Binance's venture capital and incubation arm, Binance Incubator, has invested in Initia, a network designed for highly interconnected modular rollups. This platform helps developers build scalable and independent systems while abstracting the fragmentation and complexity encountered in traditional modular and multi-chain systems. This investment highlights Binance Incubator's commitment to supporting new types of infrastructure, thereby involving more Web2 developers in the Web3 space.
Basic project information
Initia is a full-chain Rollup network built by merging novel L1 and application-specific L2 infrastructure systems. The Initia platform offers product-ready Rollups, allowing teams to build scalable sovereign systems while eliminating the complexity of user experience faced by end-users when interacting with a modular multi-chain universe. Initia has a complete tech stack that implements a set of chain-level mechanisms to align the economic interests of users, developers, L2 application chains, and L1.
With the reduction in the cost of launching chains, there are increasingly more Layer 1 and Layer 2 projects on the market. Regardless of whether you think a new chain is useful, it is undeniable that there will definitely be more projects launching their own chains due to specific needs.
Just as there are more and more DEXs, there will be projects aimed at creating a 'DeFi liquidity layer';
As more chains emerge, what ways can connect all chains together?
The Initia we will talk about today is here to solve this problem.
Is Initia Layer 1 or Layer 2?
Initia = Layer 1 + Layer 2. To realize the vision of Initia, Initia has actually built an entire new tech stack from 0 to 1, developing both Layer 1 and Layer 2.
Official statement: Having a complete tech stack will enable Initia to implement chain-level mechanisms to coordinate the economic interests of users, developers, Layer 2 application chains, and the Layer 1 chain itself.
Initia is an L1 (Layer 1) on Cosmos, with specific application L2 (Layer 2) that uses optimistic rollups. Through the Initia architecture covering L1, L2, and communication layers, developers can easily launch specific application blockchains in the form of Initia L2 without needing to understand complex chain-level infrastructure or run a validator set. Project teams can design their own economics and user experience, incorporating features such as instant gas fees, full ecosystem asset fungibility, programmatic gasless transactions, account abstraction, as well as native stablecoins and multi-chain bridges.
Technical features and investment significance of Initia
Technical features: The Initia platform is an innovative full-chain Rollup network that combines advanced L1 technology and application-specific L2 infrastructure. The platform offers ready-to-use Rollup solutions that allow teams to build scalable, sovereign systems while simplifying user interactions in a multi-chain environment and reducing complexity.
Investment significance: The investment from Binance Labs not only provides financial support for Initia but also brings abundant resources and technical assistance, greatly promoting the growth and development of the platform.
Market prospects and potential impact of Initia
Market positioning: Initia aims to simplify multi-chain development and user experience while enhancing the scalability and flexibility of blockchain through the integration of its tech stack.
Potential impact on the industry: The success of Initia could drive the growth of Web3 applications, with its innovative architecture and tools seen as an important step in encouraging widespread adoption by a new wave of developers.
The Initia project showcases a new approach to addressing scalability and interoperability issues in the blockchain space through its unique dual-layer architecture and the support of Binance Incubator. Its future development prospects are broad and are expected to have a significant impact on blockchain technology and its applications.
Development team and investors of Initia
Project financing information
In early October 2024, Initia announced the completion of a $14 million Series A financing and a $2.5 million community round financing, bringing the total financing amount to $25 million. This includes $7.5 million raised in the Seed round last October with participation from Binance Labs, Delphi Ventures, HackVC, etc. The official also revealed that the mainnet launch and TGE will be completed in Q4.
Project summary
Project name: Initia (Bone Chain)
Total token supply: 1 billion
Initial exchange: Binance
Launch time: November-December 2024
Release mechanism: Lock 1 release 12
Total investor allocation percentage: 15%
Current progress: Mainnet 70% complete
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