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Round Tripping

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Crypto Recaps

Round Tripping

a weekly recap of the crypto ecosystem

tolks
Jun 4, 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: private markets slowly aligning with public sentiment, cross-rollup liquidity and composability are key to scaling, flared gas BTC mining shifting narratives, and OP/VELO airdrops are live.


BTC dominance 46% | ETH dominance 17.5% | DeFi TVL $106B |

Total Crypto Market Cap $1.22T | Stablecoin Supply $155B |


funding:

  • Binance VC arm raises $500M for incubation, early-stage, and late-stage

  • SoftBank leads $66M series B in blockchain infrastructure provider InfStones

  • Canonical Crypto raises $20M for its first fund

  • Akatsuki, Japanese gaming firm, raises $20M for NFT & GameFi investments

  • Merge, crypto payments infrastructure, raises $9.5M seed round

  • WAX blockchain raises $10M to further develop NFT ecosystem

  • Utopia Labs, DAO payrolls, raises $23M series A

  • Hydra Ventures, DAO investing in investment DAOs, announced and launched

  • Six different crypto startups raised between 3M-6.5M this week:

    • Dework (DAO management), Liminal (wallet startup), Big Whale Labs (wallet privacy), Cloudwall Capital (risk management), Alloy (institutional DeFi), and Size (sealed OTC bid auctions for vested tokens)

  • Animoca acquires mobile gaming firm Notre Game adding to previous acquisitions Grease Monkey Games and Eden Games

news:

  • Fidelity to continue expanding digital asset offerings & hiring spree

  • Japan passes stablecoin bill ensuring redemption/backing at face value

  • Zerion releases 10 chain compatible mobile wallet for web3 apps

  • Chainlink price feeds are now live on Solana, first non-EVM chain integration

  • Alchemy, dev infrastructure provider, announces support for Solana

  • FTX readies war chest for acquisitions to expand its suite of products

  • Chipotle partners with Flexa to accept crypto at its U.S. based locations

  • Binance sponsors upcoming The Weeknd tour and commemorative NFTs

  • FTX passes Coinbase in CEX spot marketshare

  • Kucoin launches non-custodial web3 wallet

  • Crusoe Energy, flared gas BTC mining, previously raised $350M in April and this week announced expansion to Middle East countries Abu Dhabi & Oman

    • I’ve previously written multiple times about BTC flared gas mining, highlighting it’s ability to form positive, deserved narratives and deeper growth throughout the industry while creating additional revenue streams

thoughts & notes:

Cross Rollup Composability

With the Optimism token airdrop complete (along with VELO its main AMM), the race to scale L2s, reduce transaction fees, and acquire users is upon us. One of the previous negative externalities regarding L2 scaling was the fragmentation of users, liquidity, and assets across the various competitors. This problem was also applicable over the past year to the various L1s that were attracting TVL and growth, but has been largely solved through the Bridge Wars covered in previous Round Trippings.

L2s are currently integrating similar bridging solutions to ensure cross-rollup liquidity and asset transfer, but benefit from a shared settlement layer. All L2s built on the same underlying L1 have the ability to build easier, trust-minimized bridges between them compared to cross L1 and L2 solutions such as SYN and Layer Zero, a point Alex Beckett explains in his excellent post, Composability in a Rollup Ecosystem.

from IMX’s article announcing partnership with StarkWare’s StarkEx

Further solidifying the above is Immutable X and StarkWare’s StarkNet recent announcement of their L2 partnership. In that post, they outline the ability to establish cross-rollup NFT liquidity highlighting the need to, “ensure that there is robust interoperability between rollups…through the construction of seamless and trustless asset bridges…as these rollups share a settlement layer (L1 ETH), bridging is possible without compromising asset security.” As an increasing number of L2s begin deploying to mainnet and distributing tokens over the coming months to acquire users, composability and liquidity between them will be a core focus for L2s and market participants.


Token News:

  • OP (Optimism) token launches — currently $1.37 with a ~$5.85B FDV

  • VELO token is live — Velodrome Finance the AMM of Optimism

  • ZCash NU5 upgrade is live — transactions now private by default on network

  • ETH testnet Ropsten moving to PoS on June 8th

  • StarkNet partners with Braavos wallet for direct StarkNet L2 integration

  • BTRFLY releases Pirex, a futures marketplaces for yield generating tokens

  • LDO announces liquid staking for DOT is now available

  • Maple Finance (MPL) introduces staking

  • JPEG’d (JPEG), NFTxDeFi collateral, launches the Citadel for CVX/CRV rewards

  • futureverse.xyz announced — PoS, EVM compatible blockchain with a dual-token economy integrating Fluf World and Altered State Machine

  • Celer Network (CELR) launches xAsset V2 for omnichain asset compatibility

  • Astroport’s ASTRO token airdrop for terra 2.0 outlined

  • $90M exploit of Mirror Protocol on Terra goes unnoticed for seven months

around the ecosystem:

  • ultimate web3 blockchain development stack through freecodecamp released

  • North Rock Digital’s research on ETH’s “generational” value post-merge

  • model and analysis on CRV/CVX subsidized stable pools of various sizes

  • bunchu.eth outlines guiding principles for proper wallet management

  • 0xHamZ with a discussion on L1s as Money

  • Andrew with a good analysis on VC token dumping & what to watch for

tweets:

Twitter avatar for @CryptoCred
Cred @CryptoCred
Can probably buy $BTC, $ETH, and $COIN over the next 6-18 months, go into a coma, and do really well once risk is bid again. But I am a gambling addict with dysfunctional dopamine receptors, so I'm going to draw lines on charts and overtrade instead. 🤝
10:10 PM ∙ May 27, 2022
2,918Likes218Retweets
Twitter avatar for @GCRClassic
GCR, Ezekiel X @GCRClassic
@DeFifrog1 @setanimals @Fiskantes capital has to find a home Real Estate - $300 trillion Bonds - $110 trillion Stocks - $100 trillion Gold - $13 trillion Crypto - $1 trillion in the long run, crypto appreciates relative to other scams as we fully immerse into digital forms of existence needs new ideas and time
7:15 PM ∙ May 27, 2022
1,267Likes216Retweets
Twitter avatar for @passytee
Pas @passytee
THE LUNA BET BATTLE 🔥💵 Kaleo / Algod / GCR Vs. Kwon Featuring: @CryptoKaleo / @AlgodTrading / @GiganticRebirth / Kwon
1:30 AM ∙ May 31, 2022
658Likes138Retweets
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