Luisa Crawford
Aug 19, 2024 13:20
BNB Chain announces a $1M Gas Grants Program aimed at supporting Web3 startups and developers over a three-month period.
BNB Chain has unveiled a new Gas Grants Program, offering over $1 million in rewards to support Web3 innovation and growth. This initiative, set to run for three months, aims to assist startups and developers in achieving significant business success within the BNB Chain ecosystem, according to BNB Chain Blog.
Program Eligibility
The program is open to decentralized applications (dApps) deployed on the BSC/opBNB mainnet after January 1, 2024. Eligible projects must have an average daily active user (DAU) count of over 100 in the 30 days preceding the announcement and must have undergone at least one security audit. Interested projects can register to participate in the program.
Key Dates
The program launches on August 19, 2024, with the registration period opening on the same day. The competition will span three months:
- Month 1: September 1 – September 30, 2024
- Month 2: October 1 – October 31, 2024
- Month 3: November 1 – November 30, 2024
Rewards will be distributed within one week after the end of each month.
Prize Pool and Reward Structure
The program offers up to $440,000 per month, calculated as 80% of the total gas fees generated by all participants. For example, if the total gas fee in a month is $10 million, the bonus pool will be capped at $440,000. Participants will be ranked and rewarded based on their DAU and gas fee, with a weight ratio of 70% for gas fees and 30% for DAU.
The reward structure is tiered:
- 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 Details
Projects must demonstrate positive growth in either incremental gas fees or DAUs to qualify for the rewards. The program applies to both opBNB and BSC networks, and projects deployed on both networks will compete separately for each chain. Participants only need to register once, and the leaderboard will be updated weekly.
Rewards will be distributed in two parts: 50% within two weeks after each month’s end and the remaining 50% after a month, provided the gas fee reduction is less than 15%. The BNB Chain core team will distribute rewards according to the real-time BNB token exchange rate on the distribution day.
The BNB Chain core team reserves the right to disqualify projects involved in fraudulent activities and to amend or cancel the program at any time without prior notice. In case of discrepancies, the English version of the program details will prevail.
Disclaimer: Participation in the BNB Chain Gas Grants is optional, and eligible projects must agree to additional terms and conditions. BNB Chain does not control the activities of community participants and does not endorse any third-party projects.
Image source: Shutterstock
