According to a post on the X account on Feb. 15, Binance Labs has announced the first batch of its sixth season, S6, incubation projects.
We're excited to announce the first batch of S6 Incubation projects that we've made an investment in!
🔸@ethena_labs
🔸@nfprompt
🔸@shogunfiFind out more about the projects, listed alphabetically below👇 pic.twitter.com/P9hGPnC4vy
— Binance Labs Fund (@BinanceLabs) February 15, 2024
Binance added that it would invest in three projects during the sixth season. The details of the latest initiative and the investment amount have not been revealed, but Binance Labs did reveal the entities of those who received the funding.
Ethena Labs is known to be providing the derivatives infrastructure to transform Ethereum (ETH) into the first cryptocurrency stablecoin to generate revenue independent of banking systems.
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NFPromt is an AI-powered user-generated content platform designed for the next generation of Web3 creators, including all new standards such as non-fungible tokens (NFT), Caption, and 404—an all-in-one platform enabling AI creation, social communities, and commercialization.
The Shogun project is an intent-centric protocol that aims to maximize trader extractable value (TEV) via optimized order flow and complete chain abstraction.
In January, Binance Labs summed up its work in 2023. The fund’s investment program aimed at supporting tools based on zero-knowledge proof methods, Web3 games, and various products in decentralized finance (defi).
Let's take a look back at our year in 2023! 🚀
We remained committed supporting early-stage founders with bold ideas, and resilient projects that are shaping the future of Web3.
Check out our year in investments👇https://t.co/xyyhL7iYjO pic.twitter.com/NN3o8Ez43y
— Binance Labs Fund (@BinanceLabs) January 17, 2024
The report states that Binance Labs’ portfolio has a 14x return on investment, covering 250 projects in 25 countries.
The team has supported several well-known projects, including Optimism, LayerZero, Celestia, Aptos, Mysten Labs, and Trust Wallet.
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More than 50 companies have been incubated by Binance Labs, including Polygon, SafePal and Injective Labs.
#Binance #WRITE2EARN
