Binance Labs announces first batch of sixth-season incubation projects

Binance Labs invested in the Ethena Labs, NFPromt, and Shogun projects as part of the incubator.

According to a post on the X account on Feb. 15, Binance invested in three projects during the sixth season. The details of the latest initiative nor the investment amount have been revealed, but Binance Labs did reveal the entities of those who received funding as:

Ethena Labs is known to be providing the derivatives infrastructure to transform Ethereum (ETH) into the first cryptocurrency stablecoin to generate revenue independent of banking systems.

NFPromt is an AI-powered user-generated content platform designed for the next generation of Web3 creators, including all new standards such as non-fungible tokens (NFT), Caption, and 404—an all-in-one platform enabling AI creation, social communities, and commercialization.

The Shogun project is an intent-centric protocol that aims to maximize trader extractable value (TEV) via optimized order flow and complete chain abstraction.

In January, Binance Labs summed up its work in 2023. The fund’s investment program aimed at supporting tools based on zero-knowledge proof methods, Web3 games, and various products in decentralized finance (defi).

The report states that Binance Labs’ portfolio has a 14x return on investment, covering 250 projects in 25 countries. The team has supported several well-known projects, including Optimism, LayerZero, Celestia, Aptos, Mysten Labs, and Trust Wallet. More than 50 companies have been incubated by Binance Labs, including Polygon, SafePal and Injective Labs.