Zach Anderson
Oct 08, 2024 11:42
BNB Chain has announced CoCo Coin (COCO) as the winner of the third phase of its Meme Liquidity Program, supporting meme projects with liquidity and growth.
The BNB Chain ecosystem has announced CoCo Coin (COCO) as the winner of the third phase of its “Meme Heroes” support program. This initiative aims to bolster meme projects by providing vital liquidity pool (LP) support, fostering growth, and enhancing liquidity within the BNB Chain ecosystem, according to the BNB Chain Blog.
What is CoCo Coin?
CoCo Coin operates on the BNB Smart Chain (BSC) and is known for its strong community focus. Utilizing SocialFi strategies and targeted airdrops, CoCo offers a unique experience inspired by the popular PEPE Frog meme. It combines internet humor with social engagement, creating an ecosystem where participation is both rewarding and enjoyable for its diverse user base.
CoCo Coin’s strategy taps into the viral nature of memes to build a community-centric environment. This approach empowers users to actively contribute to the coin’s narrative and growth through innovative distribution and community-building initiatives.
Criteria for Meme Heroes Selection
The “Meme Heroes” initiative was designed to support meme projects by providing LP support worth $900,000 in total during its third phase. To ensure only the most promising projects benefit, BNB Chain set forth several selection criteria:
- Liquidity Lock: Projects must lock 100% of their LP liquidity for at least one year or send it to a null address.
- Token Supply Contribution: Projects are required to add 10% of their total token supply to the LP.
- Ownership Distribution: The top 10 externally owned accounts (EOAs) must collectively hold less than 10% of the total supply, with stakeholders encouraged to lock or vest their funds over time.
- Security Measures: Projects must verify their token source code on BscScan or undergo a security audit.
Additional factors such as trading volume, number of token holders, and market capitalization were also considered. CoCo Coin excelled in these areas, demonstrating a strong commitment to growth and security alongside its innovative community-building efforts.
As the winner, CoCo Coin will receive $50,000 in LP support to further its development and integration within the BNB Chain ecosystem.
Why BNB Chain Supports Memecoins
BNB Chain acknowledges the significant role memecoins play in introducing new users to the crypto world. With a mission to onboard the next billion users into Web3, BNB Chain believes memecoins, through their mainstream appeal, are essential for achieving this goal. The “Meme Heroes” program is designed to ensure that memecoin projects with real utility and potential receive the support they need to reach their business and community objectives.
This initiative is part of BNB Chain’s broader commitment to fostering the next generation of successful memecoins and driving mass adoption of Web3 technology.
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