The primary cryptocurrency exchange worldwide is encouraging developers to construct the next viral memecoin on its BNB Chain. Today, Binance's BNB Chain revealed the BNB Chain Meme Innovation Battle with a potential reward of up to $1 million.

The company expressed excitement about the contest, highlighting that it offers a chance for developers and creators to display their innovative ideas and compete for appealing prizes. Interested individuals looking to become memecoin creators have until April 9th to enroll. The competition is scheduled to take place the following day, with the winners and finalists being identified approximately one month later. The rewards will be given out to the champions three weeks after their victory.

The prize pool, dubbed as 'dynamic' by Binance, is subject to change. The final prize sum will be determined by the overall trading volume of the qualified memes during the competition period. The prize amount increases with higher trading volumes. The ultimate prize pool will be shared among eligible participants based on their rankings in three categories: total trading volume, market cap, and meme community holders.

Individuals who fulfill the competition requirements are eligible to enroll through an online application provided in the company's blog post.