The venture capitalist arm of the world’s largest crypto exchange by volume says it is investing in a Modular Cosmos (ATOM)-based layer 1 project.
In a new blog post, Binance Labs say it invests an unspecified amount in Particle Network as a way to address user and liquidity fragmentation, which means that available trading volume is spread across multiple networks, resulting in fragmented liquidity pools.
“The number of blockchain networks is rapidly increasing, with a growing proliferation of layer 1 and layer 2 chains across ecosystems. This chain-tight approach to scalability leads to highly fragmented user bases and liquidity, resulting in poor user and developer experiences and significant friction/costs.
Particle Network is a modular Layer 1 blockchain that provides Chain Abstraction infrastructure to address liquidity and user fragmentation in a multi-chain world. They achieve this through four core functions, namely Universal Accounts, Universal Liquidity, Universal Gas and the Particle Layer-1 chain.”
Particle Network allows customers to have a single user account and balance all blockchains, eliminating the need to manually bridge crypto assets.
According to the press release, Particle Network’s mainnet will launch sometime later this year, with a mission to seamlessly unify the Web3 space.
As Yi He, co-founder of Binance and head of Binance Labs, says:
“Binance Labs is committed to supporting founders building innovative products to give the next billion users access to Web3. We look forward to supporting Particle Network in their mission to create a smoother and more intuitive user experience for everyday users.”
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