Coinspeaker BNB Chain Unveils Template to Drive Web3 Innovation
In a recent blog post, BNB Chain discussed how it has emerged as a hub that provides developers with the tools and infrastructure required to innovate and thrive. It is the backbone of several Decentralized Applications (dApps) and smart contracts. As a result, it is designed to promote growth in Decentralized Finance (DeFi) and even the digital collectible niche.
The BNB Chain’s recent Bangkok Hackathon comes off as a developer-centric event. This coding marathon birthed 38 projects after several hours of debugging by several participants. By the end of the hackathon, eight teams, out of which four were from India, earned coveted presentation slots. Also, three secured funding to push their projects further.
BNB Chain and Innovation Diversity
Apart from this hackathon, BNB Chain has been pushing to rival top competitors like Solana SOL $236.5 24h volatility: 5.9% Market cap: $112.40 B Vol. 24h: $9.79 B in different aspects.
Solana has progressed greatly as a memecoin hub in the last few months. It has powered approximately 87% of all new token launches on DEXs this year. The surge in meme coins and a growing expansion of its user-friendly DApps have made the network the leading chain for new token launches in general.
Though many thought BNB Chain was “dead”, the protocol now aims to compete with Solana’s lofty achievement. The protocol is confident that platforms like Four.meme and other ecosystem initiatives provide the groundwork for a more sustainable and impactful memecoin presence in the future.
While the Chain appears to be stagnated, underneath is a growing momentum that could eventually reposition the L1 amongst other top flyers. November saw the chain rank consistently amongst the top blockchains.
At one point, it soared to become the third in stablecoin market cap and fourth in total value locked (TVL) at over $8 billion.
Currently, BNB Chain handles a minimum of one-sixth of all blockchain transactions worldwide. In addition, the ecosystem boasts 218 developer tools, 800 active applications, and a growing footprint in DeFi, gaming, and even Artificial Intelligence (AI).
This underscores BNB Chain’s broader picture to delve into other sectors.
The Three-Phased Strategy for Development
For the next chapter of Web3, the team behind the BNB Chain has curated a three-phased strategy for development.
The first is an interest in early-stage innovation, cutting across hackathons and the BNB Incubation Alliance (BIA) program. Through such an initiative, developers’ projects can easily receive support through funding and other resources.
Next is the mid-stage deployment, where new projects can benefit from ecosystem incentives. These rewards are often tied to key performance metrics such as daily active users, TVL, and transaction volume. They are bolstered by technical guidance, marketing assistance, and customer support to ensure sustained growth.
The last phase is the late-stage growth for matured projects. This stage encompasses access to investment opportunities, exchange listings, and long-term development resources. The goal is to help projects scale and thrive.
Ultimately, the BNB Chain may eventually get its desired market share by pushing these boundaries.
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BNB Chain Unveils Template to Drive Web3 Innovation
