BNB Chain Boosts Stablecoin Engagement with New Incentives

[PRESS RELEASE – Dubai, United Arab Emirates, September 27th, 2024]

In an effort to onboard the next billion users and bridge the divide between Web2 and Web3, BNB Chain is enhancing its focus on stablecoins through various retention-oriented initiatives, including a Total Value Locked (TVL) Incentive Program, increased stablecoin integration within its DeFi ecosystem, and a freshly launched Gas-Free Campaign.

Gas-Free Campaign: No Fees for Stablecoin Transfers

BNB Chain’s Gasless Carnival Season removes gas fees for transferring or withdrawing stablecoins (USDT, FDUSD, USDC) on BNB Smart Chain (BSC) and opBNB. This initiative, active since September 19, 2024, is available on platforms such as Binance, Bitget, Gate.io, MEXC, along with wallets like Bitget Wallet and SafePal. It also encompasses transfers through Celer cBridge, making stablecoin transactions quicker and more affordable.

TVL Incentive Program

The TVL Incentive Program, featuring a total prize pool of up to $300,000, motivates DeFi projects to increase their TVL on BNB Chain by rewarding growth in stablecoin and BNB staking. This program is open to all DeFi projects on opBNB and BSC and includes two challenges: the BNB Staking Challenge with a $100,000 prize pool and the TVL Challenge with a $200,000 prize pool. Participants will be ranked based on their incremental TVL growth, with particular emphasis on stablecoins (FDUSD, USDT, USDC) and BNB. The program runs from September 12 to October 11, 2024.

DeFi Integration: High APY Opportunities

BNB Chain is further enhancing the utility of stablecoins by integrating them into leading DeFi platforms such as Venus and PancakeSwap, allowing users to stake and provide liquidity with attractive APYs. This effort provides stablecoin holders the chance to earn returns while contributing to the liquidity and stability of BNB Chain’s DeFi ecosystem.

Stablecoin Adoption and Everyday Utility

To enhance the practicality of stablecoins for daily transactions, BNB Chain is partnering with payment gateways to enable real-world transactions using stablecoins. This integration merges digital and traditional financial systems, positioning stablecoins as a significant element in BNB Chain’s strategy for broad adoption.

Through these efforts, BNB Chain is reinforcing its dedication to making cryptocurrency as accessible and usable as traditional currency, propelling the adoption of decentralized finance and stablecoins.

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About BNB Chain

BNB Chain is a community-focused blockchain ecosystem dedicated to eliminating barriers to Web3 adoption. It encompasses:

• BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees among EVM-compatible L1s; functions as the governance chain for the ecosystem.
• opBNB: A scalability Layer 2 solution that offers some of the lowest gas fees of any L2 alongside swift processing speeds.
• BNB Greenfield: Addresses decentralized storage needs for the ecosystem and empowers users to create their own data marketplaces.

With a top-tier security standard, the AvengerDAO community safeguards BNB Chain users, while Red Alarm offers a real-time risk-scanning service for Dapps. The ecosystem also provides a variety of monetary and ecosystem incentives through its Builder Support Program.

For more insights, users can follow BNB Chain on X or start exploring through their Dapp library.