BNB Chain is moving forward daily, and we hope you guys do not miss any news in the last 7 days. Here is your BNB Chain Weekly recap.
- BNB Chain On-Chain Data Highlights
- BNB Chain Project Ranking Updates
- Wombat Exchange Partnership with BNB Chain
- Helio Protocol Airdrop Announcement to Early Adopter
- Binance Labs Leads $8.5 Million Seed Funding for Bitquery to Support Development of Blockchain Data Solutions
- Binance Labs Backs Mysten Labs in Series B Funding to Drive the Development of Layer-1 Infrastructure
Despite the market turmoil, the developer community always strives to enrich the BNB Chain landscape and share prosperity with the user community. The Devs gave BNB Chain some important updates and great news this week, which are listed below.
BNB Chain On-Chain Data Highlights
BNB Chain Project Ranking Updates
Wombat Exchange Partnership with BNB Chain
The Partnership empowers projects to kickstart and thrive with a wide range of support for each other.
Utilizing a stableswap 2.0 model, Wombat users are able to:
• Swap stablecoins at hyper-efficient exchange rates with minimal slippage.
• Earn a sustainable and optimal yield on their assets via single-staking pools.
$WOM maximizes capital utilization to fuel DeFi growth and adoption.
What makes Wombat special?
There’re four major benefits that Wombat brings:
• Scalable Equilibrium: Innovate coverage-ratio-based stableswap mechanism to remove scalability barriers, which allows the possibility of achieving 100% capital utilization with no impermanent loss.
• Slippage minimization: Wombat adopts the asset to liability model, slippage is negated until higher transaction amounts and reduced when it occurs.
• User-Friendly UI/UX: Simple and accessible interface with pure single token pool design.
• Foundation for DeFi to build upon: A pure single token pool design enables single-token LP tokens, ideal for borrowing and lending protocols and trading platforms to build on top of.
Read more details here.
Helio Protocol Airdrop Announcement to Early Adopter
What is Helio Protocol?
Developed on the BNB Chain, Helio Protocol is an open-source liquidity protocol for borrowing and earning yield on HAY, which is a “destablecoin”.
Destablecoin a new asset class that is over-collateralized with liquid staked assets. In other words, HAY is an over-collateralized destablecoin, where 1 HAY is always redeemable at $1 of cryptocurrency, and over-collateralized by BNB. Users can mint and borrow HAY by providing BNB as collateral, which can then be used to stake for yield, liquidity mining and as a means to transfer value.
Following the launch of our governance token, HELIO, Helio Protocol will operate as a DAO, where the community will govern the protocol’s treasury, revenue pool and future direction.
Find out further details here.
Binance Labs Leads $8.5 Million Seed Funding for Bitquery to Support Development of Blockchain Data Solutions
Binance Labs, the venture capital arm and accelerator of Binance, led a $8.5 million seed funding round for Bitquery as part of its ongoing drive to support innovative blockchain data solution providers. The round was co-led by dao5, with Susquehanna, DHVC, INCE Capital, and angel investors from Google among other participants.
Bitquery is a data company building products to solve blockchain data problems on a global scale. Bitquery’s products deliver real-time data from over 40 blockchains and various Web3 protocols. It also provides a decentralized BIT protocol to democratize access to blockchain data.
Today, Bitquery’s data infrastructure empowers thousands of developers, businesses, and governments. It delivers solutions to various verticals such as decentralized finance (DeFi), DEX arbitrage analytics, crypto surveillance & forensics across major blockchains like Bitcoin, Ethereum, BNB Chain, and Polygon.
Find out more here.
Binance Labs Backs Mysten Labs in Series B Funding to Drive the Development of Layer-1 Infrastructure
Binance Labs, the venture capital arm and accelerator of Binance, announced its participation in a $300 million Series B funding round for Mysten Labs, the developer of Sui, a proof-of-stake and permissionless layer-1 blockchain. The funds will be used to further build out the core infrastructure of Sui and accelerate the adoption of the Sui ecosystem.
Mysten Labs was launched in 2021 by former executives of Meta’s Novi Research and lead architects of the Diem blockchain and the Move programming language. The company’s inaugural product, Sui, focuses on innovations in consensus algorithms and leverages unique data structures that support a high-performance layer-1 blockchain.
Sui is the first layer-1 blockchain designed from the ground up to enable creators and developers to build experiences that cater for the next billion users in crypto. Developed by Mysten Labs, Sui is horizontally scalable to support a wide range of dApp development with unrivaled speed at low cost.
For more details, read here.
Additional Notable Events
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