Binance Labs is still committed to funding and investing in Web3 infrastructure projects that have a good chance of succeeding. It recently said that it would be part of the Series B funding round for Mysten Labs.
Mysten Labs is making Sui, a permissionless layer-1 blockchain that can be scaled horizontally and lets more kinds of dApps be built quickly and cheaply.
Mysten Labs was started by people who used to work for Novi Research, Diem, and the Move programming language.
Binance Labs, the company’s venture capital arm and accelerator, has announced that it will be part of a $300 million Series B funding round for Mysten Labs, the company that made Sui, a permissionless proof-of-stake layer-1 blockchain. The money will be used to improve the core infrastructure of the Sui ecosystem and speed up how many people use it.
Mysten Labs was started in 2021 by people who used to work for Novi Research. These people include architects of the Diem blockchain and the Move programming language. Sui, the first product of the company, is based on new consensus algorithms and uses different data structures to support a high-performance layer-1 blockchain.
He Yi, Co-Founder of Binance and Head of Binance Labs, said, “We expect that one should be able to use blockchain-native products seamlessly in the future. However, there’s still a technical bottleneck. Binance Labs will focus on investing in infrastructure projects that offer innovative solutions to tackle this challenge. Mysten Labs is developing a proof-of-stake blockchain with horizontally scalable throughput and storage. We look forward to seeing the team create foundational infrastructure to help accelerate the adoption of Web3.”
Sui makes sure that the blockchain can grow and gives developers a place to build rich, dynamic, and reusable assets that can be stored directly on the blockchain. Because of these innovations, Sui is able to horizontally scale its throughput and storage to meet the needs of applications while keeping transaction costs low. Among its unique features are, but not limited to, the following:
Using the Move programming language, Sui makes assets like an NFT instance, a coin balance, or a smart contract into separate objects. It says if an object is private, shared, changeable, or not changeable. This design lets you see the whole state and history of the system in a way that can be checked using cryptography.
Sui’s architecture can handle more than one group of transactions at the same time. The network can increase its throughput horizontally, and there is no theoretical limit to how high it can go.
Sui uses the state-of-the-art Narwhal & Bullshark consensus protocol, which separates the sending out of transactions from the order in which they are sent out. This gives Sui performance that is unmatched. On Sui, the cost of storage is paid for separately from the cost of processing transactions. Its gas mechanism keeps gas costs low and predictable and gives validators an incentive to speed up transaction processing and stop DDoS attacks while keeping gas costs low.
Evan Cheng, the co-founder and CEO of Mysten Labs, said, “The Binance brand is globally associated with cryptocurrencies, and the Labs team has established itself as a go-to partner for helping innovative projects grow and succeed.” With this new funding, Mysten will be able to keep growing Sui. We are grateful for the support of blue-chip investors who share our goal of making digital assets more accessible to everyone.
Sam Blackshear, co-founder and chief technology officer of Mysten Labs and creator of the Move programming language, said Sui combines the secure asset-centric features of Move with a new object-centric data model. Binance Labs’ support is a strong sign that this partnership is strong and has the potential to change the blockchain infrastructure as it is now.
Alex Odagiu, Investment Director at Binance Labs, said By design, Sui is able to effectively scale the network throughput indefinitely to meet the needs of Web3 developers and creators. The team has made a huge step forward by adding a new object-centric data model, parallelized agreements, and a design for state tracking that works very well. We are looking forward to continuing to help Mysten Labs as they build a next-generation layer-1 infrastructure for Web3 developers.
About Binance Labs
Since 2018, Binance Labs has put money into more than 200 projects in more than 25 countries. The Binance Labs Incubation Program has also given birth to about fifty Web3-native goal projects, such as Polygon, Perpetual Protocol, and Dune Analytics, among others. Binance Labs is the company’s venture capital arm and accelerator. It is always looking for the next big Web3 idea.
About Mysten Labs
Mysten Labs was started by people who used to work at Novi Research and build the Diem blockchain and the Move programming language. The team knows a lot about things like distributed systems, programming languages, encryption, and more. The goal of Mysten Labs is to build Web3’s basic infrastructure.
Regarding Sui
Sui is the first layer-1 blockchain that was built from the ground up to let creators and developers make things for the next billion crypto users. Sui was made by Mysten Labs. It is horizontally scalable and can be used to make a wide range of dApps quickly and cheaply. The first-of-its-kind platform gives users access to a blockchain with high throughput, instant settlement, a lot of on-chain assets, and Web3 experiences that are easy to use.
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