Market
Binance Labs Invests in Kernel to Boost BNB Chain Security
Binance Labs has announced its investment in Kernel, a restaking infrastructure designed to enhance security and utility on the BNB Chain.
Kernel aims to use restaking to transform BNB’s security into programmable trust, supporting a range of crypto services, applications, and middleware.
Kernel Will First Launch On the BNB Chain
The initial rollout will focus on integrating BNB Liquid Staking Tokens (LSTs) and restaked BNB as economic security to drive innovation in DeFi on the BNB Chain.
Also, Kernel plans to expand by incorporating Bitcoin and its derivatives into its restaking framework. Over 20 decentralized applications (dApps), will utilize Kernel’s economic security. This will include AI co-processor Mira and ZK proof aggregation protocol Electron
Meanwhile, collaborations with projects like ListaDAO, Solv, and YieldNest will further enhance the utility of restaked assets. Kernel’s long-term vision includes scaling its infrastructure to additional layer-1 blockchains.
Kernel’s approach integrates native and liquid staking tokens from BNB, BTC, and other yield-bearing assets. This will likely optimize the asset’s utility and improve capital efficiency.
“Kernel exemplifies the type of innovative project that aligns with Binance Labs’ mission to bring more users onto Web3 by supporting meaningful technology and advancing the ecosystem,” Alex Odagiu, Investment Director at Binance Labs said in a press release.
This investment follows Binance Labs’ recent backing of Lombard, a Bitcoin-focused liquid staking platform. Lombard’s LBTC token currently captures 40% of the Bitcoin liquid staking token market and aims to expand its secure multi-chain staking protocol.
Additionally, Binance Labs has ventured into the decentralized science (DeSci) sector. The firm recently invested in BIO Protocol, marking its first entry into this field.
Overall, Binance Labs’ has seemingly adopted a broader strategy to diversify its $10 billion portfolio into innovative and impactful sectors.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.