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Binance Labs launches eight-week long Season 3 of incubation program to support promising projects in the industry

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Despite the fact that there are multiple ways to raise funds in the crypto space, building a project is much more than just that.

It can be challenging for a new idea to gain the legs it needs to survive and grow into a fully-fledged solution for some of the industry’s most plaguing problems. 

That’s when incubators are coming into play.

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Over the last three years, across five continents and in 25 countries, Binance Labs has continued to seek out blockchain entrepreneurs, projects and communities that may be able to solve and improve on the technology available today. To provide support and lead the future of blockchain, the team has continued to provide financing, mentorship and incubation for the most promising projects, helping them reach their full potential.

The Incubation Program ran two seasons, supporting successful businesses, including Polygon (MATIC), an Ethereum scaling aggregator and Dune Analytics, a free analytics solution built on Ethereum (ETH), and more.  

Looking forward, Bill Chin, the head of Binance Labs Fund, shares,

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“Through the Incubation Program, we hope to help the future industry key players go through easier ways of development, and I am sure our team and the mentors can also be inspired by the fresh and new insights of the talented founders and teams; all around the world.”

A deep dive into the incubation program

Looking closer at the Incubation Program itself, projects will follow an eight-week timeline. Over these eight weeks, teams can take full advantage of the Binance Labs ecosystem, focusing on mentorship from successful portfolio companies, potential investors and industry influencers.

Binance Labs also provides project support in value-added services, including public relations, marketing and fundraising advice, in addition to weekly fireside chat sessions with mentors and opportunities to pitch to interested investors.

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Following these eight weeks of the Incubation Program, Binance Labs will hold a demo day for each of the nine projects. Each project will then demo and pitch their projects to find partners interested in collaborating with them.

Season 3

Currently, nine incubation projects have been selected from the Fall 2021 Edition of the Binance Incubation Program, each representing a different part of the world. The projects are:

Block Ape Scissors: A play-to-earn game built on the Binance Smart Chain (BSC) that brings together NFTs and DeFi into gaming, with several rewarding opportunities for users.

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Tranching Protocol: A yield optimization and DeFi hedging protocol that implements tranching for yield farming.

Bird: A decentralized oracle that will provide developers with plug-and-play analytics offerings across next-generation web platforms.

Raydius: A bridge solution for creating a more connected blockchain ecosystem.

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GAT Network: A gaming web that contains several interconnecting gaming and NFT trading projects, each launched on the Binance Smart Chain (BSC).

Mint Club: A platform for smart token building that eliminates the need for coding.

Copycat Finance: A decentralized trading and farming platform built on the Binance Smart Chain, providing social trading opportunities and high yield offers.

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SkyArk Studio: A blockchain-based gaming studio based in Singapore.

Wombat: A DeFi and Stablecoin project aimed at creating a hyper-efficient multi-chain stable swap that will operate on Binance Smart Chain and beyond.

With reference to these participating projects, the Binance Labs investment director, Ken Li, shares, “all of the incubation projects have strengths in what Labs has been looking into,” adding to the excitement for what these projects will bring.

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Those who are interested in Season 4 of the Incubation Program can apply here. Season 4 launches in March of 2022.

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Binance Smart Chain Activates Real Time BNB Burning Mechanism

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BSC has launched its automatic burning mechanism, but it contains some differences from Ethereum’s London hard fork. 

Binance Smart Chain (BSC) recently activated BEP-95, which integrates a real-time burning mechanism into its tokenomic structure. From now on, a fixed ratio of gas fees collected by BSC validators will be burned in each block.

The Real-Time Burn Begins

BSC announced the new mechanism’s launch over Twitter earlier this week. Its burn ratio – adjustable by governance – reportedly sits at 10% right now.

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BEP-95 was introduced on October 22nd, with the goal of speeding up Binance’s burn process and further decentralizing the network. The company also theorized that this will drive up the price of BNB tokens, presumably through increased scarcity.

“While implementing this BEP might decrease the total amount of BNB that validators and delegators receive from staking, the fiat-denominated value of their rewards may increase,” claimed Binance. “This burning mechanism would further reduce BNB supply; thus, increasing demand would drive the BNB value higher.”

Binance has been manually conducting BSC burns since its inception. Its aim was to reduce BNB’s total supply by 50%, from 200m to 100m tokens. One such burn was conducted shortly before BEP-95 was announced, taking $640 million (1,335,888 BNB) off the network.

Binance’s real-time burn will work alongside the exchange’s scheduled burn events. Notably, it will remain in effect even after the scheduled burns have reached their 100m BNB supply target. As BEP-95 reads: “By design, BNB is a deflationary token.”

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Binance Burning Versus Ethereum

Binance’s new burning mechanism is similar – but not identical – to Ethereum’s. While both chains collect tokens for the burn pool through transaction fees, some BSC’s fees are still used to compensate validators. On Ethereum, all mandatory fees are sent to the burn pool, with a ‘tip’ option available for transactors to compensate miners. The rest of miners’ compensation is delivered through block rewards.

Furthermore, as Binance uses proof-of-stake, there are no new tokens entering circulation to balance out the burn. Meanwhile, Ethereum’s block rewards and burn pool work against each other when influencing currency supply. This sometimes results in a net-deflationary time period for Ethereum but still produces an inflationary environment overall.

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Binance Singapore to Reportedly Withdraw its Permit Application

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After being on the regulator’s waitlist of crypto exchanges that are yet to get approval in Singapore to legally provide crypto services, Binance may just quit its former hub, and move on to expanding its business in other territories. According to Business Times insider reports, Binance has hinted at withdrawing its application with the Monetary Authority of Singapore (MAS), in lieu of the long-standing halt of seeking an operation’s permit. Furthermore, the withdrawal will depend upon whether or not the Nation’s regulatory authorities consider a change in stance. Regardless, Binance is expected to declare its final decision by next year.

Binance CEO Shares Risk Reduction & Economic Growth Strategy

While Binance CEO, Changpeng Zhao declined to comment on the status of his the exchange’s local unit’s licence application in Singapore, noting that it is “in the process”, he did highlight that Binance will only set up shop in countries with a pro-crypto approach. Despite the exchange’s recent decision to become regulator-friendly and more centralised, Binance does not believe in completely giving in to irrational regulatory restrictions. CZ argued that while risk reduction is essential for consumer protection, however, pro-crypto regulators have a way of both, reducing risk while enabling innovative and economic growth.

“When (regulators) only go by that metric, they just shut everything down, and yes that’s the best way to reduce risk. But better regulators have 2 metrics – they want to encourage innovation or economic growth and reduce risk. Regulators usually make rules that are much more pro-business when they look at both these metrics.”, The Business Times quoted its impromptu interview with CZ.

Singapore authorities are adopting a pro-crypto approach while also maintaining regulatory oversight. However, the nation is still to pass crypto exchange giants’ applications to allow them to legally provide services in the area.

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Last month, CoinGape reported that both, Binance and Coinbase were struggling to acquire their licenses from MAS, while authorities revealed that more than half of the companies that applied for crypto permits in 2020, had already received their approvals. Although MAS noted that some crypto companies were still operating with an exemption, and waiting to get approved by the authorities.

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Binance Boss CZ Is Richest Ethnic Chinese Person Alive, Report Claims

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The Binance Founder and CEO Changpeng “CZ” Zhao is the richest ethnic Chinese person alive, a new article has claimed – although mainstream Chinese media outlets appear reluctant to report on the news.

The claim was made by the outspoken media outlet Caijing on Weibo and reported on in detail by numerous Chinese-language outlets, many of which are based outside Mainland China. The mainland’s mainstream outlets, however, all maintained a stony silence on the matter.

The media outlet noted, quoting data from unnamed “insiders,” as well as previously published information from Forbes that Binance was being valued at USD 300bn, adding that Zhao, a Chinese-Canadian, owns 30% of Binance’s shares. If these calculations are correct, it explained, the Binance chief is now worth USD 90bn.

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This valuation, Caijing added, “means that Zhao has become the richest [Chinese] man and ranks among the top 10 richest people in the world.”

The media outlet was quick to point out that the beverages giant Nongfu Spring’s founder, Zhong Sui Sui, is the mainland’s richest man and the second-richest Chinese in the world – and that Zhao is now worth 35% more than him. 

Next on the list came ByteDance (the TikTok operator) Founder Zhang Yiming, followed by Zeng Yuqun, the Founder and Chairman of the Ningde Times media empire. Bottom of the top five was the Tencent supremo Ma Huateng.

But Zhao appeared to question the logic behind the calculations with a tweet featuring some mathematics of his own.

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Regardless, Chinese-speaking netizens were impressed. On Weibo, one highly upvoted comment read:

“He is the richest man [on the list] just by virtue of holding Binance shares. The value of his cryptocurrency holdings has not even been taken into account. He’s a person who can be rightly compared to Elon Musk.”

Cryptonews.com’s own Baidu and Google searches for recent news on Binance and Zhao produced precious little in the way of mainstream reporting on the matter in China, despite the fact that the Caijing post was made over 24 hours ago.

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Indeed, trying to find Mainland Chinese reports on anything crypto-related – including Binance itself – is proving to be an ever-more-difficult task, as some observers have been discovering.

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