According to the official announcement, Binance Labs announced its investment in the Berachain ecosystem protocol Infrared. This is Binance’s first investment in a Berachain ecosystem-related protocol.
The project aims to maximize value capture within the Berachain network by providing a user-friendly liquidity staking solution for the Berachain Governance Token (BGT) and BERA (Berachain Gas Token),
Specifically, through Infrared, users can easily interact with both assets. By depositing liquidity into Infrared vaults, users can earn iBGT, a liquidity-collateralized derivative of BGT, allowing them to retain the benefits of BGT while leveraging iBGT across the entire DeFi ecosystem.
Infrared will use the funds to strengthen the backbone of the Berachain network to ensure enhanced security, efficiency and reliability. He Yi, co-founder of Binance and head of Binance Labs, said:
“At Binance Labs, we are always looking for projects to grow the blockchain industry, so we look forward to supporting Infrared in its mission to create the infrastructure that drives the future of decentralized finance.”
The co-founder and CEO of Infrared, who goes by the pseudonym Raito Bear, said that the structure of this round of strategic financing is based on the Simple Agreement for Forward Tokens (SAFT) token sale agreement. It is reported that the name of the token is “IRED”. Earlier this year, Infrared raised $2.5 million in a seed round from NGC Ventures, Tribe Capital, Shima Capital, Signum Capital and others. Raito Bear said the seed round was also structured as a SAFT, but he declined to comment on the total amount raised to date and the valuation.
Infrared is still under development but will be live on the Berachain V2 testnet soon.
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