Binance Labs Invests in AltLayer, KiloEx, Kinza, and Sleepless AI as Part of the MVB Program
Binance Labs, the venture capital and incubation arm of Binance, has announced its investment in four top-performing projects from the sixth season of its Most Valuable Builder (MVB) program. The announcement was made on Binance's official blog, and the investment is aimed at growing the BNB Chain ecosystem.
The four projects selected for investment are:
1. AltLayer: An open and decentralized protocol for developers to launch application-tailored rollups. It offers a no-code Rollups-as-a-Service dashboard that allows customized rollups with fraud/zk proofs at speed.
2. KiloEx: Building the next generation of user-friendly perpetual DEX focused on risk management and capital efficiency. It offers lightning-fast trades and an intuitive trading experience.
3. Kinza: A robust lending protocol that focuses on security and aims to create the best on-chain money market. It features Real Yield that employs a dynamic interest rate curve, generating revenue from interest for the protocol and lenders.
4. Sleepless AI: An AI blockchain-based virtual companion game utilizing AIGC and LLMs to create rich story-based gameplay and evolving interactions with characters.
These projects are building across various sectors including DeFi, infrastructure, and Web3 gaming.
Yi He, Co-Founder of Binance and Head of Binance Labs, commented on the investment, stating: "At Binance Labs, our vision is to empower and back early-stage founders who are committed to building long-term innovative projects. Through the MVB Program, we identified four high-performing projects for investment across various sectors. We look forward to seeing these projects’ continued growth and positive contribution to the wider Web3 ecosystem.”
The sixth season of the MVB Program concluded in June 2023. It received over 1,400 applications, with 53% of applicants based in North America and Europe, and 36% based in APAC. The program's highly selective process admitted less than 1% of the total applicant pool.
Since 2018, Binance Labs has invested in more than 200 projects across six continents with $9 billion in total assets and a 1260% rate of return on investment. It has also incubated more than 50 projects native to Web3, including Polygon, Perpetual Protocol, and Dune Analytics.
BNB Chain is a decentralized blockchain powered by BNB. It has processed 3 billion transactions to date from 200 million unique addresses. The ecosystem has more than 1,400 active dApps across multiple categories, such as DeFi, Metaverse, blockchain games, NFT, and more.
The investment in these four projects by Binance Labs signifies a strong commitment to supporting innovation and meaningful use cases within the Web3 industry. It also reflects Binance Labs' dedication to incubating and supporting high-potential projects that contribute to the sustainability and scalability of the Web3 ecosystem. Applications for the new season of the Binance Labs Incubation Program are open until August 15th, 2023.
Image source: Shutterstock
Exclusive interview with Binance CEO Changpeng Zhao