Binance, on Tuesday announced that it had committed $1 billion to further boost BSC’s growth, after it put up $100 million to support decentralized finance (DeFi) projects on BSC a little over a year ago.
Binance’s latest move came as a number of other new Ethereum-alternative projects are also dedicating hundreds of millions of dollars in incentives.
“BSC’s growth has attracted 100 million more DeFi users with just an initial funding of $100 million,” Binance CEO Changpeng Zhao said in a press release. “With the new contribution of $1 billion, it can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchain ecosystem with one billion users.”
According to the news release, the newly launched $1 billion Growth Fund by Binance will be dedicated to four main categories in the BSC’s ecosystem: talent development among the developer communities and crypto investors, liquidity incentive programs to encourage new users to try the smart contract blockchain, tech support including global hackathons and an incubation program for different new projects.
The announcement came after a number of other blockchain projects pushed out their own big-budget incentive programs to boost their ecosystems, including Solana, Avalanche and Fantom, as the layer 1 blockchain competition heats up.
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