Binance Labs invests in Zircuit, developer of Ethereum Layer 2 networks

Binance Labs, the $10 billion venture capital and incubation arm of the Binance exchange, has invested an undisclosed sum in Zircuit, an Ethereum company developing layer 2 networks.

Zircuit is a zero-knowledge rollup with “AI-enabled sequencer-level security,” Binance Labs said on Tuesday. The company added that its investment will help Zircuit grow and further develop its network.

Binance Labs' investment in Zircuit comes ahead of the mainnet launch this summer. Both companies declined to disclose the size of the investment or other terms of the deal. Zircuit is also backed by Pantera Capital and Dragonfly, according to his X bio.

Zircuit mainnet launch

Founded in mid-2022, Zircuit is currently in the testnet phase. Derka said the testnet was launched at the DevConnect 2023 event in Istanbul last November and the mainnet will be launched in the coming months.

Zircuit claims to have already raised more than $3.5 billion in assets at stake and says its "Build to Earn" program has attracted more than 1,100 applications. Ethena, Renzo, Ether.fi, KelpDAO, Elixir, Ambient, Pendle, LayerZero and others are among its launch partners, according to the project.

“The Zircuit staking program collects pre-committed liquidity to enter the Zircuit and DeFi ecosystem when the mainnet goes live,” Derka said. These deposits are managed by a smart contract at Layer 1, which allows users to deposit and withdraw their assets at any time. When the mainnet is launched, users will be able to withdraw their funds or transfer them to the Zircuit network using its bridge, he added.
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