BNB Chain has launched a ‘Meme Innovation’ contest. This initiative aims to capitalize on the growing popularity of memes within the cryptocurrency community.
Participants will have to compete for a share of the $1 million prize pool by showcasing innovative ideas related to memes in the crypto space.
The memecoin culture traces back to the launch of Dogecoin in 2013, but it was the surge of Dogecoin and the introduction of Shiba Inu in 2020 that truly influenced the meme culture.
Since then, a variety of other tokens have emerged, generating significant profits and garnering attention in global media coverage. Some of these tokens include Pepe, Bonk, BOOK OF MEME, Myro, Wen, PONKE, among others.
According to BNB Chain, the final prize amount for the contest will be determined based on the overall trading volume of qualifying meme tokens throughout the competition period.
It also added that the application is open for interested participants and will close on April 10, 2024, with the top 10 winners scheduled to be revealed on May 16.
Additionally, to be eligible, a meme token must pass at least one security audit, be open-source on BscScan, maintain locked liquidity of over 25% for at least six months, attract more than 1,000 new meme holders, and have an active presence on at least one social media platform.
However, tokens that have undergone public presales are not eligible, and those not yet deployed on Binance Smart Chain (BSC) must be deployed before the end of the event to qualify.
BNB Chain, formerly known as Binance Smart Chain (BSC), is a blockchain ecosystem developed by Binance that merges Binance Chain and Binance Smart Chain into a unified platform.
BNB Chain serves as the underlying infrastructure for a virtual ecosystem, supporting various decentralized applications (dApps) and transactions within the BNB Chain network. The BNB token, which stands for “Build and Build,” acts as the gas token fueling transactions on the BNB Chain.
This blockchain network aims to improve interoperability, decentralization, and innovation in the digital asset space. BNB Chain consists of the BNB Beacon Chain for governance functions like staking and voting, and the BNB Smart Chain, which remains Ethereum Virtual Machine (EVM) compatible to support various decentralized applications.
It’s not just BNB Chain that’s increasing interest in memecoins at the Layer 1 level. The Avalanche Foundation revealed plans to invest in memecoins in February and provided specific guidelines for these coins to be considered.
According to the foundation, memecoins must be on the Avalanche blockchain and meet specific criteria: at least 2,000 holders, diverse ownership, $200,000 liquidity from 50 providers, a market cap of $1 million, and a daily trading volume exceeding $100,000 for two consecutive weeks.
The foundation emphasized the importance of preventing scams, ensuring transparency, and supporting tokens that enhance the culture within the blockchain community.
