The growth of the crypto space has seen several ecosystems dedicating more incentives to projects. It is no surprise that Binance, the biggest cryptocurrency exchange in terms of daily trading volume, committed $1 billion to the same cause.
The crypto exchange announced to further commit $1 billion to boost BSC’s growth. According to a press release from the Binance CEO, Changpeng Zhao; “BSC’s growth has attracted 100 million more DeFi users with just an initial funding of $100 million, with the new contribution of $1 billion, it can disrupt traditional finance and speed up global mass adoption of digital assets to become the first-ever blockchain ecosystem with one billion users.”
The newly committed growth funds will target four major growth areas; talent development among developers and investors ($100 million), liquidity incentive programs ($100 million), builder programs ($300 million), and incubation and investment programs ($500 million).
According to a Twitter release by the Binance Smart Chain account, the first category, talent development will help to “raise a generation of crypto-native talent that will spread across the industry and push blockchain adoption forward.” Liquidity incentive programs, which got the same share as the first category (10%), are to “encourage participation from traditional financial markets and crypto.” The funds dedicated to builder programs will help to “expand MVB and incubate 100 innovative DApps, boost infrastructure providers building on top of BSC, and help BSC DApps provide attractive bug bounties to bolster their security.” And the last area which got the largest share of 50%, incubation and investment programs is aimed to “accelerate mainstream adoption and to bring disruption to financial infrastructures. This fund will be utilized to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and financial services.”
With the new incentives, we can expect to see more exciting projects on the BSC network and more cross-chained projects.