Binance Labs, the investment arm of cryptocurrency exchange Binance, recently welcomed four new altcoin projects into its Season 7 incubation program, a move aimed at fostering innovation and growth within the Web3 space.
While Binance Labs offers extensive mentorship and resources, it is important to note that participating in the incubation program does not necessarily mean direct investment from Binance. This mentorship aims to nurture early-stage projects through specialized curricula and comprehensive resources across the Binance ecosystem.
4 Projects to Receive Mentorship from Binance
Among the selected projects, Astherus, a liquidity hub for staked assets, stands out despite its modest Twitter presence of less than 6,000 followers. As the largest derivatives project on the BNB chain, Astherus has a total locked value of $81.79 million, according to data from DeFiLlama.
In an interview with BeInCrypto, Dust, founder of Astherus, said that the team plans to make the most of the Binance Labs Season 7 incubation program.
“The team is extremely proud to have been selected for Binance Labs Incubation Season 7. This is an industry recognition of our purpose to bring more use cases to staking assets. The program will provide important guidance on the Astherus vision and open up access to more partnerships across the Binance and BNB Chain ecosystem,” Dust told BeInCrypto.
Read more: How to Fund Innovation: A Guide to Web3 Grants
Next up is Cycle Network, a technical framework that aims to improve blockchain interoperability. It provides a bridgeless, aggregated liquidity network that is compatible with various blockchain layers, including Layer-1, Layer-2, Ethereum Virtual Machines (EVM), and non-EVM.
Cycle Network, which has around 127,000 followers on X, has made a strong entry into PiggyBank, attracting 300,000 users.
“Despite being the most secure algorithm, decentralized mechanisms have not been widely adopted due to the complexity of the work required for Web3. Realizing this, we have been working towards the principle of chain abstraction even before the term was officially coined,” Cycle Network explained.
The third project, Dill, was praised by Binance Labs as the most scalable data availability initiative. Boasting approximately 41,000 followers, Dill successfully closed its pre-seed and founder investment rounds. The round was led by Find Satoshi Ventures and included several prominent figures in the cryptocurrency industry.
However, the deal did not share information about the valuation of the investment round or other financial terms.
Finally, EigenLayer’s native DeFi protocol, EigenExplorer, rounds out the list. However, this project is the least represented on X, with just 840 followers. In fact, it debuted on X in April 2024 and has around 33 posts.
Learn more: What is EigenLayer?
However, investors should be cautious. This new cryptocurrency project, with its potential, carries risks. These include market volatility, security issues, and possible market manipulation.
To address these concerns, Binance Labs emphasizes security, transparency, compliance, and corporate governance.
“Binance Labs is dedicated to strengthening early-stage projects and accelerating the growth of the Web3 ecosystem. Our goal is to invest in the most capable and forward-thinking founders and projects that are fueling innovation or meaningful use cases, driving greater adoption, and building the future of Web3. This season’s curriculum will feature weekly sessions covering critical startup principles, including Web3 security, compliance best practices, and a deep dive into the legal and regulatory landscape,” a Binance spokesperson told BeInCrypto.
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