Binance Labs has invested yet in another Web 3.0 project called Automata Network that gives blockchain privacy solutions to dApps.
The VC firm of Binance has taken numerous startups under its wing over the last few months, with the newest being the Automata Network. It gives decentralized applications "privacy middlewares that solve pain points associated with Web3’s transparent and traceable interactions."
Also called an "off-chain governance solution", it was a part of some of the largest blockchain projects in the industry including Moonbeam, Polygon, and Avalanche. Likewise, the protocol has a built-in Conveyor Mechanism that lowers the Maximal Extractable Value (MEV), primarily used on projects with NFTs.
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According to the co-founder of Automata Network Deli Gong, "Automata’s thoughtful and straightforward approach really shines in tucking away the technical sophistication - users will choose privacy when it’s easy - while protecting ideals of open and fair access enshrined in the original promise of Web 3."
The strategic investment of an undisclosed amount will let Automata develop its network and implement new features including an NFT platform with airdrops, loot boxes, two-factor authentication (2FA) security, and transactions without fees.
The Head of Binance Labs Bill Chin spoke on the strategic investment, stating:
"Automata Network hits the mark with its intuitive understanding of how a fair Web3 derives from the systemic benefits of privacy. Binance Labs looks forward to bringing Web3, especially middleware services, as Automata is building in the area to the next level."
Up until this point, Automata has landed a decently large following on social media and had the most popular airdrop project on CoinMarketCap in 2021.
