Binance Smart Chain Completes Community Voting Mechanism Pilot for Most Valuable Builder Program

Binance Smart Chain, which claims to be the leading decentralized finance (DeFi), non-fungible token (NFT) and Infra platform, has reportedly 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.”

As mentioned in an update shared with Crowdfund Insider, the process of choosing the winners was supported by a decentralized voting mechanism where key members of the BSC community participated and voted.

As confirmed in the announcement, Gelato Network, Radio Caca, Deri Protocol, Thetan Arena, MCDEX, Qubit, Biconomy, Zoo Crypto World, DeBank and were selected as the top winners eligible for $10,000 grants and investment opportunities under the $1B BSC Fund.

In total, 245 BSC startups participated, and many of these initiatives grew by ~5X on average across different metrics (users, transactions, volume, etc.). As noted in the announcement, MVB BUIDL Rewards (Gas rebate program to builders) were “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 update also mentioned that the voting “started on November 18 at 13:00 UTC and ended on November 25 at 13:00 UTC.”

Gwendolyn Regina, Investment Director at BSC Accelerator Fund, stated:

“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. 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 announcement revealed.

The committee members were chosen “based on their contribution to the BSC ecosystem to improve the progressive decentralization goal.”

The update also noted that the 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.”

Members were distributed into five categories with “various voting powers including BSC’s core team, VCs/mentors, universities, KOLs/Media and previous MVB Final Top winners.”

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,” the update noted.

As covered, 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 [claims that it] tops in infrastructure performance as the biggest DeFi blockchain with 100M+ users in its ecosystem.”

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