Binance Labs Invests in Infrared Protocol: Enhancing Berachain’s PoL Mechanism
Binance Labs, the venture capital and incubation division of Binance exchange, has made a strategic investment in Infrared, a protocol dedicated to enhancing user access to Berachain’s innovative Proof of Liquidity (PoL) mechanism. This move aims to advance the functionality and user experience of Berachain’s ecosystem.
Infrared focuses on the seamless integration of liquid staking solutions, optimizing value capture within the Berachain network. The protocol offers user-friendly liquid staking solutions for the Berachain Governance Token (BGT) and the Berachain Gas Token (BERA), including “iBGT” and “iBERA” to maximize the utility of staked assets without sacrificing liquidity.
The latest investment from Binance Labs will support Infrared in strengthening Berachain’s infrastructure, enhancing security, efficiency, and reliability. The exact details and amount of investment have not been disclosed yet.
Berachain’s PoL mechanism is crucial to the network, with BGT representing governance power and BERA used by validators to stake, produce blocks, and earn rewards. Infrared facilitates interaction with these assets through PoL vaults, allowing users to deposit liquidity to earn iBGT and utilize it across the decentralized finance (DeFi) ecosystem.
Yi He, Co-Founder of Binance and Head of Binance Labs, expressed excitement for the partnership, stating, “At Binance Labs, we are always on the lookout for projects growing the blockchain industry and look forward to supporting Infrared in its mission to drive the future growth of decentralized finance.”
Raito, Founder of Infrared Finance, emphasized the significance of Binance Labs’ investment, stating, “We are incredibly excited to receive support from an industry leader like Binance Labs. This investment validates our vision and with Binance Labs’ support, we are confident in our ability to build the infrastructure needed to drive the future growth of Berachain.”
With this funding, Infrared aims to refine its liquid staking solutions, develop core infrastructure supporting the Berachain network, improve user experience, boost network performance, and drive broader adoption of Berachain. The creation of a new ecosystem around BGT and iBGT is anticipated, expanding the range of applications and opportunities within the Berachain network.
Binance Labs, with a portfolio encompassing 250 projects across 25 countries and six continents, has demonstrated its commitment to fostering innovation and growth within the blockchain industry. This investment in Infrared marks a significant step for Binance Labs in supporting pioneering projects, marking the organization’s first investment in the Berachain ecosystem.