SINGAPORE, Nov. 26, 2021 /PRNewswire/ -- Binance Smart
Chain, the leading Defi, NFT and Infra platform, has completed the
first community-voting mechanism pilot for its Most Valuable
Builder Program that selected top ten projects from a pool of
industry-leading BSC projects.
The process of selecting the winners was on a
decentralized-based voting mechanism where key members of the BSC
community participated and voted.
With Gelato Network, Radio Caca, Deri Protocol, Thetan Arena,
MCDEX, Qubit, Biconomy, Zoo Crypto World, DeBank and Venly.io being
chosen as the top winners eligible for $10,000 grants and investment opportunities under
the $1B BSC Fund.
In total, 245 BSC startups participated, a multitude of which
grew by ~5X on average across the different metrics (users,
transactions, volume, etc.). MVB BUIDL Rewards (Gas rebate program
to builders) distributed over 2,800 BNB in October to more than 100
projects. That equals $1.82 million
returned in transaction fees to projects building on BSC.
The finale was also one of the first pilots of BSC's public
voting mechanism to increase the smart chain's transparency and
community governance. The voting started on November 18 at 13:00
UTC and ended on November 25
at 13:00 UTC.
"We're looking to onboard the next billion users in the crypto
ecosystem. This requires participation from multiple stakeholders,
including the ever-evolving crypto startups," said Gwendolyn Regina, Investment Director at BSC
Accelerator Fund. "By providing exposure and investment
opportunities to the MVB III winners, we are fueling high potential
projects to drive mass adoption."
The members eligible to cast their ballot were part of BSC's
voting committee who utilized NFT badges to select potential
projects.
The committee members were selected based on their contribution
to the BSC ecosystem to improve the progressive decentralization
goal. Members were distributed into five categories with
various voting powers including BSC's core team, VCs/mentors,
universities, KOLs/Media and previous MVB winners. That ensured
unbiased and objecting voting.
The governance mechanism was based on a weighted voting model. A
total of 30 voting badges were distributed amongst 30 committee
members and received 23 valid votes (effective votes accounted for
76.66%). At the end of the voting process, all voting power was
accounted for and projects with the highest votes were announced as
the Top MVB III winners.
About Binance Smart Chain
Binance Smart Chain (BSC) is a sovereign smart contract
blockchain delivering Ethereum Virtual Machine (EVM) compatible
programmability. Designed for a lightning speed and low transaction
fees while adding Smart Contracts functionality for dApps - BSC
tops in infrastructure performance as the biggest DeFi blockchain
with 100M+ users in its ecosystem. For more information on Binance
Smart Chain, please visit: https://www.binance.org