rewards from bug detection programs, hold developer conferences, and support development programs. The Most Valuable Builder (MVB) program has grown to be one of the best incubators out there. The remaining $ 200 million will be used to expand MVB and incubate 100 innovative dApps, an infrastructure that will make it easier to build on top of BSC. These projects are managed by leading venture capital funds and supported by the core community of BSC.

$ 500 million investment program

To accelerate mainstream adoption and disrupt the financial infrastructure, a total of $ 500 million will be reserved for this purpose. This fund will be used to develop decentralized computing, gaming, metaverse, virtual reality, artificial intelligence and financial services that are not limited to BSC but also support the blockchain infrastructure of all facilities. Working with industry leading institutions, the fund will target blockchain technology that is scalable for real world use cases and bridges the gap between crypto blockchain and other sectors.

With total available funding of $ 1 billion, it is the world’s largest crypto space accelerator. The program is designed to fuel the growth and innovation of projects while supporting the wider community and creating crypto-native talent who pave the way for the future of the field.

Binance price increases by 10%

The day after the support program was announced, the price of BNB – Binance‘s native token and mainstream BSC usage – rose more than 10%, creating a long green candle on the 1-hour chart. As of press time, BNB price is changing hands at $ 423, with trading volume up more than 44% to $ 2.2 billion.

Source: TradingView

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