We take a look at the projects some of the investment has gone toward and the aims for the coming year.
Binance’s Billion Dollar Building Fund
When news first filtered through in October of the considerable investment in Binance Smart Chain (BSC), many understood it as a vote of confidence for the incredible progress already made.
Binance was clear in their estimation that BSCs already considerable growth merited further attention and investment. In an end-of-year review of the fund on December 31, Binance was clear in estimating the progress already made.
“Despite launching just 17 months ago, Binance Smart Chain is now one of the largest blockchains in the world. With an ATH of 2.2M daily active addresses and an ecosystem that spans almost 1,200 dApps, it is still growing rapidly,” Binance boasted in their latest blog review. “This extraordinary growth has been supercharged partially by the BSC $100M Accelerator Fund, which now has evolved into the $1B Growth Fund.”
What has the Money Went Toward?
The fund’s initial aims were made clear upon the initial cash injection taking place. One billion users is the ultimate aim. To achieve this, four categories were outlined alongside the amounts that would be dedicated toward them:
Talent Development ($100m)
Liquidity Incentives ($100m)
Builder & Incubation ($300m)
Investments ($500m)
Binance has established a developer pool through sponsoring hackathons and dev communities such as Gitcoin and Chainlink. There were efforts to support bounties that targeted different parts of the BSC ecosystem.
With Most Valuable Builder Season 3 again throwing up important incubation opportunities, Binance has continued to aid innovation. Projects that have already enjoyed support from the Liquidity Incentive Program were Deri Protocol, MCDEX, WOO Network, Decentral Games, and Celer Network.
Since the initial fund was first established, over 50 investments into separate teams have already been made. A breakdown of the aforementioned investments can be seen below:
The team explained that investment in infrastructure and tooling projects necessary for a Web3 base was key: efforts like Biconomy, EPNS, Covalent, and Project Galaxy, all saw investment.
DeFi projects like AllianceBlock and OpenOcean also saw investment as Binance outlined an intention to expand here, especially in those building advanced DeFi legos/2.0. Those people are able to apply here!
NFT projects, such as Quidd, Mask Network, NFTb, Refinable, received support. Alethea, who is playing an important role in the next wave of intelligent NFTs (iNFTs) also saw considerable investment. Binance also revealed that it made investments into the wider NFT ecosystem (infra, analytics, tooling, etc.), which will have further details soon released.
Gaming guilds like Avocado Guild, Crypto Gaming United, as well as gaming studios and metaverse projects like Gala Games and SecondLive, received backing.
The investments have so far proven to be catalysts for even further growth. Since the BSC fund’s investment, projects such as BakerySwap, AnySwap, Paid Network, Juggernaut, NFTb, and Gala Games have increased their market cap upwards of 700% due to direct traction and impact of BSCs ecosystem.
“The total portfolio’s contribution to the BSC ecosystem currently sits at 19% of transaction volume and 47% of active addresses (and growing). Additionally, several projects have been listed on Binance.com,” Binance explains in their review.
Binance has already promised big plans and states that January will offer further insights. So far, so good, as the huge investment is certainly paying dividends. The projects involved will understand the importance of keeping up the incredible work rate. Binance has already proven that innovation will be rewarded with further effective backing.
Source : bsc.news
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