Binance Labs backs three innovative projects from its incubation program

Binance Labs, the venture arm of the leading cryptocurrency exchange Binance, has announced that it has made an investment in three projects that graduated from its Season 6 Binance Incubation Program. The projects are Ethena Labs, NFPrompt and Shogun, which are all focused on developing cutting-edge solutions for the Web3 ecosystem.

Ethena Labs is a derivative infrastructure provider that aims to transform ETH into the first crypto-native yield-bearing stablecoin with no reliance on banking systems. By using a novel mechanism called Ethena, which leverages the volatility of ETH and the stability of DAI, Ethena Labs enables users to access a stable and high-yield source of income without sacrificing decentralization or security.

NFPrompt is an AI-driven UGC platform designed for the new generation of Web3 creators, including all emerging standards such as NFT, inscription and 404. NFPrompt provides an all-in-one platform that powers AI-creation, social communities, and commercialization. Users can generate unique and personalized content using NFPrompt’s AI engine, share their creations with other users, and monetize their work through NFT marketplaces.

Shogun is an intent-centric protocol that aims to maximize trader extractable value (TEV) via optimized orderflow and complete chain abstraction. Shogun leverages zero-knowledge proofs and layer-2 scaling solutions to enable fast, cheap, and secure transactions for traders across multiple chains and platforms. Shogun also offers a novel feature called Intent, which allows traders to express their trading preferences and receive the best execution possible.

The investment amount and terms have not been disclosed yet, but Binance Labs stated that it will continue to support the projects with its resources, network, and expertise. Binance Labs also praised the projects for their innovation, vision, and potential to contribute to the Web3 space.

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