CyberConnect, a web3 social platform, has seen its native token CYBER soar 31% in the last 24 hours after Binance Labs announced a follow-on investment in the project. CyberConnect aims to empower users to create and control their social applications.
The decentralized social network enabling users to create and control their social applications, has experienced a remarkable price surge in the last 24 hours.
The platform’s native token, CYBER, has jumped 31% to trade at $6.35 following the announcement of a follow-on investment from Binance Labs, the venture capital arm of the world’s largest crypto exchange by volume.
Binance Labs backs CyberConnect’s web3 vision
Binance Labs revealed on X (Twitter) that it made a follow-on investment round in CyberConnect, citing the potential of SocialFi. This term refers to the integration of social and financial aspects in web3 platforms.
Binance Labs is known for its huge funding and expert support to multiple web3 startups that aim to build decentralized applications with fundamental use cases and solve problems in the crypto ecosystem.
The firm’s portfolio has grown to a $9 billion investment fund despite the huge collapses of Terra and FTX that rocked the market last year.
This year, the company has invested in Altlayer, Kinza, and KiloEx, including a $15 million investment in the web3 gaming platform Xterio.
CyberConnect is one of the projects that Binance Labs believes can advance the web3 vision of empowering users with full control of their data and privacy.
The project offers a network built for developers to create social applications that run on decentralized protocols and smart contracts.
Users can access various social applications on CyberConnect, such as chat, blog, forum, marketplace, and more. Users can also earn rewards by contributing content and engaging with other users.
Market factors also contribute to CYBER’s rally
While Binance Labs’ investment was a major catalyst for CYBER’s rally, some market observers have also attributed the price surge to other factors, such as the general market uptrend and the growing popularity of web3 platforms.
The wider crypto market recorded bullish sentiments on the heels of a potential spot Bitcoin ETF approval by the United States Securities and Exchange Commission (SEC).
Several firms have predicted a renewed liquidity cycle in the market, sparking the next bull run if an ETF gets approved.
Bitcoin (BTC) rallied to a 16-month high above $35,000, with altcoins like Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Ripple (XRP) notching similar growth.
Web3 platforms have also gained more attention and adoption in recent months as users seek more decentralized and user-centric alternatives to traditional web2 platforms.
These platforms leverage community development mechanisms and peer-to-peer reward systems to create more value and engagement for users.
Some of the popular web3 platforms include Uniswap, Compound, MakerDAO, Audius, and Decentraland.
