Binance Has Launched the BUIDL Reward Program for Binance Smart Chain

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BUIDL Reward Program

The Malta-based cryptocurrency exchange Binance which is the largest digital currency exchange in the world in terms of trading volume has introduced a new reward program known as the BUIDL Reward Program for its smart chain. This move has been taken by the Binance exchange to further promote the dApp ecosystem’s development on Binance Smart Chain.

$5 Million Worth of BNB committed to the reward program

In a blog post, the cryptocurrency exchange Binance has said that it has poured an amount of $5 million worth of BNB tokens into this reward program. As per the announcement, the reward will come as a rebate.

Stating the rules that will be followed by the BUIDL Reward Program, the company said in the announcement post that users will be given rewards in Binance Coin (BNB) the native digital currency of the exchange. Moreover, these rewards will be transferred into the registered address of the receiver and will be given to users on a monthly basis. However, the receiver will only be able to get rewards when the contract crosses above 2 BNB. The cryptocurrency exchange said that it will release further details regarding the distribution and accumulation of rewards very soon in a blog post.

Binance stated that deployers will have to go through the process of registration. This involves the registration of their smart contract addresses into another smart contract that will be available on Binance Smart Chain. The cryptocurrency exchange said that it will ask deployers during their registration “for the smart contract address and the reward receiver address of the qualifying participant.”  It further said that it will only honor the registrations of those addresses that belong to deployers.

Regarding gas fees, Binance said, “all the gas fees paid from transactions that call the registered smart contracts will be calculated, and a certain percentage will be recorded and accumulated as a reward.”

Moreover, the company plans to specify the percentage of reward at thirty percent for further boosting the development of dApp on the Smart Chain of Binance.

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