Binance Labs, the venture capital and incubation arm of Binance, has invested in Particle Network, the leading L1 solution for unifying all chains via Universal Accounts, addressing user and liquidity fragmentation in Web3.
The number of blockchain networks is rapidly increasing, with a growing proliferation of L1 and L2 chains across various ecosystems. This chain-dense approach to scalability leads to highly fragmented user bases and liquidity, resulting in poor user and developer experiences alongside significant friction/costs.
Particle Network is a modular Layer 1 blockchain that provides Chain Abstraction infrastructure to address liquidity and user fragmentation in a multi-chain world. They achieve this through four core features, namely Universal Accounts, Universal Liquidity, Universal Gas, and the Particle L1 chain.
With Particle Network, users can maintain a single account and balance across the entire ecosystem, eliminating the need for manual bridging or asset management across multiple chains. They act as a coordinator for the multi-chain ecosystem, with the goal of allowing users to have a single address and balance across every chain, and eventually pay for gas in any token. Their mission is to unify Web3 through its Modular Chain Abstraction Infrastructure, providing a seamless experience with “One Account, One Balance, Any Chain.”
The newly secured funds will be allocated to several key areas to drive Particle Network’s growth and success, including global team expansion; enhancing the features and integrations of their Chain Abstraction ecosystem to provide a more robust and comprehensive solution for users; and ensuring a secure, efficient, and timely launch of their L1 Mainnet later this year.
“Binance Labs is committed to supporting founders who are building innovative products to onboard the next billion users into Web3. We look forward to supporting Particle Network in their mission to create a smoother and more intuitive user experience for everyday users,” said Yi He, Co-Founder of Binance and Head of Binance Labs.
“We are honored to receive this investment from Binance Labs, a true pioneer in driving industry innovation. This partnership is a significant milestone for Particle Network as we work towards advancing the realization of Chain Abstraction and accelerating the mass adoption of Web3. With Binance Labs’ support, we will enhance our technical capabilities and expand our reach within the global Web3 community. Together, we are committed to making Web3 more accessible and user-friendly for everyone,” said Pengyu, Founder of Particle Network.