Blockchain and cryptocurrency technologies have attracted great attention in recent years. The innovative solutions offered by these technologies lead to significant developments in finance, gaming, art and many other fields. Binance Labs is at the forefront of these developments. It is an investment organization that supports the most innovative projects, especially in the fields of blockchain and cryptocurrency.
Binance Labs announced its new investments: The first is Ethena
Binance Labs, the investment arm of Binance, announced the first three projects it invested in in the sixth season of the Incubation Program. Projects named Ethena, NFPrompt and Shogun attracted attention. Because it was selected among 12 projects in the sixth phase, which started in September 2023.
Ethena, one of the invested projects, offers an infrastructure that aims to make ETH the first stablecoin that is not tied to banking systems and provides crypto-specific returns. In this way, users will be able to stake their ETH and earn a fixed return without the need for banks. Ethena aims to expand the use cases of ETH by unlocking the potential of DeFi and Web3.
NFPrompt and Shogun are also on the investment list
NFPrompt allows users to produce NFT content using their own commands. It also allows them to vote in campaigns organized by Web3 projects. Moreover, it is a platform that allows them to earn income from these. The platform aims to encourage new users to participate in Web3 by increasing the accessibility and usefulness of NFTs.
On the other hand, Shogun, which was initially implemented on the Cosmos network, functions as an intelligent liquidity finder for modular networks. Shogun aims to increase the scalability and efficiency of modular networks by optimizing liquidity fluidity between different networks. Binance Labs’ Incubation Program aims to support the most innovative and high-potential projects in the blockchain and cryptocurrency fields. Projects selected within the scope of the program receive mentoring, technical support and financial support from Binance Labs.
Innovation in different sectors
The first three projects that Binance Labs invested in in its sixth season attracted attention. Because it shows how blockchain and cryptocurrency fields can create innovations in different sectors. Ethena seeks to unlock the potential of DeFi and Web3. Additionally, NFPrompt plans to increase the accessibility and usefulness of NFTs. Finally, Shogun aims to increase the scalability and efficiency of modular networks.
In January, Binance Labs outlined its work in 2023. The fund’s investment program aimed to support tools based on zero-knowledge proof methods, Web3 games, and various products in the decentralized finance (defi) space. The report states that Binance Labs’ portfolio covers 250 projects in 25 countries. It is also stated that it has a 14x return on investment. The team has supported many well-known projects such as Optimism, LayerZero, Celestia, Aptos, Mysten Labs and Trust Wallet. More than 50 companies have received investments from Binance Labs, including Polygon, SafePal, and Injective Labs.
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