Smart contract platform BNB Chain is making a move to draw in developers of memecoins as these quirky tokens gain popularity in the cryptocurrency world. BNB Chain has announced a reward pool of up to $1 million for developers who choose to launch their memecoin projects on the platform.

This initiative is part of BNB Chain's strategy to boost the memecoin sector within its ecosystem. Interested developers can take part in the "Meme Innovation Campaign" by deploying their tokens on BNB Chain from April 10 to May 9.

The competition aims to foster creativity and innovation within the community. BNB Chain emphasizes the campaign's focus on empowering creators, whether experienced developers or newcomers, to utilize blockchain technology for their projects.

While the competition appears straightforward, meeting certain criteria can be a challenge. Participants must achieve a minimum trading volume of $2 billion for their memecoins to be eligible for rewards, with the top prize of $1 million reserved for tokens with over $30 billion in trading volume.

To qualify, developers must also undergo a security audit, make their project open-source on BNB Smart Chain's blockchain explorer, BscScan, have more than 1,000 tokenholders, and maintain a presence on social media platforms like Telegram and Discord.

BNB Chain's initiative aligns with the growing trend of meme tokens in the crypto market, where tokens like Dogwifihat (WIF), Book of Meme (BOME), Pepe (PEPE), and Bonk (BONK) have seen significant market capitalization increases.

In a similar vein, other blockchain networks are also embracing memecoin development. For instance, the Avalanche Foundation recently offered a $1 million reward to memecoin liquidity providers, further highlighting the industry's interest in these unconventional tokens.