On October 25th, Binance Labs announced its continued investment in the web3 social network CyberConnect. Notably, the high-risk investor with a valuation of $9 billion revealed that the reason for investing in this project is to recognize the potential of SocialFi in driving Web3 to become a leading trend.
SocialFi is currently a favored narrative within the community. Leading projects in this field include FriendTech (built on the Base platform), PostTech (utilizing Arbitrum), and StarsArena (on the Avalanche network).
With the capital raised, CyberConnect plans to strategically allocate it to expand its ecosystem, reward the community, and launch new products. However, the specific investment amount was not disclosed.
Following this investment news, the price of CYBER tokens surged by over 35% and has maintained its level at $6.2 USD.
Binance Labs is one of the leading investment funds in the market, actively operating despite the cryptocurrency winter. In the last three months, Binance Labs has invested in various projects such as Neutron (a smart contract platform on the Cosmos blockchain), Radiant Capital (RDNT), Helio Protocol, Delphinus Lab, Pendle Finance, and Initia.
As for CyberConnect, it’s a decentralized social network project with several appealing features, including access to all dApps, decentralized governance, cross-chain capabilities, and user incentives. Notably, CyberConnect will focus on developing the Social Graph to support users in accessing multiple social networking applications while safeguarding their personal information.
In just two weeks since its launch, CyberAccount – an intelligent account system compatible with CyberConnect’s ERC-4337 standard – has pioneered the concept of Account Abstraction with over 365,000 accounts deployed on the Polygon, Linea, and Optimism networks.