Key takeaways:
Binance Labs has invested in Initia, a Move Layer 1 Network on Cosmos with customizable Optimistic rollups for application developers to easily launch their own L2.
This investment emphasizes Binance Labs' commitment to supporting novel infrastructure that will enable more Web2 developers to interact within the Web3 space.
The funds raised will be put toward supporting the development of Initiaâs infrastructure and developer tools.
Binance Labs, the venture capital and incubation arm of Binance, has invested in Initia, a network designed for highly interwoven modular rollups. The platform enables developers to build scalable and sovereign systems while abstracting away the fragmentation and complexities encountered with traditional modular and multi-chain systems. This investment emphasizes Binance Labs' commitment to supporting innovative infrastructure that will allow more Web2 developers to engage in the Web3 space.
Initia is an L1 (Layer 1) on Cosmos with application-specific L2s (Layer 2) using Optimistic rollups. Through Initia's architecture, encompassing the L1, L2, and communication layers, developers can easily launch application-specific blockchains as Initia L2s without needing to know complex chain-level infrastructure or run validator sets. Project teams can design their own economy and user experience, incorporating features like native stablecoin and multi-chain bridging, in addition to just-in-time gas, ecosystem-wide asset fungibility, programmatic gas-free transactions, and account abstraction.
Yi He, Co-Founder of Binance and Head of Binance Labs, commented: âBinance Labs is continually identifying infrastructure providers introducing novel solutions to accelerate the growth of Web3 applications. Initiaâs innovative architecture and tooling is a step forward towards widespread adoption among a new wave of developers.â#ftx #usdr
