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Binance Invests $5 Million in BNB into the BUIDL Smart Chain Program

Binance has chosen to make an investment of $5 million in BNB for the BUIDL Smart Chain program. This move was made by the exchange in a bid to provide greater incentive for the development of more dApps in the Binance Smart Chain. It is essentially part of a bigger move that the exchange is making for, as it is also planning to invest approximately $100 million into the De-Fi accelerator fund. The purpose of this move is to connect centralized finance (Ce-Fi) solutions with that of decentralized finance (De-Fi). One of the steps they have taken to achieve this goal is the BUIDL reward program. 

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The reward program is basically a tool that will be provided to people in the form of a rebate. Its aim is to give these rewards to all those developers who would enhance the Binance Smart Chain by making an effort to develop usable decentralized applications (dApps) for it. The announcement by Binance provided some details about this program and went over some of its more complicated aspects. First and foremost, the exchange stated that they have the right to make adjustments to the program according to the development of the Binance Smart Chain (BSC). 

According to Binance, this will provide much-needed support for all those people who wish to be pioneers within the Binance Smart Chain. As far as rules for getting the rebate are concerned, Binance said that they are three extensive rules that are involved. First and foremost, anyone who would deploy callable smart contracts will be able to register the address of their smart contract within the Binance Smart Chain. In this registration period, if the participant is qualified for the reward, the BSC will ask for the reward receiver address, along with the smart contract address. 

When it comes to users checking their registration through the relevant contract addresses, they will be able to do so via their smart contracts. The announcement will be made on 15th October, 2020. Apart from this, the gas fees that would be accumulated from transactions involving the smart contract will also be included in the reward for the developer. A small percentage of the gas fees will be set aside for the reward. The gas fees will be calculated by the BSC, which includes the fees for first-level contracts, because the purpose of the dApps is to increase blockchain usage.

The namesake token of Binance, BNB will be used for payment of all the rewards. These will be made on a monthly basis, sent to the address of the registered receiver during the duration of the program. As long as the reward for the program is in excess of 2 BNBs, these payments will be made. A detailed explanation will also be provided by Binance about the reward accumulation and distribution on its website. As of now, Binance is planning to start the first distribution at the end of October, 2020 and a reward percentage of 30% will be given for the whole of 2020.

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Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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