Binance Labs triggered a double-digit price increase in a smart contract-focused altcoin project it invested in.
Binance Labs spent $10 million on this altcoin project
Binance Labs, the investment arm of Binance, recently invested in 5 new altcoin projects. In hot development, he is leading a $10 million funding round for Cosmos-based cross-chain smart contract platform Neutron. The funding round has been completed, led by crypto-focused investment firm CoinFund.
Neutron is a Cosmos-based cross-chain smart contract platform. It released its mainnet last May. Neutron is basically a smart contract platform that uses Replicated Security (RS), the cross-chain security feature of the Cosmos ecosystem. The altcoin project has secured $10 million from Binance Labs in its latest funding round.
Prices rise in double digits during investment news
Especially ATOM price is rising around 10% in the middle of the investment news. The momentum dominated the market, with most altcoins trading in the green above 5%, including BTC.
On the other hand, Neutron (NTRN) price reacted with 70% gains to the investment news. The Cosmos project, which is still low in volume, is trading at the intraday high of $0.0008821 at the time of writing.
What is Neutron (NTRN)?
Neutron (NTRN) is a secure and open smart contract platform for Interchain DeFi. Powered by Tendermint. It is also built using the Cosmos SDK. Neutron provides tools for developers to launch smart contracts. Thus, it makes it possible for them to interact with other protocols and application networks.
As for how Neutron benefits, this feature allows validators from a Provider Chain (e.g. Cosmos Hub) to generate blocks for a Consumer Chain2i (e.g. Neutron). Node operators are rewarded with additional native tokens. However, they can be penalized if they fail to verify the Consumer Chain. In short, Interchain Security provides Neutron with the same degree of security that Cosmos Hub is sahockchainlip.
Meanwhile, Neutron can interoperate with 51 Blockchains connected via Inter-Blockchain Communication (IBC) on the Cosmos network. Neutron co-founder Avril Dutheil said, “Neutron was designed to solve the three main hurdles faced by smart contract developers at Cosmos. These are: lack of security, lack of trusted impartiality, and lack of access to cross-chain infrastructure.”
Other altcoins on Binance Labs’ radar
Binance Labs is Binance’s venture capital arm to promote the development of Blockchain and cryptocurrencies. cryptocoin.com You can take a look at the projects it has invested in in recent years on this page. Below are the rates of return on Binance Labs investments:
- Polygon (MATIC): 237x returns.
- The Sandbox (SAND): 78.6x returns.
- Axie Infinity (AXS): 62.2x returns.
- MultiversX: Achieved 61.7x returns.
- STEPN: Delivered 40.2x returns.
- Injective (INJ): 35.5x return.
- Fusionist: Binance Labs has jointly invested in a $6.6 million seed round in Web3 gaming giant FunPlus and Web2 gaming company Fusionist.
- Zecrey: Binance Labs has made a $6 million strategic investment in Layer2 cross-chain protocol Zecrey.
- Polyhedra Network: Binance Labs has invested in ZK infrastructure startup Polyhedra Network.
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