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crypto recap 3/14 - 3/20

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Crypto Recaps

crypto recap 3/14 - 3/20

news, notes, funding, charts, and tweets summarizing the past week in crypto

tolks
Mar 19, 2022
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crypto recap 3/14 - 3/20

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as always, thanks for reading, sharing, and feedback and follow me here

tl;dr: BTC & ETH are embracing their massive tailwinds while APE may become the global currency, L2s (specifically ZK enabled) are approaching their moment, and NFTs releasing tokens creates alt season 2.0.

majors v BTC as of 8am Saturday morning

funding & news:

  • ConsenSys raises $450M @ $7B valuation, to convert funding to ETH and release redesign of MetaMask sometime later in 2022; MetaMask 30M+ users

  • Former Facebook stablecoin Diem devs form Aptos, raise $200M @ $1B+ valuation to build new L1 with live devnet and hopes to launch mainnet in Q3

  • Optimism, L2 ETH scaling, raises $150M @ $1.65B valuation

  • VC firm Foresight Ventures plans to invest $100-$200M in Web3 startups over the next three years

  • Mina, ZK enabled L1, raises $92M to boost growth of developers in ecosystem

  • Spartan Group launches Spartan Labs, a $100M Web3 venture-building studio

  • Hex Trust, a crypto custodian based in Hong Kong, raises $88M series B

  • LFG, Luna Foundation Guard, to burn $365M worth of $LUNA to mint 372M $UST to purchase more “exogenous collateral” for $UST backing

  • Guantlet, DeFi risk management, raises $24M @ $1B valuation

  • BAYC deck leaked involving plans to launch land sales, APE token, and MetaRPG gaming metaverse after previously looking for $5B in funding and purchasing the IP rights of CryptoPunks and Meebits

    • BAYC launches $APE token — currently @ ~$13.5

  • Layer Zero, cross chain asset swap protocol, launches Stargate on 3/17

  • Spotify plans to add blockchain tech and NFTs; Zuck confirms Instagram NFTs

  • Magic Eden, Solana NFT marketplace, raises $27M series A

  • HSBC, global financial services, partners with The Sandbox, acquiring a plot of land for sports, esports, and gaming enthusiasts

  • Polygon based NFT collection Crypto Unicorns raises $26M through token sale

  • C2X, $LUNA gaming platform, raised $25M in token sale, valuation @ $500M

  • DCG spins off Luno Expeditions to invest in crypto/fintech with ~$250M

  • Oxio, token powered telecom platform, raises $40M series B

  • Treehouse, DeFi analytics firm, raises $18M in seed funding

  • Ethereum successfully merges on Kiln testnet ahead of long anticipated merge from PoW to PoS — June seems to be the rough consensus for merge

  • FanCraze, cricket NFT platform a la NBA Topshot, raises $100M

  • Joyride Games, unity powered blockchain gaming platform, raises $14M

  • Ukraine finalizes legalization of crypto

  • Stellar launches $30M developer fund to match startups in its ecosystem

  • Coinbase releases Coinbase Pay natively integrating with Coinbase Wallet

  • Coinbase adds support for Solana based tokens, to add dapp connections and NFTs soon

thoughts & notes:

  • Layer Zero & The Multi-Chain Future

    • Layer Zero, one of the most exciting projects in crypto, launched this giving further support for the multichain future. Layer Zero is a messaging protocol allowing one-click complex transactions across multiple chains with native chain assets and pools.

    • Bridges are currently the most used application of getting funds from chain X to chain Y but they face several transactions, cumbersome UX, and fractured liquidity the “Bridging Trilemma” Layer Zero claims to have fixed. The ideal bridge solves the trilemma referring to:

      • Instant Guaranteed Finality, Unified Liquidity, & Native Assets

    • The entire Cosmos and IBC network, which has been covered as a meta narrative in previous recaps here several times, also supports the multichain, application specific blockchain future and we’ve seen RUNE, AVAX, LUNA, and AAVE regain attention this week as they announce cross-chain developments

  • L2 Scaling & The Merge

    • As I wrote in the Zero Knowledge Landscape earlier this week, the L2 funding and development is accelerating rapidly. You can see a broad recap of the recent developments that have taken place there and add Optimism raising @ $1.65B valuation & Mina raising $92M this week.

    • It’s been almost a year since many were calling for L2 summer, but with the merge looking likely to happen in June, it seems increasingly likely we get L2 summer and ETH/BTC pull the market forward ramping into it.

  • NFTs Launching Tokens

    • Highlighted by BAYC releasing $APE this week and the NFT ecosystem correspondingly pumping, we *should* see this playbook recreated many times in the coming months and years. While many of these will go to zero, the strong brands and teams will last and create an insane frenzy within the NFT ecosystem. There’s deeper thoughts to explore on how exactly it will play out (and to position yourself) that we’ll cover in the coming weeks.

      Twitter avatar for @MoonOverlord
      bigdog.eth PhD goblinomics @MoonOverlord
      WE LIKE THE NFT STIMULUS
      Image
      3:37 PM ∙ Mar 18, 2022
      82Likes9Retweets
      Twitter avatar for @tolks1189
      tolks @tolks1189
      $APE stimmy in full effect and as usual @GiganticRebirth was months early. NFTs launch tokens, profits are sticky to the ecosystem, repeat. NFT marketcap v tokens suggests the wealth created from NFTs is just beginning
      Twitter avatar for @GiganticRebirth
      GCR @GiganticRebirth
      Compare the market cap of NFT projects to some prominent meme tokens -SHIBA reached 60 billion cap at peak -Not a single NFT has a 1 billion dollar cap [exception BAYC] Altcoins 2.0 seem overvalued relative to NFT growth; I predict tokenization of NFTs to eat into alt2 volume https://t.co/X4gwshrw0T
      4:19 PM ∙ Mar 18, 2022
      183Likes12Retweets

good & bad coins:

  • $RUNE — +51%

    • RUNE, similar to Aave, continues to ship and build. They launched the activation of synthetics on 3/9 and investors await the integration of $UST and ThorFi while the THORSwap roadmap was revealed

  • $AAVE — +39%

    • As one of the OG DeFi innovations, Aave continues to ship features and upgrade the protocol as evidenced by the release of Aave v3 this week

  • $MINA — +30%

    • MINA announced a $92M capital raise led by FTX and 3AC as they board the ZK hype train and investors continue scrambling to gain exposure to the burgeoning ZK ecosystem that I wrote about last week.

  • $AVAX — +23%

    • AVAX launched a ~$300M multiverse program on 3/8 to stimulate the growth and development of their subnets along with the yet to fail “long the coin going into the conference narrative” (s/o Darren). AVAX is hosting the Avalanche Summit next week in Barcelona and it’s safe to assume there will be announcements to follow next week stemming from that.

  • $LUNA & $ANC — LUNA +2.5%, ANC -16%

    • in a week where market sentiment and rallies where seen across the board, LUNA was a laggard despite the announcement of burning 4 million LUNA to mint $UST and purchase “exogenous collateral”

    • LUNA will be one of the most watched ecosystems of the next year as there are main high profile traders/investors wagering millions of dollars, directly against Do Kwon & through the market, that the LUNA ecosystem is unsustainable (links to the burn and wagers below) all while they keep building & integrating into other ecosystems as seen by the RUNE and AVAX announcements this week.

around the ecosystem:

  • the king, Ansem, releases his quarterly must read report

  • Arthur with another amazing, tad hyperbolic, must read article

    • never investment advice but seriously please read Ansem and Arthur this weekend if you haven’t

  • Avi lays out his thoughts on the current market and where we’re headed

  • JavierAng with a great thread detailing the vast & developing NFT ecosystem

  • Jon is back with another great NoSleep Reading List

  • Congressman Ritchie Torres of NY writes a good article on the progressive case for the embracing crypto and highlights the insane NY Bit License rules

  • 0xfoobar lays out thoughts on some privacy enabling protocols

tweets of the week:

Twitter avatar for @paddi_hansen
Patrick Hansen @paddi_hansen
BREAKING: The ECON committee of the EU Parliament just voted against the de-facto POW-ban: 32 against, 24 in favor. Big relief & political success for the bitcoin & crypto community in the EU💪💪 Will share a breakdown of the vote and what’s next here in this thread. #Bitcoin
2:54 PM ∙ Mar 14, 2022
23,304Likes6,722Retweets
Twitter avatar for @PastryEth
pastry @PastryEth
I'm sure many of you have heard about the Silk Road before, but not many of you seem to know the full story. Today, we will be uncovering a 33 page transcript from its chat logs, & take a look at the untold side of Silk Road.. (This one is long, but well worth the read)
12:18 AM ∙ Mar 15, 2022
5,622Likes998Retweets
Twitter avatar for @andrewbadr
Andrew Badr @andrewbadr
This is the story of how @larvalabs, the creators Cryptopunks, hid a secret NFT prize almost a year ago—and how a couple friends and I recently solved the puzzle to claim it.
6:23 PM ∙ Mar 14, 2022
10,007Likes2,308Retweets
Twitter avatar for @GiganticRebirth
GCR @GiganticRebirth
Interested in same bet for 10 million dollars [considered offering 50 million, but escrow becomes tricky] Would donate half to charity Expect price to pump short term, but in 1 year, supremely confident the current narrative is lost @stablekwon
Twitter avatar for @AlgodTrading
Sensei Algod @AlgodTrading
Edited* Who wants to take a $1000000 bet that $luna will be lower price in 1 year than now? @stablekwon @CryptoHarry_ @ZeMariaMacedo
11:43 AM ∙ Mar 14, 2022
3,016Likes361Retweets
Twitter avatar for @NeerajKA
Neeraj K. Agrawal @NeerajKA
Watch as @jony_levin tries to answer Sen. Warren’s questions about a hypothetical oligarch with $1 billion already in crypto
3:53 PM ∙ Mar 17, 2022
8,164Likes1,351Retweets
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crypto recap 3/14 - 3/20

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