Binance Labs unveils Ethena Labs, Shogun, and NPFrompt in the first batch of its sixth incubation program.
Posted: February 15, 2024 7:03 AM Updated: February 15, 2024 7:03 AM
Correction and fact check date: February 15, 2024, 7:03 AM
briefly
Binance Labs announced Ethena Labs, Shogun, and NPFrompt as the first projects of the sixth season of the incubation program.
Binance Labs, the venture capital and incubation arm of cryptocurrency exchange Binance, announced its first batch of projects for the sixth season of its incubation program, including Ethena Labs, Shogun, and NFPrompt. However, the exact investment amount for these projects has not been disclosed at present.
Among decentralized finance (DeFi) projects, Binance Labs has provided support to Ethena Labs, a derivatives infrastructure provider that aims to transform Ethereum’s native token, ETH, into the first cryptocurrency-based yielding stablecoin. . The scheme is designed to operate independently of the existing banking system.
The venture capital firm also invested in another DeFi project, Shogun, an intent-driven protocol that aims to maximize trader extractable value (TEV) through optimized order flow and comprehensive chain abstraction.
NFPrompt, an AI-powered user-generated content (UGC) platform tailored for the emerging generation of Web3 creators, also received support. The platform fosters AI-powered content creation, fosters social communities, and supports commercialization efforts encompassing all emerging standards, including NFTs, Inscription, and 404.
In particular, NFPrompt was introduced into Binance Launchpool’s process mode last year, marking the 41st project. Users were able to stake BNB, FDUSD, and TUSD to participate in NFP token farming.
Binance Labs selected these projects from a pool of 12 participants covering various domains such as DeFi, infrastructure, and application layers for its Season 6 incubation program last year. They then went through a training period with personalized mentoring.
Binance Labs Shapes the Future of Web3
Binance Labs is a biennial incubation program designed to support early-stage projects contributing to innovation within the Web3 ecosystem. Since its establishment in 2018, the program has successfully incubated more than 50 projects globally, covering domains such as infrastructure, DeFi, and metaverse. Notable projects emerging from this initiative include Polygon, Dune Analytics, and Cere Network.
Recently, Binance Labs provided a summary of its activities for 2023. The fund’s investment program focused on supporting tools utilizing zero-knowledge proof methods, Web3 games, and various products within DeFi. According to the report, the company’s portfolio includes 250 projects in 25 countries and has achieved a 14x return on investment.
Playing a pivotal role in shaping the future of the Web3 ecosystem, Binance Labs continues to support innovative ventures and achieve significant returns on investments.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles