Original author: Biteye, core contributor Lucky

Original editor: Biteye, core contributor Crush

According to the analysis by overseas KOL Ardizor, among the active VCs in the industry, Binance Labs tops the list of "Which VCs are more fond of airdrops" with a 15.4% investment target airdrop rate, far exceeding major VCs such as a16z, Coinbase, and Multicoin.

In the cryptocurrency and blockchain industry, investment and incubation are key factors driving innovation and development, and Binance Labs can be said to be one of the important participants in this field.

In order to find gems in Binance's investment landscape, this article will delve into various aspects of Binance Labs, including its introduction, advantages, investment layout, and then focus on listing projects in Binance's investment landscape that have not yet been launched but have a certain airdrop expectation.

01 Overview of Binance Labs

Binance Labs was established in April 2018 and is the internal venture capital business unit of Binance. Its main task is to identify, invest in, and empower potential blockchain entrepreneurs, startups, and communities. In addition to direct investment, Binance Labs also invests through an 8-10 week incubation program (MVB), providing advisory support, financing, and resources.

Binance's incubation program has held six seasons, and in the latest season, Binance invested in 4 projects that performed best in the 6th season of MVB, namely AltLayer, KiloEx, Kinza, and Sleepless AI, covering DeFi, infrastructure, and Web3 games.

In April of this year, Binance Labs stated in an interview with The Block that their investment theoretical return rate has exceeded 10 times, which is closely related to Binance Labs' advantages and the theoretical selection of projects.

Advantages of Binance Labs:

• Global influence: Binance Labs' investment landscape has covered 25 countries and invested in over 200 projects.

• Financial support: According to Binance's 2022 year-end report, Binance Labs will provide at least $1-2 billion in funding for the cryptocurrency industry.

• Value creation services: In addition to financial support, it also provides general consulting, operational support, and joint development of technology/products.

• Rich resources: As part of the world's largest cryptocurrency trading platform, Binance Labs has abundant resources and a huge network, which are key factors for its successful incubation and investment in projects.

When selecting projects, Binance Labs will consider the following five attributes:

• The first attribute is product innovation. Are you building something new that users will benefit from?

• The second attribute is sustainable business and token models. In the long run, is your business model profitable, and are your token incentive measures constructed in the right way?

• The third attribute is traction. How many users does the project have at the current stage? How much revenue is generated? If you are in the pre-launch stage, we would like to know your actual expectations.

• The fourth attribute is the quality and persistence of the team. If necessary, can you and your co-founders dedicate full time to this project?

• The last attribute is technology. Is the technology you are building feasible and practical? We will review what you have already built and what can be built according to your project roadmap.

From the above, it can be seen that Binance Labs' investment philosophy can be summarized into five attributes: product innovation, sustainable business and token models, adoption, team persistence, and technological feasibility.

02 Key investment layout of Binance Labs

Binance Labs' investment layout is very extensive, covering most of the Web3-related tracks, including public chains, protocols, infrastructure, NFTs, chain games, metaverse, DeFi, and CeFi, among others. According to the 2022 year-end report, Binance Labs will provide at least $1-2 billion in funding for the cryptocurrency industry recovery plan.

Binance Labs particularly values infrastructure, on-chain applications, data analysis, and security. These areas are not only the core of the cryptocurrency industry's development but also the investment direction that Binance Labs prioritizes. From the following figure, we can see the key investment layout of Binance:

• Infrastructure: Accounting for the largest proportion of Binance Labs' investment landscape, reaching 39.4%, as the cornerstone of the blockchain and cryptocurrency industry.

• DeFi and games: Accounting for 19.4% and 18.2% of the investment proportion, respectively, these two areas not only have huge market potential but also lead the industry's innovation frontier.

• Web3-related tracks: Including social entertainment, tools, NFTs, metaverse, etc., these areas are considered the next growth points for the cryptocurrency industry.

03 Inventory of unreleased projects

We will list projects worth paying attention to in the Binance investment landscape in the four major sectors of infrastructure, Web3, DeFi, and games that have not yet been launched but have received investment.

(Risk warning: The following projects are only unreleased and have received investment, and the specific project fundamentals cannot be guaranteed. Cryptocurrency projects are high-risk, and users can use the following list as a reference for further DYOR.)

Infrastructure:

1. Polyhedra: Raised $25M

Polyhedra is a startup company focusing on full-stack infrastructure based on ZKP technology, with a focus on interoperability, scalability, and privacy. It aims to generate SNARK proofs faster in a distributed manner, and then develop zk full-stack projects (zkBridge, zk-DID, zk-NFT) based on this. The zkBridge testnet is already live, with an airdrop expectation.

2. AltLayer

AltLayer is an open and decentralized protocol for developers to launch custom Rollups for applications.

The protocol provides a no-code Rollups-as-a-Service dashboard built on its core network Beacon Layer, allowing for the rapid customization of Rollups with fraud/zk proofs, ensuring security from the underlying L1/L2. It received funding from Binance's 6th season MVB.

3. DappOS

DappOS is an intent-centric operating protocol designed to make dApps as user-friendly as mobile applications.

As a Web3 unified operating protocol, it builds a layer between users and cryptographic infrastructure such as public chains, cross-chain bridges, etc., allowing anyone to easily access decentralized applications without complex processes or in-depth cryptographic knowledge.

4. Mind Network: Raised $2.5M

Mind Network is a composable data protocol that allows developers to interoperate data across platforms. Mind Network's vision is to become the first decentralized knowledge graph that connects everyone and products on Web3. The roadmap indicates the launch of tokens in the third quarter of 2023.

5. LayerZero: Raised $315M

LayerZero is an inter-chain interoperability protocol focused on data messaging between chains. LayerZero's data transmission based on oracles and relays makes the protocol more lightweight and provides a certain level of security performance. The protocol's network adoption rate is good, with an airdrop expectation.

6. Celestia: Raised $56.5M

Celestia is the first modular blockchain network, advocating for the division of the functions of a single public chain, such as consensus, settlement, and execution, into different layer zones, and then optimizing the functional layer zones to improve performance. It also allows specialized blockchain hosting applications to be deployed on top of it, optimizing scalability, flexibility, and interoperability.

7. Web3Go: Raised $4M

Web3Go is a data intelligence network that provides a set of native AI digital asset tools and real-time data infrastructure.

The network will enable users to produce various native AI digital assets, including trading information flows, trading strategies, trading bots, entertainment, education, and social AI assistants. By verifying asset ownership through blockchain, it provides creators with a fair, self-hosted, trustless ecosystem.

Web3

1. Paragraph

Paragraph is an on-chain creator platform that helps creators publish, share, and build businesses around their content, using permissionless protocols to enhance growth and profit potential.

Paragraph is leveraging novel on-chain mechanisms, such as allowing creators to turn posts into collectibles, sending newsletters to wallet addresses, earning from periodic membership, and using decentralized social protocols (such as Farcaster, Lens, XMTP) to build and nurture their communities.

It not only received investment from Binance Labs in October 2022 but also received investment from Base's first phase ecological fund in September this year.

2. Tabi: Raised $10M

Tabi is a cross-chain NFT platform that provides NFT issuance, trading, auctions, and customized in-store services. It aims to connect creators and users in a decentralized manner. It has plans to convert users' on-chain activities into "experience points" that can be used to redeem future airdrop rewards and earnings.

3. Lifeform

Lifeform is a decentralized visual digital identity (DID) solution provider. Its core technologies include: ultra-realistic 3D avatar creation tool; visual DID protocol; secure and innovative contract solutions; Web3 native decentralized identity system; metaverse engine software development kit (SDK). It has completed three rounds of funding, and the latest round of funding has reached a valuation of 3 billion.

4. Playbux: Raised $2M

Playbux is an e-commerce metaverse platform based on blockchain networks. The project was shortlisted for Binance Labs' 4th season incubation program. Its product aims to be an easily accessible Shop&Earn metaverse platform, allowing users to shop at over 20,000 global merchants and earn cashback.

Games

1. Xterio: Raised $55M

Xterio is a global cross-platform play-to-earn developer and publisher, dedicated to enhancing deep engagement in the gaming world through digital ownership, connecting millions of people worldwide. Xterio focuses on developing a Web3 native universe that can expand across all media and platforms.

2. Fusionist: Raised $6.6M

Fusionist is a gaming world with collectible NFTs, consisting of three types of games: colonization, conquest, and unity. Players will manage their own planets, collect rare resources, upgrade technology, manufacture mechs from blueprints, build production lines, engage in PvP and PvE battles, establish starship fleets for interstellar warfare, and conquer the galaxy. The founding team consists of senior professionals from Tencent Games, EA, and Mondon Games. Players participating in testing will receive token airdrop rewards.

3. Ultiverse: Raised $4.5M

Ultiverse is a social gaming metaverse that connects Web3 with AAA-quality immersive fully VR-compatible virtual worlds. By authorizing players with different economic capabilities to establish mutually beneficial relationships, Ultiverse aims to create MetaFi, with strong airdrop expectations.

4. Tatsumeeko: Raised $7.5M

Tatsumeeko is an MMORPG that can be played on Discord. It combines casual gaming, Japanese role-playing games, creative building games, social elements, and user-generated content to create a platform-agnostic, community-driven modern fantasy MMORPG-lite.

5. Heroes of Mavia: Raised $5.5M

Heroes of Mavia is an MMO strategy game that draws fantasy elements from the popular mobile strategy base-building game Clash of Clans. Players establish and develop their bases on Mavia Island, train armies, and battle other players. As their base and army grow, they can attack more challenging opponents and earn tokens as rewards, which can be used to upgrade the base itself and create special super troops called heroes. Land NFTs have been issued, with airdrop expectations.

6. Sleepless AI: Raised

It is a virtual companion game based on AI blockchain, using AIGC and LLM to create rich story-based gameplay and organic interaction with characters. The project is currently developing three games, with the first game being "HIM."

DeFi

1. Helio: Raised $10M

Helio is an open-source liquidity protocol for borrowing and earning on HAY—a new BNB-backed, over-collateralized, and a new category of crypto assets called "destablecoins" (where "de" stands for decentralized). The Helio protocol is built on the BNB chain and consists of a dual-token model and mechanisms, supporting instant swaps, asset collateralization, borrowing, yield farming, and staking.

2. Bracket Labs

Bracket Labs has launched the Bracket Protocol options market, aiming to simplify traditional options and structured products. Buyers can trade multi-currency contracts on the platform. The innovation of the platform lies in the fact that users can interact directly on a decentralized, permissionless, non-custodial platform without the need for a margin account; there is no forced liquidation, and buyers always receive their full claim value, among other features. Currently, BracketX is live on the Arbitrum testnet.

04 Conclusion

In summary, Binance Labs, as the venture capital and incubation department of Binance, the world's largest cryptocurrency exchange, has become an indispensable participant in the blockchain and cryptocurrency industry.

Its global influence, financial support, value creation services, and abundant resources enable it to successfully incubate and invest in projects.

For users, the bear market can be said to be the best time to discover potential projects, without as much FOMO and false APY-driven TVL as in the bull market, making it easier to filter out serious project teams. Players can prepare for the bull market by tracking the data growth of projects they are interested in.

The above project list can serve as a research and interaction reference, but it is important to note that in the crypto market, projects that truly meet user needs and succeed are rare, and most projects have a higher risk-to-potential ratio. Therefore, when participating in projects, it is important to manage risks and ensure the security of funds.

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