Venture capital firm and incubation arm of cryptocurrency exchange Binance, Binance Labs, disclosed its latest investment in Zircuit, a zero-knowledge (ZK) rollup with AI-enabled sequencer-level security.
Zircuit ensures user protection via sequencer-level security and incorporates automated AI mechanisms designed to mitigate smart contract exploits and counteract malicious actors. The network features a hybrid architecture that merges proven infrastructure with zero-knowledge proofs, enabling rapid, cost-effective, and fully EVM-compatible ZK rollup for heightened user security. Additionally, Zircuit’s efficiency stems from breaking down circuits into specialized components and aggregating proofs, resulting in improved performance and reduced operational expenses.
Zircuit is presently in its Testnet phase, gearing up for its mainnet launch, which is scheduled for July. Additionally, the project offers users a staking program enabling them to stake ETH, liquid staking tokens (LSTs), and liquid restaking tokens (LRTs) to earn Zircuit Points, with over $3.5 billion in staked assets currently amassed. Furthermore, it provides a Build to Earn program that incentivizes contributors to the ecosystem, including builders, founders, and community members. Notable partnerships have been established with entities such as KelpDAO and Ether.fi, Renzo, and Ethena, among others, with over 1000 applications currently registered.
As Zircuit progresses towards its mainnet launch, the project has disclosed plans to introduce a gas mining program. Further details regarding the program, partnerships, and migration will be announced at a later date.
We’ve invested in @ZircuitL2
Zircuit is a zk rollup with parallelized circuits and AI-enabled security at the sequencer level.
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https://t.co/HEjFrFgJB6
— Binance Labs Fund (@BinanceLabs) June 11, 2024
Binance Labs Expands Support For Startups, Backs Ethereum And Bitcoin Protocols
Binance Labs has expanded significantly over the recent years and currently holds a valuation exceeding $10 billion. The venture capital’s portfolio encompasses 250 projects spanning across more than 25 countries globally, boasting a remarkable return on investment rate of over 14X.
The recent action by Binance Labs highlights the company’s notable interest in startups operating within the staking and restaking sectors. In 2024, Binance Labs backed Renzo and Puffer Finance, both emerging as prominent Ethereum liquid restaking protocols. Additionally, recent support from Binance Labs has been directed towards BounceBit and Babylon, marking the expansion into Bitcoin liquid staking territory.
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