Binance Labs Invests in Oasis Foundation's Ecosystem Fund to Bolster Web3 Development

Binance Labs, the venture capital division of Binance, has pledged support to the Oasis Foundation's $200 million ecosystem fund. The investment will focus on areas such as DeFi, NFTs, the metaverse, and privacy applications, as Oasis' scalability, privacy-preserving features, and Web3 development potential were cited as key reasons for the partnership. Oasis' director of Ecosystem, Linda Lu, emphasized the importance of empowering individuals and end-users in Web3, enabling them to own and control their data in a shift away from the value extraction model of Web2.

Binance Labs Invests in Oasis Foundation's Ecosystem Fund to Foster Web3 Development

Binance Labs, the venture capital arm of leading cryptocurrency exchange Binance, has pledged to contribute to the Oasis Foundation's $200 million ecosystem fund, signaling its commitment to fostering the growth of decentralized finance (DeFi), non-fungible tokens (NFTs), metaverse applications, data decentralized autonomous organizations (DAOs), and privacy-enhancing technologies.

Linda Lu, Director of Ecosystem at Oasis, expressed her enthusiasm for the partnership, emphasizing the Oasis Network's "scalability and privacy-preserving features" as key reasons for the collaboration. Lu highlighted the network's potential to accelerate the development of Web3, the next iteration of the internet, which aims to empower individuals and end-users.

Empowering Individuals in the Web3 Era

Lu explained the fundamental shift brought about by Web3, contrasting it with the current Web2 paradigm. In Web2, she noted, end-users are often treated as mere data sources, contributing vast amounts of data to corporations in exchange for improved user experiences. However, this data exchange raises concerns about data ownership, value extraction, and the risks associated with large-scale data usage.

Web3, Lu argues, addresses these issues by giving individuals agency and control over their data. "In Web3, no entity can take users' data for granted," she asserted. "There will be a new economy in Web3, where individuals can own their data and control how it's used." This shift in power dynamics will empower contributors, shifting value extraction from corporations to those who generate the data.

NFTs and the Metaverse

Lu also highlighted Oasis's contributions and plans in the realm of NFTs and the metaverse. She envisions NFTs being fully integrated into the metaverse, enabling them to represent not only status symbols but also provide tangible utility, such as access to exclusive gaming experiences or real-world assets.

Recognizing the need for privacy protection in the metaverse, Lu emphasized Oasis's support for confidential computing, which allows individuals to prove ownership without revealing underlying personal information or data.

Community-Driven Development

Lu expressed optimism about the vibrant community of developers, founders, and entrepreneurs building on Oasis. "We have received overwhelming interest from our community developers, founders, and entrepreneurs that want to build on Oasis," she said. "We have few native DeFi protocols as well as a few NFT and gaming projects in the making."

The partnership with Binance Labs is expected to further accelerate the growth and development of the Oasis ecosystem, bringing together resources and expertise to create innovative and transformative technologies that advance the Web3 vision.