Layer 1 project initiation with tremendous potential has taken a big step forward by securing seed investment from binance labs, the venture capital and incubation arm associated with renowned crypto exchange, binance.
In an exciting announcement, the development team behind the project, known as initia, has revealed their intention to facilitate the development of interconnected layer 2 scaling solutions. Although the amount of investment from binance labs was not disclosed, this cooperation marks a significant milestone in the development of blockchain and crypto technology.
Initia, which will act as layer 1, will host layer 2 scalable custom applications, which will be developed by utilizing optimistic rollup technology. This creates a great opportunity for developers to produce blockchain applications that are efficient and fast in transactions, as well as enabling much-needed cross-chain interactions.
Stan liu, core contributor of initia, expressed his enthusiasm regarding this partnership, saying, “We are excited to have binance labs as an early partner to accelerate the growth of initia’s high-performance hub and bespoke blockchain platform. In collaboration with binance labs, initia aims to support an ecosystem of interconnected applications while aligning the economic interests of all L1/2 users and operators.”
One interesting aspect of the project is the use of the movevm programming language, which is based on the move smart contract language. This language is not exclusive to initia, as several other layer 1 chains, such as aptos and sui, have also adopted it.
Currently, the project is still under development on testnet. However, the developers of initia have planned further partnerships with other leading crypto projects, including portfolio company binance labs and game publishers that will be announced in the coming months.
The initiation of this layer 1 project marks a major step in the evolution of blockchain and crypto technology, and binance labs has played a major role in supporting it. We can eagerly await the further development of this potentially game-changing project.
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