Key Takeaways
- Particle Network has secured funding from Binance Labs to build L1 solution for unifying all chains via Universal Accounts, addressing user and liquidity fragmentation in Web3.
- Particle Network’s Chain Abstraction infrastructure allows users to maintain a single account and balance across multiple chains, eliminating the need for manual bridging or asset management across different chains.
Particle Network, a modular Layer 1 blockchain initiative, has secured an undisclosed amount of funding from Binance Labs, the venture capital and incubation arm of Binance. This collaboration seeks to address the growing issue of liquidity and user fragmentation across an increasingly chain-diverse ecosystem.
As the number of Layer 1 (L1) and Layer 2 (L2) blockchain networks proliferate, developers and users alike face challenges due to the disjointed nature of these networks. Particle Network aims to streamline this multi-chain environment through its Chain Abstraction infrastructure, introducing what they call “Universal Accounts.”
Why does it matter? These Universal Accounts promise a unified experience where users can maintain a single account and balance regardless of the chain they are operating on. This would eliminate the current need for manual bridging or asset management across multiple networks, a significant barrier to mainstream adoption of blockchain technology.
The core offerings from Particle Network include Universal Liquidity and Universal Gas, alongside the foundational Particle L1 chain. Together, these features aim to allow users to transact using a single address across every chain and pay for gas in any token.
Yi He, Co-Founder of Binance and Head of Binance Labs, emphasized the investment’s alignment with Binance Labs’ goal of simplifying blockchain technology for mass adoption. “We are committed to supporting founders who are building innovative products to onboard the next billion users into Web3,” Yi stated.
“This partnership is a significant milestone for Particle Network as we work towards advancing the realization of Chain Abstraction and accelerating the mass adoption of Web3,” Particle Network Founder, Pengyu, said in a statement. “With Binance Labs’ support, we will enhance our technical capabilities and expand our reach within the global Web3 community. Together, we are committed to making Web3 more accessible and user-friendly for everyone,”
The funding from Binance Labs will be used to fuel Particle Network’s growth, including global team expansion, enhancement of the Chain Abstraction ecosystem, and the planned launch of their L1 Mainnet later this year.
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