Binance's BNB Chain Debuts $10 Million Fund To Support Projects

Binance's blockchain BNB Chain has introduced a $10 million fund called the Growth Incentive Program to help projects on the chain with user acquisition and growth.

The new program will initially support 10 projects in Q4 2022 and also provide gas incentives of up to 800 BNB tokens a month in total, CoinDesk reported.

BNB Chain is the most active blockchain and has the highest number of active users. The blockchain was the first one to register 200 million users, as per an announcement posted on Twitter Tuesday.

Under the Growth Incentive Program, the projects selected will receive close to $1 million each to cover gas fees, or the fees projects and users of BNB Chain give network validators in exchange for their services.

"Through the Growth Incentive Program, BNB Chain aims to support projects at various stages of growth and provide direct support for user acquisition," Gwendolyn Regina, investment director at BNB Chain, said, according to a blog post by the network.

For projects to qualify for the scheme, they will need to achieve a baseline target of daily active users and also show proof of growing user adoption. Only BNB Chain projects can reach out for the program, and it doesn't matter if they are in the beta phase or if the mainnet has been launched as long as they are able to present the said requirement.

Binance has launched various programs related to funding crypto firms amid the bearish market, one of them being under Binance Pool, a platform dedicated to improving the income of miners.

Binance Pool launched a $500 million project on Oct. 14. Under this project, mining firms will be lent money with an interest rate that ranges between 5% and 10%.