BNB Chain Launches $1M Gas Grants Program for Web3 Startups
BNB Chain has introduced an innovative Gas Grants Program to provide more than $1 million in incentives to boost Web3 development and support startups. This initiative, designed to last for three months, is geared towards nurturing the growth of startups and developers within the BNB Chain ecosystem, as reported by BNB Chain Blog.
Eligibility Criteria for the Program
The Gas Grants Program is open to decentralized applications (dApps) that are deployed on the BSC/opBNB mainnet post-January 1, 2024. For projects to qualify for this program, they must meet the following criteria:
- Projects must have more than 100 average daily active users (DAU) in the 30 days leading up to the announcement.
- Projects must have undergone at least one security audit.
Interested projects that meet these requirements can register to participate in the program.
Important Dates to Remember
The Gas Grants Program kickstarts on August 19, 2024, along with the commencement of the registration period. The program will unfold over three months, split into the following timeline:
- Month 1: September 1 – September 30, 2024
- Month 2: October 1 – October 31, 2024
- Month 3: November 1 – November 30, 2024
Winners can expect rewards to be distributed within a week after the conclusion of each month.
Prize Pool Breakdown and Reward Structure
The Gas Grants Program features a monthly reward pool of up to $440,000, which represents 80% of the total gas fees generated by all participants. The allocation of rewards will be calculated based on the participants’ DAU and gas fees, with a weight ratio of 70% for gas fees and 30% for DAU.
The reward structure consists of three tiers:
- Tier 1 (Top 1-3): 80% gas fee refund, up to $50,000 per project
- Tier 2 (Top 4-8): 50% gas fee refund, up to $30,000 per project
- Tier 3 (Top 9-15): 30% gas fee refund, up to $20,000 per project
Additional Program Guidelines
To qualify for rewards, projects must demonstrate growth in either incremental gas fees or DAUs. The program covers projects on both opBNB and BSC networks, and those deployed on both chains will participate in separate competitions. Participants only need to register once, and the leaderboard will be updated weekly.
Rewards will be distributed in two installments: 50% within two weeks after the end of each month, and the remaining 50% after a month, provided the gas fee reduction is less than 15%. The BNB Chain core team will determine reward distribution based on the real-time BNB token exchange rate on the distribution day.
Important Notices and Disclaimers
The BNB Chain core team reserves the right to disqualify projects engaging in fraudulent activities and to modify or cancel the program without prior notice. In case of any discrepancies, the English version of the program details will take precedence.
It is essential to note that participation in the BNB Chain Gas Grants Program is voluntary, and eligible projects are required to comply with additional terms and conditions. BNB Chain does not endorse any third-party projects and does not have control over the activities of community participants.
Hot Take: Elevate Your Web3 Project with BNB Chain’s Gas Grants Program
Get ready to supercharge your Web3 startup or decentralized application with the BNB Chain Gas Grants Program. With over $1 million in rewards up for grabs, this initiative is a game-changer for developers looking to make their mark in the crypto space. Don’t miss this opportunity to take your project to new heights with BNB Chain’s support and resources!🌟
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