BNB Chain announces a $1 million reward initiative to incentivise memecoin developers, aiming to accelerate the growth of the memecoin landscape within its network.

The "Meme Innovation Campaign" runs from April 10 to May 9, inviting developers to deploy their memecoin projects on the BNB Chain, fostering creativity and innovation in the Web3 culture.

To qualify for rewards, memecoins must meet minimum trading volume thresholds, undergo security audits, open-source their projects on BscScan, and engage with social media platforms like Telegram and Discord.

The competition reflects the rising popularity of meme-focused tokens, with the total market capitalisation reaching $70 billion on April 1, driven by the success of tokens like Dogwifihat (CRYPTO:WIF) and Book of Meme (CRYPTO: BOME).

BNB Chain joins other blockchain networks, such as Avalanche Foundation, in encouraging memecoin development, with initiatives like offering rewards for memecoin liquidity providers to further boost memecoin adoption and innovation.