Is meme the battleground for public chains? BNB Chain announces meme coin developer competition.

On April 2nd, the BNB Chain official announced the BNB Chain meme creation competition with a prize pool of up to $1 million.

BNB Chain Meme Coin Competition

The BNB Chain team announced on April 2nd that they are hosting a BNB Chain meme coin creation competition with a prize pool of up to $1 million.

According to the official announcement:

This is an exciting opportunity for developers and creators to showcase their innovation and compete for substantial rewards.

💥 We're thrilled to announce the BNB Chain Meme Innovation Battle where up to $1M is up for grabs!

This is an exciting opportunity for developers and creators to showcase their creativity and compete for amazing rewards.https://t.co/6acfjHVimX

— BNB Chain (@BNBCHAIN) April 2, 2024

As per the official statement by BNB Chain, meme coin developers who wish to participate must register by April 9th, with the competition taking place the following day. The finalists and winners will be announced approximately a month later, with rewards distributed within the following three weeks.

The dynamic prize pool can reach up to $1 million, with the final amount determined by 50% of the total trading volume of eligible meme coins during the competition period, 40% based on the number of holders, and 10% based on market value.

Prior to this, the Avalanche protocol also announced through the Culture Catalyst program that they will be purchasing select meme coins on the Avalanche chain for collection, as a way to acknowledge and encourage the culture and fun represented by meme coins.

However, it appears that this move has not attracted a large number of crypto communities and speculators.

The Avalanche protocol has announced official standards for meme coin collection, revealing that they have started acquiring meme coins.