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Binance puts in $5 million worth BNB in its BUIDL program on BSC

Photo of: Janeth Diamond
by Janeth Diamond

Adding more feather to its ornate cap, Binance has launched a developer incentive reward program, a major part of its DeFi accelerator fund. Binance has gone ahead and finally launched the novel BUIDL Reward program in order to attract great dApp development on the Binance Smart Chain. As per the reports, investments of $5 million in the form of BNB has already been made into the project. This is a part and parcel of Binance’s bigger plans which is a $100 million injection into a DeFi accelerator fund which aims to bridge the gap between DeFi and CeFi solutions. 

Source: Twitter

Any networker protocol is incomplete without the contribution of the developers who choose to contribute to the project in their own way. With the help of this new tool, those developers will be rewarded who deploy usable dApps on the Binance Smart Chain. The BUIDL reward is like an allowance or concession depending on how one perceives it. As the Binance Smart Chain ecosystem further develops, Binance will accordingly begin to deliver the best support possible to developers who are the pioneers also. 

The reward comes in the form of a rebate with the following rules:

  • Anyone who deploys callable smart contracts will be able to register their smart contract address on the smart chain. In the registration process, you will be asked for the address and the reward receiver address. Registrations that are submitted by the deployer address only will be considered. Users will also be able to check the result of the registration on Binance smart chain with the help of smart contracts. The relevant addresses will be further announced on October 15th.
  • The gas fees paid from transactions that call the registered smart contracts will be calculated and a certain fraction will be recorded and accumulated as a reward. 
  • The rewards will be in its governance token BNB and they will be sent to the registered receiver addresses every month during the duration of the program. This will happen as long as the accumulated reward for the contract goes above 2BNB. 

In order to further promote development on the Binane smart Chain, it will set the reward percentage to 30% for the rest of 2020 or till the entire $5 billion in BNB is saturated, whichever happens first. They will reward the qualified developers equal to 3% of gas by triggering the registered contracts. The first of the distributions will happen on October 31’ st, 2020. 

Binance also happened to launch the Venus protocol recently which is a lending platform on the Binance Smart Chain. Despite the exchange mainly coming forth as a centralized platform, it has delivered on its promises which is to integrate DeFi into their system. 

Binance CEO CZ solicited the most active contract on BSC which is PancakeSwap, another food-based coin. The CEO posted the top statistics on his Twitter feed:

Source: twitter

Its native BNB coin also is witnessing some steady growth in price over the last 2 days. This is mainly due to the increase in the buying activity related to interacting with BSC.