Business News Report
February 15, 2024

Binance Labs Unveils Ethena Labs, Shogun and NPFrompt in First Batch of its Sixth Incubation Program

In Brief

Binance Labs announced Ethena Labs, Shogun and NPFrompt as the first batch of projects for its sixth season of incubation program.

Binance Labs Unveils Ethena Labs, Shogun, and NPFrompt in First Batch of its Sixth Incubation Program

Cryptocurrency exchange Binance‘s venture capital and incubation arm, Binance Labs, announced the first batch of projects for the sixth season of its incubation program, including Ethena Labs, Shogun and NFPrompt, among others. The precise investment amount for these projects, however, is currently undisclosed.

Among the decentralized finance (DeFi) projects, Binance Labs provided support for Ethena Labs, a derivative infrastructure provider aimed at converting Ethereum’s native token, ETH, into the first cryptocurrency-native yield-bearing stablecoin. This initiative is designed to operate independently of traditional banking systems.

Furthermore, the venture capital invested in another DeFi project, Shogun, an intent-centric protocol aimed at maximizing trader extractable value (TEV) through optimized order flow and comprehensive chain abstraction. 

An AI-powered User-Generated Content (UGC) platform tailored for the emerging generation of Web3 creators, NFPrompt also received support. The platform facilitates AI-driven content creation, fosters social communities, and supports commercialization efforts encompassing all emerging standards, including NFT, inscription, and 404

Notably, NFPrompt was introduced on Binance Launchpool’s fair mode last year, marking its 41st project. Users were enabled to stake BNB, FDUSD, and TUSD to participate in farming NFP tokens.   

Binance Labs selected these projects from a pool of 12 participants for its Season 6 incubation program last year, encompassing various domains such as DeFi, infrastructure, and the application layer. They subsequently underwent a training period accompanied by personalized mentorship.

Binance Labs Shapes Web3 Future 

Binance Labs is a biannual incubation program designed to support early-stage projects that contribute to innovation within the Web3 ecosystem. Since its establishment in 2018, the program has successfully incubated more than 50 projects globally, spanning domains such as Infrastructure, DeFi, and the Metaverse. Notable projects that have emerged from this initiative include Polygon, Dune Analytics, and Cere Network.

Recently, Binance Labs provided a summary of its activities in 2023. The fund’s investment program focused on supporting tools utilizing zero-knowledge proof methods, Web3 games, and various products within DeFi. According to the report, the company’s portfolio has yielded a 14x return on investment, encompassing 250 projects across 25 countries.

Playing a pivotal role in shaping the future of the Web3 ecosystem, Binance Labs continues to support innovative ventures and achieve significant investment returns. 

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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