Binance Invests $5M BNB Into Its Smart Chain BUIDL Reward Program

Varinder  |  Oct 5, 2020

Binance has invested over $5 million worth BNB into its newly launched Binance Smart Chain BUIDL Reward Program. This is part of the company’s $100 million venture to a DeFi accelerator fund that seeks to connect CeFi and DeFi solutions.

Binance Promotion into the Binance Smart Chain BUIDL

The move aims to promote Binance’s dapp development ecosystem while rewarding developers who can deploy usable dapps on the smart chain. As the smart chain ecosystem grows further, the cryptocurrency exchange will adjust its program to deliver their best support to developers coming out as Binance smart chain (BSC) pioneers.

However, participants must follow a certain set of guidelines for the eligibility of the rewards program. The first one being anyone who can deploy callable smart contracts. Users may register their smart contract addresses to a smart contract within the Binance Smart Chain. All the relevant contact addresses will be announced on October 15. Secondly, gas fees paid from transactions associated with the registered smart contracts will be calculated, and a part of this percentage will be recorded and accumulated as a reward.

Lastly, all rewards will be distributed in the company’s native BNB coin and sent to the registered receiver addresses every month during the program duration, as long as the accumulated reward for the contract is above 2 BNB.

Meanwhile, Binance will initially set the reward percentage to 30% till 2020, or until the entire $5 million is BNB is completely spent, whichever is first. This signifies rewards will be paid to the qualified developers equivalent of a 30% gas paid by triggering the registered contracts.

The first distribution will happen on October 31, 2020, while further promoting the expansion and development of the Binance Smart Chain.

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