SINGAPORE, Monday, April 1, 2024 – Binance Labs, the investment and incubation arm of cryptocurrency exchange giant Binance, has announced its investment in StakeStone, a staking protocol focused on facilitating omnichain liquidity distribution. 1
StakeStone’s platform aims to connect various blockchain liquidity sources and provide users with staking rewards, re-staking opportunities, and increased liquidity across emerging blockchain networks and ecosystems.
“By utilizing STONE, a native Ethereum token that generates returns, StakeStone introduces built-in staking rewards and liquidity to Layer 2 (L2) networks,” according to a statement from Binance Labs.
The platform boasts a highly scalable architecture, ensuring compatibility with a diverse range of underlying staking assets. This includes support for Ethereum Proof-of-Stake (PoS) staking, Eigenlayer buybacks (including LRT and LST tokens), local buybacks, and all emerging staking asset categories.
Commenting on the investment, Yi He, Co-Founder of Binance and Head of Binance Labs, stated: “StakeStone tackles the challenges associated with cross-channel liquidity distribution and broadens participation within the staking space. At Binance Labs, we actively seek out visionary projects that push the boundaries of innovation. We are excited to see StakeStone’s future contributions to the industry.”
This strategic investment by Binance Labs is seen as the company’s continued focus on the burgeoning restaking sector within the cryptocurrency market.
Restaking allows users to earn additional rewards on their existing cryptocurrency holdings, potentially attracting a wider range of investors seeking to maximize their returns.
- StakeStone Onichain : https://www.binance.com/en/square/post/5878252945762[↩]
