Analysts predicted token launches of 10 projects that received Binance support

The venture capital arm of cryptocurrency exchange Binance Labs announced its investment in Babylon in February 2024. The project offers an innovative solution for stacking native bitcoins in blockchains with the Proof of Stake (PoS) consensus algorithm. This allows for rewards without the use of intermediate services and BTC wrapping platforms, while increasing the security of PoS blockchains and liquidity for bitcoin holders.

Babylon had already raised $18 million late last year led by Polychain and Hack VC, and in May this year, the project raised $70 million from investors led by Paradigm in its latest funding round. The round was the largest investment in the bitcoin ecosystem in recent times.

In June this year, the exchange also invested in Zircuit's L2 network based on zero-disclosure proof-of-concept (ZK) and artificial intelligence technologies. The network is compatible with the Ethereum Virtual Machine (EVM) and offers secure and fast transactions.

At the time, Zircuit had over $3.5 billion in stacked assets and its Build to Earn developer ecosystem program had attracted over 1,100 applications. Project partners for the mainnet launch, which is scheduled for this summer, include Ethena, Renzo, Ether.fi, KelpDAO, Elixir, Ambient, Pendle, and LayerZero.A team of analysts led by Colin Wu named ten projects backed by leading centralized crypto exchange (CEX) Binance