Binance Labs announced its investment in Initia, a network focusing on highly scalable modular rollups. Initia is an innovative layer 1 (L1) platform on Cosmos, offering customizable Optimistic rollups for developers to conveniently launch their layer 2 (L2) applications.
This initiative strengthens Binance Labs' commitment to funding pioneering infrastructures that proactively engage Web2 developers to operate in the rapidly emerging Web3 environment. The investment will be utilized to bolster the development of Initia’s infrastructure and development tools.
Initia’s uniquely architected platform facilitates developers to construct scalable systems while effectively bypassing the complexities of traditionally fragmented modular and multi-chain systems. Consequently, project teams who create their application-specific blockchains, known as Initia L2s, can design their bespoke economy and user experience without having detailed knowledge of chain-level infrastructure or running validator sets.
Furthermore, Initia is the first to implement MoveVM, a smart contracting language natively compatible with Cosmos' Inter-Blockchain Communication (IBC) protocol. The innovative platform allows L2s to employ EVM, WasmVM, or MoveVM, ensuring seamless messaging and bridging among them.
Yi He, Binance Co-Founder and Head of Binance Labs, said, “Initia’s breakthrough architecture and tooling fundamentally advance the Web3 application expansion. Binance Labs is continuously exploring infrastructure providers adopting unique solutions to expedite this growth.”
The Initia founding team, composed of former founders, engineers, and researchers from the Cosmos and Ethereum ecosystems, has partnered with several projects, including those under the Binance Labs portfolio and top global mobile game publishers. The investment will go towards enhancing Initia’s infrastructure, expanding product tools, and incubating essential application layer projects to broaden the Initia ecosystem.
Stan Liu, a Core Contributor of Initia, expressed his enthusiasm, stating, "We are excited to partner with Binance Labs to fast-track Initia’s growth. We aim to underpin a tangled ecosystem of apps, aligning the economic interests of all L1/2 users and operators."
