Binance Pours $5 Million Worth of BNB Into Smart Chain BUIDL Program

Binance has invested $5 million worth of BNB into the project. This is part of Binance’s bigger venture — a $100 million injection into a DeFi accelerator fund that aims to connect DeFi with centralized finance (CeFi) solutions.

If You ‘Buidl’ It, They Will Come

Their newest tool was created with the goal to reward developers who deploy usable dApps on the Binance Smart Chain. The BUIDL Reward program comes in the form of a rebate.

To further encourage the development of the dApp ecosystem on #BinanceSmartChain, we have committed $5 million USD worth of #BNB to the newly-launched Binance Smart Chain #BUIDL Reward Program.https://t.co/JaxvU8qNgj

— Binance (@binance) October 3, 2020

According to the announcement,

“The rewards will be in BNB, and they will be sent to the registered receiver addresses every month during the duration of the program.”

The receiver should have an accumulated reward above 2BNB for the contract to be eligible for the reward. According to Binance,

“All the gas fees paid from transactions that call the registered smart contracts will be calculated, and a certain percentage will be recorded and accumulated as a reward.”

In order to incentivize more development on the Binance Smart Chain, the exchange will set the reward percentage to 30% for the rest of the year or until its investment is fully spent, whichever comes first.

CZ Touts PancakeSwap

Binance CEO Changpeng Zhao (CZ) recently touted the most active contract on the Binance Smart Chain — another food-themed coin dubbed PancakeSwap — based on unique senders, unique receivers and total uniques, as of Sept. 28. Binance describes PancakeSwap as a “relatively new token.” https://twitter.com/cz_binance/status/1310442739142545410 The native BNB coin has also been registering a steady rise in price over the past two days — likely due to the increase in buying activity related to deploying and interacting with the BSC.

In the meantime, Binance has recently launched the Venus Protocol — a lending platform for Binance’s Smart Chain. Despite the exchange serving mainly as a centralized platform, it has made good on its promises to integrate DeFi into their system.