Binance is offering $100 million to try to attract developers to build on Binance Smart Chain, its blockchain platform that has smart contracts, it announced today during its The World of DeFi summit.
The exchange is attempting to capture some of the decentralized finance (DeFi) market share and to take advantage of the current DeFi hype.
Members of Binance’s community will be acting as a governance party for assigning out the funds. They will be using the same criteria for choosing projects that’s used by Binance X, Binance Labs and Binance Launchpad—several of the exchange’s fundraising and investing initiatives.
Successful projects will be able to get up to $100,000 in funding. If they pass security audits and Binance’s due diligence process, the exchange may provide liquidity to their token and might list it on Binance.com.
Binance is also planning on bringing its blockchain platform and its main exchange closer together. It will provide native integration between the two, so that the exchange’s users can access many of the DeFi projects on Binance Smart Chain directly. And with $100 million up for grabs, there should be at least a few.