- The development comes after the BNB Chain registered 26 million daily transaction recently
- YZi Labs will allow developers to tap into financial resources as well as the suite of creator tools
- YZi Labs, formerly known as Binance Labs, was founded in 2018
YZi Labs, the venture fund founded by Changpeng Zhao (CZ), is looking at growing the community of builders on the BNB Chain. In order to do so, YZi Labs has announced a Builder Fund of $1 billion to provide financial assistance to developers creating trading, tokenization, AI, DeFi, and wallet apps on the BNB Chain.
The development comes after the BNB Chain registered 26 million daily transaction recently and its native BNB token touched an all-time high of $1,330 this week. The efficiency of the blockchain was also revamped recently after the Maxwell Hardfork block time was cut to 0.75 seconds that lowered the transaction fee on the network to 0.05 Gwei. The step attracted a flock of builders to the BNB ecosystem, YZi Labs claimed in an official statement on Wednesday, October 8.
As part of this billion dollar initiative, YZi Labs will allow developers to tap into financial resources as well as the suite of creator tools they could require to create on the BNB Chain — that the venture fund describes as a 460 million–user ecosystem.
This month, YZi Labs will initiate its flagship incubator programme called the “Most Valuable Builder (MVB)” to operate under the funding firm’s Easy Residency programme which is designed to track the work being undertaken by BNB builders and has been expanded to New York, San Francisco, Dubai, and Singapore
“Through this $1 billion BNB builder fund, YZi Labs is committed to supporting BNB builders across sectors such as DeFi, AI, RWA, DeSci, and more — those building the next generation of open systems that connect technology back to human progress,” said Ella Zhang, the Head of YZi Labs as commenting on the development.
Startups and builders looking to apply for this MVB programme can do so from the YZi Labs website.
YZi Labs, formerly known as Binance Labs, was founded in 2018 and is headquartered in Hong Kong. It claims to be managing over $10 billion in assets, globally with its portfolio spanning over 300 Web3 projects across 25 countries.
Earlier this year, YZi Labs teamed up with digital finance firm 10X Capital to launch a launched a new venture called the BNB Treasury Company that is focused on holding and managing BNB assets.
