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Binance has recently announced a growth fund of $1 billion to increase the adoption of the Binance Smart Chain along with the whole blockchain industry. Note that Binance has reserved $500 million for investment, $300 million for incubation, $100 million for talent development and $100 million for liquidity incentives.
Note that Binance Smart Chain is one of the excellent blockchains to start new decentralized applications with more than 1 million daily active users. The main aim of the Binance Smart Chain is to provide an ecosystem for multi-chains and cross-chains to interoperate along with being cost-effective. To keep this inline, BSC will introduce decentralized gaming, financial services, and social networking.
The first group includes Talent Development, for which $100 million funds are reserved. It includes educating new crypto investors, running boot camps, providing academic scholarships, high-performance consensus protocols, cross-chain infrastructure, RegTech & Deep Analytics, mentoring developer communities etc. The goal of Talent Development is to raise a community of crypto professionals to help to push blockchain adoption.
The second group is the Liquidity Incentive Initiative, which will run various programs to encourage the users' participation from the traditional financial markets. This program will provide liquidity rewards to different protocols depending upon TVL, innovation, trading volumes. Also, it provides support and flexibility to the traders for providing more liquidity to the DeFi protocols.
Another group is the Builder and Incubation Program which involves conducting hackathons, running developer conferences, supporting the existing development programs and joint bug bounty programs.
The investment Program has been allocated the funds of $500 million, which will be used for growing the decentralized metaverse, gaming, artificial intelligence, virtual reality and financial services to support blockchain.
There has been a time where Binance Smart Chain has faced many criticisms regarding its security and decentralization. The traders are always very much concerned about its security. Still, the allocated growth funds of $1 billion will indeed prove to be an excellent program to boost the growth of blockchain technology. Not only Binance Smart Chain, but this program will impact all the other crypto platforms.