Binance Labs Invests in Three Projects
Binance Labs has made investments in three projects, Ethena Labs, NFPromt, and Shogun, as part of its incubator program. Although the investment amount and specific details of the initiative have not been disclosed, Binance Labs has revealed the entities that received funding.
Transforming Ethereum into a Stablecoin
Ethena Labs is known for its derivatives infrastructure that aims to transform Ethereum into the first cryptocurrency stablecoin. This transformation will allow Ethereum to generate revenue independently of traditional banking systems.
An AI-Powered Content Platform for Web3 Creators
NFPromt is an AI-powered user-generated content platform designed for the next generation of Web3 creators. It supports new standards such as non-fungible tokens (NFT), Caption, and 404. The platform provides AI creation tools, social communities, and opportunities for commercialization.
A Protocol Maximizing Trader Extractable Value
The Shogun project is an intent-centric protocol that aims to maximize trader extractable value (TEV) through optimized order flow and complete chain abstraction. It focuses on improving the trading experience and profitability for users.
Binance Labs’ Investment Program
In January, Binance Labs summarized its work in 2023, which included supporting tools based on zero-knowledge proof methods, Web3 games, and various decentralized finance (defi) products. The fund’s portfolio has shown a 14x return on investment and has supported numerous well-known projects such as Optimism, LayerZero, Celestia, Aptos, Mysten Labs, and Trust Wallet. Binance Labs has incubated over 50 companies, including Polygon, SafePal, and Injective Labs.
Conclusion
Binance Labs continues to invest in innovative projects within the cryptocurrency space. With its recent investments in Ethena Labs, NFPromt, and Shogun, Binance Labs aims to support the development of Ethereum as a stablecoin, empower Web3 creators with AI-powered tools, and enhance trader extractable value through its protocol. The success of its investment program is evident through its 14x return on investment and support for numerous well-known projects. Binance Labs remains committed to driving innovation and growth within the crypto industry.
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