BNB Chain has launched its revamped Gas Grants Program, a substantial initiative offering over $1 million in rewards to incentivize and support decentralized application (Dapp) developers. The program, announced today, August 19, 2024, aims to foster innovation within the BNB Chain ecosystem by providing financial rewards to projects that excel in user engagement and gas fee generation.
Key Details of the Gas Grants Program
The Gas Grants Program is open to Dapps operating on the BNB Smart Chain (BSC) or opBNB mainnet, provided they were deployed after January 1, 2024. Eligible projects must maintain an average daily active user (DAU) count exceeding 100 in the 30 days leading up to the announcement and have completed at least one security audit. Registration is open from today and will cover three competition periods — September, October, and November 2024.
Each month, rewards totaling up to $440,000 will be distributed, based on 80% of the total gas fees accumulated by participating Dapps. For instance, if the total gas fees for a given month reach $10 million, the reward pool will be capped at $440,000. The reward allocation will consider both gas fees and DAU, with a 70% weight for gas fees and 30% for DAU.
Reward Tiers and Distribution
Rewards will be segmented into three tiers. Tier 1 will offer an 80% gas fee refund, up to $50,000 per project for the top 1-3 performers. Tier 2 will provide a 50% refund, up to $30,000 per project for the next 4-8 projects, while Tier 3 will offer a 30% refund, up to $20,000 per project for the top 9-15. Distribution will occur in two phases: 50% within two weeks of each month’s end, and the remaining 50% mid-month in the following month, contingent upon maintaining gas fees with less than a 15% reduction.
BNB Chain’s Commitment to Innovation
The Gas Grants Program is part of BNB Chain’s broader strategy to bolster its ecosystem. This initiative follows the recent launch of the opBNB testnet, which aims to enhance scalability and reduce transaction fees. The opBNB chain, built on the Optimism OP Stack, is designed to handle up to 4,000 transactions per second with significantly lower fees, addressing previous scalability issues.
BNB Foundation Burns $971M Worth of Tokens: What’s Next for BNB’s Price?Despite these advancements, BNB Chain has faced challenges, including a recent revenue slump linked to decreased platform activity. The introduction of the Gas Grants Program reflects BNB Chain’s ongoing effort to adapt and drive growth amidst a competitive and fluctuating market landscape.
