The platform and its native token CYBER began gaining momentum in late August and early September 2023.

Binance Labs, the venture capital arm of Binance — the world's largest cryptocurrency exchange — announced a new round of investment in the decentralized social network, CyberConnect.

The broker's announcement, published on X (Twitter) this Wednesday afternoon (25), caused the platform's token, $Cyber, to soar by more than 30%.

The token's price was trading in the US$5.00 range this Wednesday morning. However, after the announcement, it witnessed a significant rally, reaching $6.30. Despite the surge, the token has not yet reached its historic peak of more than US$15 recorded last month.

CyberConnect em alta

CyberConnect

The CyberConnect platform presents itself as a Web3 social ecosystem that goes beyond likes and shares. Aimed at developers, it allows the creation of social networks where users have full control over data, content and connections.

Binance's move to invest in it suggests a confidence in Web3's capabilities to reshape the social media landscape.

“We made a follow-on investment round in @CyberConnectHQ, a decentralized social network. We see the potential for SocialFi to push Web3 into the mainstream and will be hosting an AMA to dive into opportunities for social integrations across the ecosystem. Stay tuned!" — said Binance.

Web3, it is worth remembering, refers to the new era of the internet, where decentralized applications and blockchain will work together, providing users with control over their data and transactions.

The platform and its native token CYBER began to gain momentum in late August and early September 2023. The coin, which hit the open market in the middle of last month, caught the attention of investors thanks to its listing on Binance.

Created by a team of Silicon Valley entrepreneurs in 2021, CyberConnect is the oldest and most expansive social network on Web3. In August this year, the platform had 1.2 million users, with 400,000 monthly active wallets executing more than 16 million transactions. Its native social app, Link3, has 980,000 monthly active users.

Currently, the CYBER token is listed on several major cryptocurrency exchanges, including Bithumb and Bitget. The currency operates on multiple blockchain platforms such as Ethereum, BNB Chain, and Optimism, and serves multiple purposes.

According to the platform's website, token holders can vote on various protocol improvements and even delegate voting power to third parties.

Additionally, the token can be used to purchase unique digital identities and also functions as a means of payment for all transaction fees within the CyberAccount across different networks.