CZ’s YZi Labs Commits $1B For Ecosystem Growth As BNB Flips XRP, Tether To Become 3rd-Largest Crypto
YZi Labs, the family office of Binance Founder Changpeng Zhao (CZ), has announced a $1 billion Builder Fund to fuel the growth of the BNB ecosystem that will support projects that are building on the BNB Chain.
That’s as Binance’s native utility token, BNB, flipped Ripple’s XRP and Tether’s USDT to become the third-largest crypto by market cap.
Builder Fund To Boost BNB Ecosystem Amid Surging On-Chain Activity And Strong Momentum
YZi Labs announced its initiative on X, and said it aims to support “more long-term founders” building innovations on the BNB Chain.
Those projects include ones related to “Trading, RWA, AI, DeSci, DeFi, Payments, Wallets” that all leverage “the high-performance, low-cost infrastructure of BNB Chain.”
YZi Labs also called the BNB ecosystem “the backbone for humanity’s new scaling laws,” which are “Web3 for democratized access and ownership, AI to enhance human potential, and biotech to improve quality of life.”
The firm also highlighted recent accomplishments within the BNB ecosystem, such as recently recording 26 million daily transactions, and its number one ranking in decentralized exchange (DEX) volume as well as the number of daily active users.
There was also the Maxwell Hardfork in May, which “further improved network performance” and cut block times to 0.75 seconds and slashed transaction fees to 0.05 Gwei, the family office said in the announcement.
“Together, these milestones reflect a growing community converging around BNB Chain’s fast, scalable, and accessible infrastructure of the future global financial system,” YZi Labs said.
BNB Flips XRP And USDT In Market Cap After New ATH
Adding to the ecosystem’s momentum, the BNB price set a new all-time high (ATH) in the past 24 hours, breaking above $1,300 for the first time ever.
Top five largest cryptos by market cap (Source: CoinMarketCap)
That new record price is the latest in a series of ATHs set by the crypto in recent weeks, with the continued rise enabling the token to become the third-largest crypto by market cap.
With its capitalization of around $182.34 billion, BNB is now only ranked below the crypto market leaders Bitcoin (BTC) and Ethereum (ETH).
YZi Labs Helped Build The BNB Ecosystem
YZi Labs said it has “played a pivotal role” in building momentum within the BNB ecosystem.
“The team has backed projects in the BNB ecosystem such as PancakeSwap, ListaDAO, Aster and Aspecta,” it wrote.
It has also “advanced institutional participation through initiatives including the BNB Digital Asset Treasury (DAT) by BNC, the RWA fund by China Renaissance, and the BNB Yield Fund by Hash Global.”
Now, it seeks to build on that foundation. Starting October, BNB Chain’s Most Valuable Builder (MVB) accelerator program will become part of YZi Labs’ EASY Residency, which is a startup support program, according to the announcement.
That will give builders a special track inside the YZi Labs program, as well as access to up to $500,000 in funding and direct mentorship from both the YZi Labs team and BNB Chain’s core developers.
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