Since the announcement of the Binance Smart Chain's $1 Billion Fund in October, we have made tremendous progress deploying the funds! The fund accelerated the growth of various decentralized projects and pushed the adoption of not only BSC but the whole blockchain industry. The fund is divided into four categories, each aiming at different challenges and goals. Here's a snapshot of what we have done in the past month across these four pillars.
We also published the $1B Fund landing page where you can get all the information you need about how this fund works, how we use the money, and where.
$100 Million Talent Development
If you only read one thing: The talent-focused fund is being spent on educational events, hackathons, and university support with a ton of events already completed and more coming up soon. We also started recruiting talent to work on BSC by listing 9 open positions in the BSC core team.
A total of $100M funds are reserved for Talent Development, focusing on advancing research, education, and career opportunities in crypto and Web3.0. This category is devoted to crypto education and raising a crypto-native talent pool.
In the past month, we have worked closely with our partners and the communities to strategically split our effort into 4 areas.
- Awareness Events: We will host and sponsor various events to educate the public on crypto and blockchain and attract them to the space, from students to professionals.
- Internship and Job opportunities: Binance Smart Chain will open new positions across marketing, tech, business, and security and accept internship and job applications worldwide.
- Community Support: We will create more educational materials and job opportunities for the community to create a crypto-native talent pool that will benefit Binance Smart Chain and the whole industry.
- Investments: We will finance new technologies and ideas, support developer communities, sponsor universities, and educational organizations.
$100 Million Liquidity Incentive Program
If you only read one thing: The Liquidity Incentive started working immediately after the deployment with 4 projects onboarded and benefiting from the liquidity. More projects will be joining them soon.
A total of $100M funds are reserved under the Liquidity Incentive Program to help projects achieve sustainable liquidity and user growth.
The program targets 3 categories of projects:
- DeFi Protocols
- Professional DeFi Market Makers & LPs
- Gaming & NFTs
Over the past month, Deri Protocol, MCDEX, Decentral Games, and WooTrade have received liquidity from this program. One thing worth noting is that all 4 projects participated in the Most Valuable Builder program, with Deri Protocol and MCDEX winning #MVBIII.
$300 Million Builder & Incubation Program
If you only read one thing: we’ve been very active in sponsoring hackathons to support the next generation of builders, and we’ve seen lots of great progress with the teams emerging from Most Valuable Builder as they’ve been able to meet many industry leaders through the newly launched incubation program.
This category injects $300 million into Builder & Incubation Programs, split into 2 categories – $100m for hackathons and events and $200m for the BSC Most Valuable Builder program.
We allocated $100M to regional and global hackathons, white hackers benefiting joint bug bounty programs, running developer conferences, and supporting existing mainstream development programs.
- We teamed up with Dorahacks and rolled out the BSC GameFi Hackathon for Central & Eastern Europe.
- We sponsored and joined Gitcoin cross-chain DeFi hackathon.
- We sponsored Chainlink Hackathon Fall 2021 organized by Chainlink
- We sponsored CEE GameFi hackathon
- We sponsored the launching events of CV VC Accelerator Week | South Africa to help CV VC build a blockchain ecosystem in South Africa
Most Valuable Builder (#MVB)
BSC Most Valuable Builder (MVB) program is already becoming one of the best incubation programs. $200M from our fund will be used to expand MVB and incubate 100 innovative dApps and infrastructure providers building on top of BSC who will receive mentoring from top venture capital and technical support from the BSC core community.
We have accomplished a lot regarding #MVB in the past month!
- MVB landing page and playbook went live! It provides you with all the MVB updates in real-time and comes with a ton of useful info for both interested and participating projects and the public.
- We announced MVB III September Monthly Stars, October Monthly Stars, and Top 10 Players.
- #MVBIII Top 10 Players will also benefit from this fund.
- Tranchess (CHESS) and BinaryX (BNX), both participants from #MVBIII, were listed on Binance.com.
- Fundraising: Three #MVBIII projects, Biswap, MCDEX, and Deri Protocol, secured funding. While Biswap got the investment from Binance Labs, MCDEX and Deri Protocol got funding from the $500 million investment pillar of the $1B Fund.
- Incubation Events: We hosted 5 events for #MVBIII Monthly Stars in the past month.
- Kickoff Call with September Monthly Stars
- Fireside Chat: How to Design Great Games: Gameplay & Tokenomics with Sean Dudley, VP of Product at Animoca Brands
- Fireside Chat: What Makes A Good Investment? with Binance Labs and BSC
- Masterclass: Taking Security to the Next Level with Kayvon Hosseini, Product Lead at CertiK
- Fireside Chat: Building & Scaling A Top GameFi with Sarojini McKenna, Co-Founder of Alien Worlds
- Mentoring: We matched 14 mentor organizations with MVB Monthly Starts to provide mentoring advice on growth, marketing, security, and tokenomics.
- Marketing: We held various marketing campaigns to help MVB Monthly Stars gain traction. The major ones were the #MVBIII October Monthly Stars Expo, #MVBIII Monthly Stars September Expo, BSC DeFi Expo, and BSC GameFi Expo. We also published 3 BSC Spotlight articles to help MVB projects get more exposure.
- Important Milestone: We also reached a new milestone - over 1,000 projects registered for the MVB program.
- Voting Committee: We started collaborating with Project Galaxy to form a voting committee to select the 10 MVBIII Top Players to implement more transparency and fairness to the selection. Find out more about the voting committee!
$500 Million Investment Program
If you only read one thing: We’re actively using the funds to recognize and support projects with high potential and innovation. So far, we have invested in Avocado Guild, Quidd, SecondLive, Deri protocol, MCDEX, and Project Galaxy.
With this fund, we aim to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence, and financial services, which will not be limited to BSC but also support all the blockchain infra. With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.
Have some unanswered questions?
Watch our AMA with Gitcoin on the $1B Growth Fund.
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