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Round Tripping

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Crypto Recaps

Round Tripping

a weekly recap of the crypto ecosystem

tolks
Jun 11, 2022
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Round Tripping

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as always, thanks for reading and follow me here

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tl;dr: all eyes on ETH/stETH, stablecoins & NFTs as onboarding mechanisms, data & content monetization, merge delay, and the pain continues


BTC dominance 45% | ETH dominance 16% | DeFi TVL $104B |

Total Crypto Market Cap $1.2T | Stablecoin Supply $160B |


funding:

  • Ledger Cathay Capital launched, a $110M crypto fund for early-stage

  • Solana Ventures launches $100M fund for South Korean web3 startups

  • Arrington capital and Moonbeam Foundation launch $100M growth fund for the EVM compatible Polkadot parachain Moonbeam

  • Crypto.com backed Cronos blockchain creates $100M accelerator program

  • Delphia, algo backed stock advisor, raises $60M to expand and launch Delphia Data rewards token distributed for user’s shopping/social media data

  • Indonesian crypto exchange Pintu raises $113M

  • Orderly Network, DEX built on NEAR, raises $20M in strategic funding

  • Entropy, decentralized crypto custodian, raises $25M seed round

  • Calaxy, social token and media platform, raises $26M

  • Skolem, institutional DeFi execution platform, raises $20M

  • Euler, DeFi lending and borrowing on ETH, raises $32M

  • PartyDAO, collaborative NFT bidding platform, raises $16.4M

  • Valkyrie, crypto asset manager, raises $11M in strategic funding

  • Other Small Deals: Tatsumeeko (web3 MMORPG lite game — $7.5M), TYB (blockchain loyalty and rewards platform — $9.8M), Mash (content monetization on Lightning — $6M), Navigate (MATIC based data rewards platform — $7.6M), Samudai (DAO tooling — $2.5M), MachineFi Lab (IoT web3 data collection — $10M), & Superteam (blockchain sports game — $10M)

news:

  • PayPal to enable external transfers of crypto to third-party wallets & exchanges

  • American Express announces launch of their first crypto rewards credit card

  • Gala Games developed GRIT is first p2e game launched on Epic Games Store

  • Checkout.com, $40B payments giant, to partner with Fireblocks to allow 24/7 merchant settlements through stablecoin USDC

  • Nexon announces Maplestory Universe including p2e and crypto integration

  • Jay-Z and Jack Dorsey partner to launch ‘Bitcoin Academy’ in Brooklyn

  • Salesforce piloting NFT Cloud, platform for minting, selling, & managing NFTs

  • Citadel Securities & Virtu Financial partner to build crypto trading platform

  • English Premier League (EPL) files for NFT and crypto trademarks

  • Wintermute, crypto market making giant, to launch Bebop DEX aggregator

  • Jack Dorsey’s TBD announces decentralized web platform Web5 built on BTC

  • Bitwise and Multicoin Capital partner to launch metaverse index and fund

  • Mastercard widening access to NFT commerce through partnerships with $IMX, Candy Digital, Sandbox (SAND), Mintable, Nifty Gateway, and Moonpay

  • Regulatory Framework — Senators Cynthia Lummis and Kristen Gillibrand released their proposed framework for crypto which they summarized here

thoughts & notes:

Content & Data Monetization

  • Calaxy, TYB, Mash, Navigate, and MachineFi, all announced raises and are building protocols that enable users and creators to better monetize themselves through various approaches. While these companies’ business models are differentiated across blockchains and specific strategies, the common denominator is crypto’s ability to empower users through direct relationships increasing their ability to monetize their data, status, and consumer preferences.

  • Tokens allow experimentation and incentive models not previously available and the design space of incentivizing and rewarding users for actions, resources, or data will continue expanding. This sector combined with DID (decentralized identity), NFTs, and eventually ZKPs protecting users will likely be a lucrative vertical as the proper user protection, rewards, and token mechanics are solved over time.

Legacy Integration

  • While token prices and CT activity continues to decline, there was a slew of announcements from legacy corporations looking to expand their crypto offerings. Mastercard, Salesforce, Checkout.com, English Premier League, Amex, Paypal, Epic Games, Alan Howard, and BNY Mellon all advanced their crypto strategy this week through investments or new products in the space.

  • Checkout.com’s embrace of stablecoins for 24/7, global merchant settlement was the most notable as they follow Stripe’s previous announcement of embracing and incorporating crypto into their tens to hundreds of billions of dollars payment networks. As outlined many times in Round Tripping, stablecoins and NFTs are increasingly the first onboarding mechanism and common denominator between users and companies alike.

tokens:

  • Merit Circle (MC) announces Sphere, a gaming & NFT asset marketplace

  • Illuvium (ILV) completes NFT land sale raising $72M during the process

  • Chainlink (LINK) announces their plans and roadmap to implement staking

  • Hop Protocol’s HOP token officially live and claimable

  • LDO+stETH dual governance system proposed and co-authored by Hasu

  • Frax (FXS) proposes $20M FXS buyback program — can also read boccaccio’s extensive notes covering FXS founder Sam’s appearance on Market Capping

  • BTRFLY extends their hidden hand to Ribbon Finance (RBN)

  • LOOKS covers features to be shipped soon & teases protocol V2

  • NEAR partners with Multichain to expand cross-chain abilities

  • AURA Finance launches Liquidity Bootstrapping Pool initiating token

  • ETH merge on Ropsten testnet goes live with some hiccups, summary here

around the ecosystem:

  • iam_preethi outlines and categorizes the ETH development tooling landscape

  • robindavidji’s great thread on token allocation and distribution over the years

  • mhonkasalo details the stETH <> ETH situation and opportunity

  • nosleepjon releases V14 of his reading list compilations

  • Haseeb from Dragonfly Capital outlines blockchains “globalization” phase

tweets:

Twitter avatar for @cmsintern
CMS intern @cmsintern
smh
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5:35 PM ∙ Jun 8, 2022
14,484Likes1,454Retweets
Twitter avatar for @nic__carter
nic carter @nic__carter
zoomer slang decoded: - fr: fiscal responsibility - no cap: no short term capital gains - fam: fully amortized - on god: ouch, negative gamma on derivatives - bet: beat earnings tomorrow - drag: derisked arbitrage gains - sus: settle up shortly
2:07 PM ∙ Jun 8, 2022
187Likes23Retweets
Twitter avatar for @enjoyoor
mike three 🫵🫠🔜 @enjoyoor
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6:17 AM ∙ Jun 10, 2022
1,282Likes144Retweets
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