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First grants given by community governance mechanism on Binance Smart Chain

·1 min read

In a huge move towards greater network democracy on Binance Smart Chain, a voting process has been employed to begin a community-led distribution of its massive development fund.

The community governance mechanism enables credible users of the blockchain to decide which of the 245 participant start-up projects deserved a $10,000 award from the ‘Most Valuable Builder’ fund.

This marks a significant first for Binance Smart Chain (BSC), as the DLT is increasingly democratised to its userbase.

More so, this comes at a poignant time for the project – following the announcement that $1bn in grant financing has been made available by Binance to ignite rapid growth of DeFi products and dApps.

Gwendolyn Regina, the investment director in charge of the recently-launched Binance Smart Chain Accelerator Fund explained how the aim of the $10,000 grants was to highlight the projects to new users.

“We’re looking to onboard the next billion users in the crypto ecosystem,” she explained.

“This requires participation from multiple stakeholders, including the ever-evolving crypto start-ups.

“By providing exposure and investment opportunities to the MVB III winners, we are fuelling high potential projects to drive mass adoption.”

Who won the first Binance Smart Chain (BSC) accelerator grants?

These are the 10 cutting-edge projects voted by the community as the first winners of the new BSC grant…

Gelato Network (smart contract arbitration bots)

Radio Caca (a metaverse DAO)

Deri Protocol (a DEX specialising in everlasting/perpetual derivatives)

Thetan Arena (a play-to-earn sports game)

MCDEX (permissionless perpetuals)

Qubit (lending platform by PancakeBunny team)

Biconomy (plug and play web3 APIs)

Zoo Crypto World (GameFi)

DeBank (purpose-built DeFi portfolio wallet)

Venly.io (blockchain tools)

Read more: BEP-95 proposal ignites discussion of Binance Smart Chain burn mechanism

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