Key Points
- Binance Labs invested within the main L1 resolution Particle Network.
- The goal is to deal with person and liquidity fragmentation in Web3.
Binance’s enterprise capital and incubation arm, Binance Labs, has simply invested in Particle Network, the L1 resolution for unifying all chains by way of Universal Accounts, addressing person and liquidity fragmentation in Web3.
Binance Labs’ portfolio covers greater than 250 initiatives from over 25 international locations throughout six continents.
Particle Network shared the partnership announcement by way of their X account:
Proud to announce @BinanceLabs as our newest investor.
Web3 is quickly getting into the period of chain abstraction. Our ecosystem is coming collectively to ship a maximally easy, borderless expertise.
One account, one stability, any chain. ✨
— Particle Network (@ParticleNtwrk) August 1, 2024
The variety of blockchain networks is rising at a quick tempo, and the proliferation of L1 and L2 chains throughout ecosystems is evolving. This chain-dense strategy to scalability results in extremely fragmented person bases and liquidity. The result’s broken person and developer experiences, and excessive friction/prices.
Particle Network is a modular L1 blockchain that provides Chain Abstraction infrastructure to deal with liquidity and person fragmentation in a multi-chain world. Here are the options that Particle Network makes use of to realize this:
- Universal Accounts
- Universal Liquidity
- Universal Gas
- Particle L1 chain
The Mission to Unify Web3
With the assistance of Particle Network, customers can preserve a single account and stability throughout the ecosystem. This eliminates the necessity for guide bridging or asset administration throughout a number of chains.
The aim is to permit customers to have a single handle and stability throughout each chain, and pay for gasoline in any token.
This mission of unifying Web3 is carried out by way of the Modular Chain Abstraction Infrastructure, providing a seamless expertise with “One Account, One Balance, Any Chain,” in keeping with Binance’s official announcement.
Binance Labs’ Fund Allocation
Binance Labs’ newly secured funds can be allotted to some essential areas to drive Particle Network’s development:
- Global workforce growth
- Enhancing options and integration of Particle Network’s Chain Abstraction ecosystem to supply a robust and complete person resolution
- Ensuring a safe, environment friendly, and well timed launch of the L1 Mainnet in 2024
Yi He, the co-founder of Binance and Head of Binance Labs mentioned that they’re dedicated to supporting founders who’re constructing progressive merchandise meaning to onboard the subsequent billion customers into Web3.
Binance Labs seems to be ahead to supporting Particle Network in its mission to create a smoother and extra intuitive UX for on a regular basis customers, Yi He said.
Accelerating Mass Adoption of Web3
Pengyu, the founding father of Particle Network additionally addressed the funding, saying that they’re honored to obtain it from Binance Labs, “a real pioneer in driving trade innovation.”
Pengyu referred to as this partnership an essential milestone for Particle Network of their transfer in the direction of realizing the Chain Abstraction and accelerating mass adoption of Web3.
Binance Labs will assist Particle Network‘s technical capabilities, increasing its attain within the international Web3 group, and making the ecosystem extra accessible and user-friendly to everybody.
