BNB Chain is increasing its focus on stablecoins through a series of retention-driven initiatives. These initiatives include the Total Value Locked (TVL) Incentive Program, deeper incorporation of stablecoins into its DeFi ecosystem, and a recently announced Gas-Free Campaign. These initiatives are all part of the company’s mission to attract the next billion users and bridge the gap between Web2 and Web3.
The Gasless Carnival Season on BNB Chain does away with the need to pay gas fees when moving or redeeming stablecoins (USDT, FDUSD, and USDC) on BNB Smart Chain (BSC) and opBNB. This promotion will go live on September 19, 2024, and it will be accessible on a variety of platforms as well as wallets, such as Bitget Wallet and SafePal. Additionally, it encompasses transfers through Celer cBridge, which makes transactions with stablecoins both more expedient and more cost-effective.
By providing a total prize pool of up to $300,000, the TVL Incentive Program promotes decentralized finance projects to increase their TVL on the BNB Chain. This is accomplished by providing rewards for the growth of stablecoin and BNB staking. Additionally, the program includes two competitions: the BNB Staking Challenge, which has a reward pool of $100,000, and the TVL Challenge, which has a prize pool of $200,000; both of these contests are open to all DeFi projects that are hosted on opBNB and BSC. Participants are rated according to the incremental growth of their TVL, with stablecoins (FDUSD, USDT, and USDC) and BNB receiving significant importance in the rankings. From September 12th to October 11th, 2024, the program will be in effect.
By integrating stablecoins into leading decentralized finance platforms such as Venus and PancakeSwap, BNB Chain is further boosting the usability of stablecoins. This integration enables users to stake and offer liquidity with attractive annual percentage yields (APYs). Through the implementation of this project, holders of stablecoins are provided with the option to earn returns while adding to the liquidity and stability of the DeFi ecosystem in the BNB Chain.
BNB Chain is working along with payment gateways to make it easier for people to conduct transactions in the real world using stablecoins.
This is done with the goal of making stablecoins more applicable to everyday use. As a result of this integration, which bridges the gap between traditional and digital financial systems, stablecoins have become an essential component of BNB Chain’s plan for widespread adoption.
BNB Chain is reaffirming its dedication to making Bitcoin as easily available and feasible as traditional money by the implementation of these projects, which is driving forward the acceptance of decentralized finance as well as stablecoins.
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