Binance has unveiled the TVL Incentive Program #3, an innovative initiative designed to spur BNB and Total Value Locked (TVL) growth for projects on opBNB and Binance Smart Chain (BSC). This initiative seeks to increase BNB/liquid staking BNB (lstBNB) lock-up and incentivize the ecosystem through substantial rewards.
Participation Details
Interested participants are encouraged to complete the submission form with the following details:
- Project Name
- Deployment Chain
- Relevant Contract Addresses
Challenge Overview
The TVL Incentive Program #3 comprises two main parts:
Part A: BNB Lock-up Challenge â Competing for a $100,000 Prize Pool
- Open to all DeFi platforms that support BNB staking.
- The challenge ranks participants based on incremental BNB locked and Liquid Staking BNB locked during the event.
- Prize Pool: $100,000
Key Dates
- Registration Period: June 19, 2024, 00:00 UTC - June 26, 2024, 23:59 UTC
- Challenge Period: June 27, 2024, 00:00 UTC - July 27, 2024, 23:59 UTC
- Winners Announcement: July 30, 2024
Reward Structure
- Top 1: $50,000
- Top 2: $30,000
- Top 3: $20,000
Weighting and Baseline Formula
- Incremental BNB Locked: 80%
- Liquid Staking BNB (such as slisBNB, BNBx, stkBNB, ankrBNB): 20%
- Baseline Formula: Average BNB locked for 30 consecutive days before the event announcement.
- Incremental BNB Locked Calculation: Projectâs average daily BNB locked for the last 7 days of the event â Baseline.
Part B: TVL Incentive Program â Compete for Up to $200,000 in Prizes
- Open to all DeFi projects on opBNB and BSC.
- Prize pool determined by total incremental TVL of all participants.
Prize Pool
- Up to $200,000, subject to the total TVL increment.
Key Dates
- Registration Period: June 19, 2024, 00:00 UTC - June 26, 2024, 23:59 UTC
- Challenge Period: June 27, 2024, 00:00 UTC - July 27, 2024, 23:59 UTC
- Winners Announcement: July 30, 2024
Dynamic Prize Pool Formula
- $200,000 * (Total TVL Increment / $50M)
Example Scenarios
- $200,000 if TVL increased by $60M that month
- $200,000 if TVL increased by $50M that month
- $80,000 if TVL increased by $20M that month
Reward Structure
- Ranking of Increment TVL: 70%
- Ranking of Increment BNB Locked: 30%
Baseline TVL Calculation
- Average daily TVL for the 30 consecutive days before the event announcement.
Ranking and Rewards
- Top 1: 40% of the dynamic rewards poolÂ
- Top 2: 30% of the dynamic rewards poolÂ
- Top 3: 20% of the dynamic rewards poolÂ
- Top 4: 7% of the dynamic rewards poolÂ
- Top 5: 3% of the dynamic rewards pool
Projects on opBNB and BSC will be ranked separately, and a project can only win once, with the highest value taken if it ranks in both.
Eligibility Calculation
- Incremental TVL per project: Projectâs average daily TVL for the last 7 days of the event â Baseline TVL
- Incremental BNB Locked per project: Projectâs average daily BNB locked for the last 7 days of the event â Baseline BNB locked
Participation Requirements
- Projects deployed on opBNB mainnet
- Projects deployed on BSC after January 1, 2023
- Projects with at least one security audit
- Projects that complete the application form during the registration period
Terms & Conditions
- Participants must submit an application through the form.
- Projects can participate in one or both challenges but can only win the highest value reward.
- TVL derived from a projectâs governance token is excluded.
Reward Distribution
- Part A Rewards: Sent to winnersâ wallets within 3 weeks after the event ends.
- Part B Rewards: Distributed in two batches; 50% within 2 weeks after the end of the event to the BEP20 wallet address provided, and the remaining 50% distributed after a one-month TVL retention period.