Web3 Innovators Explore New Growth Strategies Amid 84% Drop in Bear Market Funding on BNB Chain

Web3 Innovators Explore New Growth Strategies Amid 84% Drop in Bear Market Funding on BNB Chain

BNB Chain’s Web3 Growth Stories

BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, is highlighting the compelling growth stories of the projects that emerge from its project development program, starting with its hackathons. This comes in the wake of BNB Chain’s Istanbul Hackathon, which saw the emergence of a number of strong projects.

The focus of the bear market is building quality Web3 projects – this is a time for developers to concentrate on identifying what real use cases need solving. However, quarterly funding for Web3 startups has dropped by approximately 84% this year. Against this backdrop, thousands of founders have looked to alternate ways to develop their projects to the point of launch readiness.

By providing constant guidance, in addition to routinely incentivizing innovation with its global hackathons, BNB Chain mentors these projects through the various stages of their development journeys as they strive to realize the immense potential of Web3.

Partnering with BNB Chain: A Step-by-Step Guide

  1. Ideate and develop a killer idea at a BNB Chain hackathon
  2. Win a reward at the hackathon that allows for initial development
  3. Develop further with constant guidance from BNB Chain
  4. Get introduced to incubators who can supercharge your project
  5. Launch your project on-chain

BNB Chain Hackathon winners also receive referral codes to apply to the Most Valuable Builder (MVB) to potentially increase their funding. The program – run by BNB Chain and Binance Labs – helps projects develop and grow through mentorship, funding, and network support*.

BNB Chain’s recent Istanbul Hackathon saw a number of exciting projects start on this journey, with a number of the winners sharing how they plan to utilize their winnings to advance their projects.

MoveSpace: Revolutionizing Data Transparency

MoveSpace, an on-chain data labeling and marketplace powered by a vector database, is addressing the data transparency issue in AI training to incentivize human interactions with data with BNB Greenfield. Using the funds they won at the BNB Chain Hackathon, they are further refining their concept – making data tradable as a regular commodity or asset – to make data ownership meaningful, setting them up for success at their first round of fundraising.

ZeroX: Web3 Gaming for Mass Adoption

Another winning project exemplifying the practical applications of blockchain technology is ZeroX, a Web3 Gaming platform with a core mission of onboarding users to Web3 through gaming. Offering SDK and API services for traditional game development, they are lowering the barriers for traditional game developers and gamers to enter Web3. They will allocate the funds they won at the Istanbul hackathon to accelerate their growth and incorporate BNB Greenfield into their product, putting them in a leading position for their first funding round and upcoming public product launch.

Learn more about all of the winning projects, their experiences of BNB Chain Hackathon Istanbul and how it is accelerating their growth here.

Tomasz Wojewoda, Head of Business Development at BNB Chain, said: “The quality of the projects that emerged from the BNB Chain Istanbul Hackathon was truly remarkable. It has been great to see their Web3 spirit on full display and to see how they are leveraging opBNB and BNB Greenfield to accelerate their development. Myself and the BNB Chain team look forward to being by the developers’ sides and providing guidance as they continue to build towards realizing their vision.”

About BNB Chain

BNB Chain is a dynamic community-driven ecosystem featuring multiple decentralized blockchains, all powered by BNB. This robust ecosystem comprises several key components:

BNB Beacon Chain

BNB Beacon Chain serves as the staking and governance layer of the ecosystem.

BNB Smart Chain (BSC)

BNB Smart Chain, also known as BSC, is EVM compatible and fosters a multi-chain environment. It integrates Layer-2 solutions such as opBNB.

BNB Greenfield

BNB Greenfield stands out as the decentralized data storage network within the BNB Chain ecosystem.

The BNB Chain ecosystem boasts the world’s largest smart contract blockchain, BSC, with impressive statistics:

  • Daily active users: The highest in the world.
  • Transactions to date: 3 billion from 232 million unique addresses.
  • Layer 1 blockchain size: The largest globally.
  • Performance highlights: Ultra-low gas fees, higher transactions per second, and zero crashes since inception.

Developers within the BNB Chain ecosystem enjoy massive user access and a thriving environment with more than 1,500 estimated active dApps across various categories, including:

  • DeFi
  • Metaverse
  • Blockchain Gaming
  • SocialFi
  • NFT
  • Infrastructure

Supporting the Web3 ecosystem, BNB Chain provides numerous programs, including:

  • Gas Grant
  • Builder Grant
  • Kickstart
  • Most Valuable Builder (MVB)
  • AvengerDAO