The Binance Labs Incubation Program targets early-stage Web3 projects across various sectors, providing one-on-one mentoring and resources to refine their ideas and enhance their product offerings.
Binance Labs, the venture capital arm of Binance, has announced the launch of its Season 7 Incubation Program, welcoming the first batch of innovative projects.
We’re thrilled to unveil the first batch of projects that we admitted into Season 7 Incubation@AstherusHub@cyclenetwork_GO@dill_xyz_@EigenExplorer
Note: Incubation admission isn’t the same as Labs investments.
Learn more about the projects (listed alphabetically) below
— Binance Labs Fund (@BinanceLabs) July 30, 2024
The Season 7 aims to support early-stage Web3 startups, providing them with a structured curriculum and valuable resources from within the Binance ecosystem.
The first cohort includes four promising projects: Astherus, Cycle Network, Dill, and Eigen Explorer. Astherus acts as a liquidity hub for staked assets, supporting both liquid staking tokens (LSTs) and liquid restaking tokens (LRTs).
Cycle Network is developing a universal, secure, and verifiable chain abstraction, creating a bridgeless aggregate liquidity network that supports various blockchain layers, including Layer 1s, Layer 2s, Ethereum Virtual Machine (EVM) blockchains, and non-EVM blockchains.
Dill operates as a Data Availability (DA) network and aligns with the Danksharding roadmap, while Eigen Explorer is the first native decentralized finance (DeFi) protocol developed by EigenLayer.
Over the course of the program, which spans approximately two months, these projects will benefit from Binance Labs’ mentorship and resources.
Early Web3 Mentorship Success
The Binance Labs Incubation Program targets early-stage Web3 projects across various sectors, including infrastructure, DeFi, and the application layer.
During the program, founders will engage in one-on-one mentoring sessions and fireside chats with experts from Binance Labs and its portfolio companies. These interactions are designed to refine their ideas and enhance their product offerings.
Applications for the program are reviewed on a rolling basis, with candidates progressing through an interview stage before acceptance.
The application process is facilitated via a form linked in the announcement on the social media platform X.
The Binance Labs Incubation program is tailored to founders starting early-stage Web3 projects. More details on S7 can be found at https://t.co/oKwxkOCJYI
— Binance Labs Fund (@BinanceLabs) July 30, 2024
This season aims to build on the success of previous ones, where 3% of applications were accepted, leading to support for notable initiatives like Cellula, Derivio, Ethena, NFPrompt, QnA3, Shogun, and UXUY.
Web3 Founders Thrive in Binance Labs
The Binance Labs Incubation Program is structured to adapt to the evolving needs of Web3 founders. Throughout the program, participants will work on refining their concepts and continuously iterating their products.
The program also features informal discussions with industry leaders and experts, providing participants with deeper insights into the blockchain and cryptocurrency sectors.
The two-month program commenced in early May 2024, following the selection of the new cohort of projects. Binance Labs has grown to a valuation of over $10 billion, with a portfolio of 250 projects across 25 countries.
The incubation program continues to play a crucial role in this growth, with 50 of the portfolio companies having gone through the program.
Founders interested in joining the program can apply through the official application form provided by Binance Labs.
While acceptance into the program does not guarantee investment from Binance Labs, it offers significant exposure and support for developing innovative Web3 solutions.