Binance Labs Invests in Infrared to Simplify Access to Berachain’s Proof of Liquidity
Binance Labs, the venture capital arm of major cryptocurrency exchange Binance, has invested in Infrared, a protocol designed to streamline user access to Berachain’s Proof of Liquidity (PoL) mechanism.
Infrared aims to maximize value capture within the Berachain network by providing user-friendly liquid staking solutions for Berachain’s core tokens: BGT (Governance Token) and BERA (Gas Token).
This funding will allow Infrared to strengthen Berachain’s infrastructure for enhanced security, efficiency, and reliability.Additionally, Infrared plans to refine its liquid staking solutions, “iBGT” and “iBERA”.
These solutions will enable users to earn staking rewards on their BGT and BERA holdings without sacrificing liquidity.
This approach aims to improve user experience, boost network performance, and ultimately drive wider adoption of Berachain.
We’ve invested in @InfraredFinance
— Binance Labs Fund (@BinanceLabs) June 24, 2024
Infrared is a protocol focused on giving users access to Proof of Liquidity (PoL) in one click.
Read more👇https://t.co/EUTdM87TUA
Berachain’s PoL design utilizes BGT for governance and BERA for staking and block production. Through Infrared, users can interact with both assets seamlessly.
By depositing their BGT into Infrared vaults, users receive iBGT, a liquid representation of BGT. This allows users to retain the benefits of BGT ownership while using iBGT within various DeFi applications.
This paves the way for a new ecosystem to develop around BGT and iBGT, unlocking new functionalities on Berachain.
“We are always looking for projects that advance the blockchain industry,” said Yi He, Co-Founder of Binance and Head of Binance Labs.
“We look forward to supporting Infrared in its mission to create an infrastructure that will propel the future growth of decentralized finance.”
“We are thrilled to receive support from a leading industry player like Binance Labs,” said Raito, Founder of Infrared Finance.
“This investment validates our vision, and with Binance Labs’ backing, we are more confident than ever in our ability to build the tools and infrastructure necessary for Berachain’s future growth.”
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