Binance Smart Chain trials community-governance voting mechanism to provide grants to Top BSC projects

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