Particle Network has recently received significant investments from Binance Labs. This investment will be used to develop a new Layer 1 blockchain. The project aims to solve the fragmentation puzzle in the blockchain world by providing Universal Accounts.
Particle Network Unveils Layer 1 Solution
Particle Network presents a Layer 1 solution that aims to connect different blockchain systems. Its Chain Abstraction architecture has the Universal Accounts, the Universal Liquidity, the Universal Gas, and the Particle L1 chain. This approach addresses the problems of dispersed user bases and the need for more liquidity in different blockchains.
This feature, Universal Accounts, is crucial as it enables interaction between completely different blockchains. Universal Liquidity is a project focused on increasing the efficiency of the asset transfer and trading processes across the chains. Universal Gas also provides a solution to simplify the transaction processes by setting the gas fees in a standard manner, thus enabling the interaction between different chains.
Particle Network raised $25 million in a funding round earlier this month, and Binance Labs participated in it as part of its venture capital and incubation plan. New investors, such as Spartan Group, Gumi Crypto, SevenX Ventures, and Morningstar Ventures, participated in this funding round. This, therefore, shows that Binance Labs is eager to support such progressive Web3 projects.
Yi He, Co-founder of Binance and Head of Binance Labs, emphasized the significance of this investment. He said that Binance Labs focuses on investing in projects capable of altering the course of the Web3 ecosystem. It revolves around integrating new Web3 users via innovative solutions.
With the funds, Particle Network aims to hire more people for its team and develop its Chain Abstraction ecosystem. They also want to achieve the timely release of the L1 Mainnet within the year. This is expected to solve some problems facing the multiple chain environment and enhance the user interface in Web3.
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