Binance introduces Binance Smart Chain BUIDL Reward Program, woos Dapp developers with $5M

Binance announces a Binance BuidL Reward Program to lure Dapp developers into leveraging Binance Smart Chain.

By · Oct 5, 2020 . 5min read

Binance introduces Binance Smart Chain reward program news

Binance is unrelenting in its efforts at onboarding developers to leverage its newly launched Binance Smart Chain as it rolls out a Binance BuidL Reward Program. It hopes to reward developers on its smart contract blockchain platform with as much as $5M in rewards.

The giant cryptocurrency platform released this in an announcement and said this is part of the earlier $100M commitment to DeFi accelerator fund. This is in a bid to form a working nexus between CeFi (centralized finance) and the growing DeFi industry.

The Binance BuidL Reward Reward Program will come in the form of rebate to developers as it refunds fees to them in a special arrangement. Binance will be rewarding them according to the following;

Developers building on Binance Smart Chain can register for the program and wait for Binance to publish a list of qualified smart contracts. Only smart contracts registered by the developer will be shortlisted on October 15th.

Binance will calculate all transaction fees paid when calling the registered smart contracts and pay a certain percentage as rewards. This includes all gas spent within the called first-level contract. Also includes all the gas spent on the contracts called by the first-level contract as well.

Furthermore, Binance will pay the BuidL Reward Program in BNB monthly to the selected smart contracts during the program duration. However, only when the accumulated rewards reach at least 2 BNB will it be counted for the monthly distribution pattern.

In summary, Binance has set the reward distribution to 30% of all fees (gas costs) of users or third-party developers. The first distribution will happen on October 31st.

Binance BuidL Reward Program could further fuel Binance Smart Chain usage for Dapp developers floating DeFi protocols

Binance Smart Chain already positions itself as an alternative for dapp developers and users looking to escape high gas costs on Ethereum. CZ jokingly responded to a Twitter user who said “high fees” on Ethereum is a feature and not a bug. In his response, CZ said,

Then BSC has one less feature then

The smart contract platform seems to be getting some nice traction already. Many DeFi food platforms are launching there daily. We reported on PancakeSwap and BurgerSwap recently, Debank captures at least seven others.

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