Binance Labs Leads Launchpool Projects in Web3.0 Investments

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Binance Labs, the venture capital arm of Binance cryptocurrency exchange, has emerged as the venture capital firm with the largest number of Launchpool projects among top investment firms.

According to a recent report from Root Data Labs, a Web3.0 asset data platform, data on 30 Binance Launchpool projects since November 2021 has been compiled. The report identified participation from a total of 288 institutional and individual investors in these Launchpool projects.

“We’ve compiled data on 30 Binance Launchpool projects since November 2021, with a total of 288 institutional and individual investors successfully participating in Launchpool projects,” said Root Data.

Binance Labs Achieves a Significant Hit Rate

Binance Labs took the lead by participating in 21 projects with 190 investment portfolios, achieving an 11.05% hit rate for Launchpool, as reported by Root Data Labs.

Other firms like OKX Ventures, Coinbase Ventures, Dragonfly, Polychain Capital, and g scott russ have invested in about five Launchpool projects each. Notably, Binance Labs invested in only two out of the eight recent projects launched, possibly due to previous controversies involving “nepotism coins” associated with Binance. This suggests that Launchpool has now become more equitable.

Dominating Industry

The average hit rate among the 288 investors did not reach 2%. However, Gemini’s Frontier Fund, Draper Dragon, LightSpeed, and Folius Venture registered hit rates of more than 5%, respectively.

Individual investors like Synthetix founder Kin Warwick and EthHub co-founder Anthony Sassal have shown commendable hit rates of 8.77% and 8.57%, respectively.

3 Portfolios Make It to the Binance List

In contrast, only three investment portfolios from Andreessen Horowitz (a16z) have made it to the Binance list. The reason for this is unclear, but the data platform speculates that it could indicate the investment firm’s focus on Web3.0 commercial boundaries and regulatory innovation.

Binance Labs is currently on its 53rd Launchpool project, with Renzo (EZ) as its latest project, announced a few days ago. Renzo is a restaking liquidity protocol that enables users to mine by depositing BNB and FDUSD. It is set to launch on April 30, 2024. Before Renzo, the 52nd project was the Omni Network (OMNI).

Earlier in the month, Binance introduced Saga (SAGA) as its 51st Launchpool project, offering users BNB and FDUSD staking to farm SAGA tokens. Overall, Binance continues to dominate the Launchpool ecosystem.

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