Binance Labs, the venture capital and incubation unit of cryptocurrency exchange giant Binance, has invested in Infrared, a protocol that gives users one-click access to Berachain’s Proof of Liquidity (PoL) mechanism. Here are the details…
Binance announced its new investment
Infrared’s mission is to maximize value capture on the Berachain network by providing user-friendly liquid staking solutions for Berachain Governance Token (BGT) and BERA (Berachain Gas Token). With this funding, Infrared plans to strengthen the backbone of the Berachain network and develop liquid staking solutions including “iBGT” and “iBERA” to increase the security, efficiency and reliability of the network. This will enable participants to maximize the benefit of their invested assets, allowing for profits without giving up liquidity, improving user experience, increasing network performance and enabling wider adoption of Berachain.
Berachain’s PoL design is based on two assets: the governance power of BGT, which is non-transferable once earned by an address and controls the flow of future BGT emissions, and BERA, which validators use to stake, generate blocks, and earn rewards. Through Infrared, users can easily interact with both assets. By depositing liquidity into Infrared vaults, users can earn iBGT. This is a liquid wrapper for BGT that allows users to use iBGT in the DeFi ecosystem while maintaining the benefits of BGT. This will unlock new use cases on Berachain, allowing a new ecosystem to evolve around BGT and iBGT.
What do the founders say?
Binance Labs, Binance’s venture capital and accelerator unit, is currently valued at over $10 billion. Its portfolio covers more than 250 projects from more than 25 countries on six continents and has a return on investment rate of over 14%. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. Binance Labs Co-Founder and President Yi He said:
At Binance Labs, we are always exploring projects that grow the blockchain industry, so we look forward to supporting Infrared’s mission to build an infrastructure that will drive the future growth of decentralized finance.
Infrared focuses on building infrastructure around the Proof of Liquidity (PoL) mechanism pioneered by Berachain. The protocol, BGT and BERA aim to maximize value capture by providing easy-to-use liquid staking solutions for node infrastructure and PoL vaults. By building solutions around PoL, Infrared is committed to improving user experience and enabling the growth of the Berachain ecosystem. Raito, Founder of Infrared Finance, said:
We are incredibly excited to receive support from an industry leader like Binance Labs. This investment validates our vision, and with Binance Labs’ investment, we are more confident than ever in our ability to build the infrastructure and tools needed to drive Berachain’s future growth.
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