Investing in promising projects, Binance Labs announced its new investment. Binance’s venture capital arm has joined the Series B financing variant for Mysten Labs. Mysten Labs is developing Sui, a layer-1 blockchain focused on high speed and low process cost. Here are the details…
Binance invests in Mysten Labs
Binance’s venture capital arm, Binance Labs, announced that it has joined a $300 million Series B funding round for Mysten Labs, developer of proof-of-stake (PoS) and “permissionless” layer-1 Blockchain Sui. The funds will serve to further develop Sui’s core infrastructure. It will also be used to accelerate the adoption of the Sui ecosystem.
Mysten Labs was started in 2021 by former directors of Meta Novi Research and leading architects of the Diem Blockchain and the Move programming language. The company’s first product, Sui, focuses on innovations in consensus algorithms. It leverages unique data structures that support a high-performance layer-1 blockchain. The platform has also previously introduced Sui Coin. Although it has not entered the market at the moment, we may see this cryptocurrency on exchanges in the near future. Binance Co-Founder and Binance Labs Leader He Yi said the following about the investment:
We hope to be able to use Blockchain-based artifacts without issue in the future. However, there is still a technical bottleneck. Binance Labs will focus on investing in infrastructure projects that offer innovative solutions to meet this challenge. Mysten Labs is developing a PoS Blockchain with horizontally scalable output and storage capability. We look forward to seeing the team build a foundational infrastructure to help accelerate Web3 adoption.
More about Sui and Mysten
Sui provides expandable capacity. It provides a development environment for powerful, dynamic and composable assets that can be stored directly on the chain. These innovations allow Sui to maintain low costs per process. It also enables it to scale throughput and storage to meet application demand. The network includes the following features:
- Sui uses the Move programming language to describe entities as other objects (NFT, coins, smart contracts, etc.). This design fully and cryptographically checks the system’s state and history.
- Sui’s architecture allows multiple batches of processes to be processed in parallel. The network can scale anything horizontally with no theoretical limit.
- Sui adopts the cutting-edge Narwhal & Bullshark consensus protocol, which separates process propagation from sequencing and can achieve unrivaled performance. Storage prices in Sui are paid other than process execution.
What were the founders’ comments?
Mysten Labs Co-Founder and Governing Council Leader Evan Cheng commented on Binance’s investment. “This new fund will enable Mysten to continue to scale Sui,” Cheng said, adding that they are “grateful” for the investor reinforcement. Meanwhile, Sam Blackshear, Co-Founder and Chief Technology Officer of Mysten Labs and creator of the Move language, said:
Sui combines the faithful entity-centered features of Move with a new object-centered data model. Binance Labs’ foundation affirms the power of this pairing and its potential to reshape existing Blockchain infrastructure.