Key Points
- Binance Labs invested in the leading L1 solution Particle Network.
- The aim is to address user and liquidity fragmentation in Web3.
Binance’s venture capital and incubation arm, Binance Labs, has just invested in Particle Network, the L1 solution for unifying all chains via Universal Accounts, addressing user and liquidity fragmentation in Web3.
Binance Labs’ portfolio covers more than 250 projects from over 25 countries across six continents.
Particle Network shared the partnership announcement via 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. ✨ https://t.co/731DTeJxbe
— Particle Network (@ParticleNtwrk) August 1, 2024
The number of blockchain networks is increasing at a fast pace, and the proliferation of L1 and L2 chains across ecosystems is evolving. This chain-dense approach to scalability leads to highly fragmented user bases and liquidity. The result is damaged user and developer experiences, and high friction/costs.
Particle Network is a modular L1 blockchain that offers Chain Abstraction infrastructure to address liquidity and user fragmentation in a multi-chain world. Here are the features that Particle Network uses to achieve this:
- Universal Accounts
- Universal Liquidity
- Universal Gas
- Particle L1 chain
The Mission to Unify Web3
With the help of Particle Network, users can maintain a single account and balance across the ecosystem. This eliminates the need for manual bridging or asset management across multiple chains.
The goal is to allow users to have a single address and balance across every chain, and pay for gas in any token.
This mission of unifying Web3 is carried out via the Modular Chain Abstraction Infrastructure, offering a seamless experience with “One Account, One Balance, Any Chain,” according to Binance’s official announcement.
Binance Labs’ Fund Allocation
Binance Labs’ newly secured funds will be allocated to a few important areas to drive Particle Network’s growth:
- Global team expansion
- Enhancing features and integration of Particle Network’s Chain Abstraction ecosystem to offer a strong and comprehensive user solution
- Ensuring a secure, efficient, and timely launch of the L1 Mainnet in 2024
Yi He, the co-founder of Binance and Head of Binance Labs said that they are committed to supporting founders who are building innovative products intending to onboard the next billion users into Web3.
Binance Labs looks forward to supporting Particle Network in its mission to create a smoother and more intuitive UX for everyday users, Yi He said.
Accelerating Mass Adoption of Web3
Pengyu, the founder of Particle Network also addressed the investment, saying that they are honored to receive it from Binance Labs, “a true pioneer in driving industry innovation.”
Pengyu called this partnership an important milestone for Particle Network in their move towards realizing the Chain Abstraction and accelerating mass adoption of Web3.
Binance Labs will support Particle Network‘s technical capabilities, expanding its reach in the global Web3 community, and making the ecosystem more accessible and user-friendly to everyone.
