When the Binance Smart Chain mainnet launched a bit over one year ago, we announced the $100 million BSC Accelerator Fund designed to support dApps building on BSC. We wanted to highlight that BSC offers them unique incentives to boost their growth apart from being the most cost-efficient blockchain.
Since then, the $100M fund set-up to boost the BSC ecosystem seed-funded over 40+ projects with up to $1 million. Separately, over 60 projects have been incubated under the Most Valuable Builder Program. Over 200 startups have received a push in funding under hackathons and grant programs (Build for Bharat, Gitcoin, Dorahacks events, Russian-SEA-Africa Hackathon, and more). The BUIDL Reward Program (now merged with MVB) distributed over $30 million to eligible projects; the distribution list is publicly available. Joint bounty programs under the $10 million security initiative called Priority ONE have onboarded multiple top BSC projects to advance their security, with many of them launching their own bounties to reward independent security experts.
BSC is becoming one of the best blockchains to pilot and start new dApps. Its thriving community has more than 1m daily active users spread across more than 900 dApps, making BSC also one of the biggest crypto ecosystems in general.
BSC’s core vision is to deliver a robust ecosystem for cross-chains and multi-chains to interoperate and work seamlessly while being cost-efficient. As this is an ongoing advancement, it's time to accelerate our efforts in scaling these solutions for the masses to build powerful financial infrastructures. We aim to introduce the decentralized world of gaming, social networking, financial service, and more to the general masses to spread awareness around WEB 3.0
To address this, Binance announces the biggest funding program of its kind in the whole cryptocurrency industry - the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry.
We categorized the fund into 4 different groups, each aiming at different challenges and goals.
A total of $100M funds are reserved for Talent Development which includes mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps, and supporting R&D on cutting-edge blockchain innovations around cryptography, multi-party computing (MPC), high-performance consensus protocols, cross-chain & multi-chain infrastructure, RegTech & Deep Analytics, and more. We want to raise a generation of crypto-native professionals that will spread across the industry and push blockchain adoption forward.
The Liquidity Incentive initiative will run multiple programs to encourage participation from traditional financial markets and crypto, including but not limited to:
This will be targeted to developing compliant relationships between investors and evolving emerging digital asset markets. A total of $100M funds are reserved under the Liquidity Incentive initiatives.
The Builder Program will be boosted with an additional $300M. Out of which $100M will be utilized to conduct regional and global hackathons, white hackers benefiting joint bug bounty programs, running developer conferences, and supporting existing mainstream development programs. The Most Valuable Builder (MVB) program is already becoming one of the best incubation programs. The remaining $200M will be used to expand MVB and incubate 100 innovative dApps and infrastructure provides building on top of BSC who will receive mentoring from top venture capital and technical support from the BSC core community.
To accelerate mainstream adoption and to bring disruption to financial infrastructures, a total of $500M will be reserved. This fund will be utilized to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and financial services, which will not be limited to BSC but also support all the blockchain infra. With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.
With a total of $1 billion in available funding, this is the world’s largest crypto accelerator. The program is designed to boost the growth and innovation of projects and bolster the wider community and create a crypto-native pool of talent that will pave the future of crypto. This program will take us one leap closer to making BSC the most inclusive and used blockchain infrastructure in the world, creating the new Internet of Value for everyone. We also hope that this program will benefit all the participants in the crypto market, whether it be through creating new talent or building new businesses and projects.
More details for each program will be announced in the following several weeks. Stay tuned!