Binance Labs, the investment arm of cryptocurrency exchange Binance, revealed through a blog post that it has invested in Solayer, a Solana-based staking protocol.
This new injection of capital is expected to boost Solayer which has more than $150 million in TVL and more than 70k wallet connections in less than two months of its existence.
Solana’s Solayer Gets A Boost
The funding will increase the capabilities of Decentralized Applications on Solana’s blockchain and strengthen the network’s security.
Solayer employs proof-of-stake to enhance the base layer security within various decentralized systems. In addition, Solayer, with Binance Labs support, aims to increase its team, implement new protocols, and enhance its position in the Solana blockchain.
This is in line with Binance Labs’ mandate of backing projects that help advance the blockchain industry.
Binance Proof of Reserves Audit Reveals Net Inflows
The exchange has also revealed that it received a net inflow of $3.27 billion in its recent Proof of Reserves audit. This report which compares the reserves of Binance with those of its users showed an increase in the Bitcoin reserves and other assets. More specifically, the Bitcoin holdings increased by 1.29%; the exchange now holds 652,370 BTC, 106.34% of which is collateralized.
The audit, which used zk-SNARKs to reveal the proof without disclosing account details, underscores Binance’s commitment to transparency. Although there were outflows in Ethereum and other assets, Binance is robust with high collateralization ratios on all assets.
Binance Milestone with One Million YouTube Subscribers
Amid these financial updates, Binance has achieved a milestone in its community engagement, reaching one million subscribers on its YouTube channel. This achievement underscores Binance’s use of educational content and collaborations.
For example, the partnership with Cristiano Ronaldo, to promote the blockchain ecosystem. The channel provides explanatory videos and product tutorials, which have played a critical role in educating the global audience.
Binance’s Chief Marketing Officer, Rachel Conlan, emphasized the role of YouTube in their strategy to build through engaging content. The rapid growth reflects the effectiveness of Binance’s educational initiatives and commitment to fostering a well-informed community.
The series of announcements from Binance Labs come when the crypto market is witnessing growth and adoption. Additionally, the investment in Solayer is expected to strengthen Solana’s ecosystem, making it more robust and efficient.
