Binance Labs invests in Particle Network, a top L1 solution
Binance Labs, the venture capital and incubator arm of Binance, has recently invested in Particle Network, the L1 solution for unifying all chains through Universal Accounts, addressing user and liquidity fragmentation in Web3.
The Binance Labs portfolio covers over 250 projects from more than 25 countries across six continents. Particle Network shared the partnership announcement through their X account:
Proud to announce @BinanceLabs as our latest investor. Web3 is rapidly entering the era of chain abstraction. Our ecosystem is coming together to deliver a maximally simple, borderless experience. One account, one balance, any chain. ✨
Particle Network: Unifying Web3
Particle Network is a modular L1 blockchain that provides Chain Abstraction infrastructure to address the fragmentation of liquidity and users in a multi-chain world. Here are the features that Particle Network uses to achieve this:
Universal Accounts
With Particle Network, users can maintain a single account and a unique balance throughout the ecosystem. This eliminates the need for manual bridges or asset management on multiple chains.
Universal Liquidity
Particle Network aims to create a seamless experience for users by providing universal liquidity across all chains. This ensures that users can easily access and trade assets regardless of the chain they are on.
Universal Gas
By implementing universal gas fees, Particle Network simplifies the user experience and reduces friction when interacting with different chains. This allows for a more seamless and cost-effective transaction process.
Particle L1 Chain
Particle Network’s L1 chain serves as the foundation for unifying Web3 and creating a seamless experience for users and developers. By offering a scalable and interconnected ecosystem, Particle Network aims to improve the overall user experience and reduce friction and costs associated with fragmented liquidity and users.
Unifying Web3 with Chain Abstraction
Binance has announced a mission to unify Web3 through the modular infrastructure of Chain Abstraction, providing a seamless experience with “One Account, One Balance, Any Chain.”
Binance Labs Fund Allocation
Newly secured funds from Binance Labs will be allocated in several key areas to drive the growth of Particle Network:
- Expanding the global team
- Enhancing features and integrating the Chain Abstraction ecosystem of Particle Network to provide a powerful and comprehensive solution for users
- Ensuring a safe, efficient, and timely launch of the L1 Mainnet in 2024
Supporting Innovative Products in Web3
Yi He, co-founder of Binance and head of Binance Labs, stated that they are dedicated to supporting founders building innovative products with the intention of bringing the next billion users into Web3. Binance Labs is excited to support Particle and looks forward to their success.
Accelerating Web3 Mass Adoption
In their mission to create a smoother and more intuitive user experience for everyday users, Yi He stated that Network is focused on accelerating the adoption of Web3 technologies.
Investment from Binance Labs
Pengyu, the founder of Particle Network, also addressed the investment, stating that they are honored to receive it from Binance Labs, a true pioneer in promoting industry innovation.
Pengyu referred to this partnership as a significant milestone for Particle Network in their efforts to achieve Chain Abstraction and accelerate the mass adoption of Web3.
Binance Labs will support the technical capabilities of Particle Network, expanding their presence in the global Web3 community and making the ecosystem more accessible and user-friendly.
