Binance Labs Announces Investment In Three Projects From Season 6 Incubation Program

Binance Labs, the venture arm of Binance, has disclosed the initial trio of projects from Season 6 incubation for investment. While the precise investment amounts remain undisclosed, these projects represent different aspects of the blockchain industry. 

Let's take a closer look at each project:

Ethena Labs

Ethena Labs develops infrastructure for derivatives on Ethereum (ETH). Its primary objective is to convert Ethereum's native token (ETH) into the pioneering cryptocurrency-native yield-bearing stablecoin. The uniqueness of Ethena is its independence from conventional financial systems, reportedly making it an important player in the decentralized finance (DeFi) industry.

NFPrompt

NFPrompt serves as an all-encompassing platform integrating AI-powered creation, social community features, and avenues for commercialization. Users can stake their $NFP tokens to earn platform fees, participate in voting and contests, and engage in community-driven governance.

The protocol enables users to create images, videos, profile pictures (PFP), and music NFTs, fostering community engagement and creativity.

Shogun[dot]fi

Shogun[dot]fi, also known as the Shogun project, introduces a protocol centered around intent, with a core focus on optimizing trader extractable value (TEV) through efficient order flow and seamless chain abstraction. By prioritizing user interests and enhancing liquidity provision, Shogun aims to redefine decentralized exchange (DEX) interactions, minimizing risks and maximizing profitability.

Earlier, Binance Labs announced 12 projects for its Season 6 Incubation Program on Sept. 21, 2023.

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An Incubation Program for Web3

Binance Labs' biannual incubation program catalyzes nurturing early-stage projects driving innovation in the Web3 ecosystem. Since its inception in 2018, the program has incubated over 50 projects globally, spanning diverse domains such as Infrastructure, DeFi, and the Metaverse. Notable successes include Polygon, Dune Analytics, and Cere Network.

In 2023, Binance Labs maintained its focus on supporting cutting-edge tools leveraging zero-knowledge proof methods, Web3 games, and various DeFi products. The venture's investment portfolio has yielded significant returns, with a 14x ROI, encompassing 250 projects across 25 countries.