Overview of Fundraisings of the Week
Global Emerging Markets backs Indonesian blockchain firm’s $60m raise
Tencent, Block back Indonesian fintech platform Flip with $55M Series B extension
Playful Studios unveils Web3 game and raises $46M for The Wildcard Alliance
Upvest raises $42 million in Bessemer-led round, lays the groundwork for international expansion
Estonian NFT Startup NFTPort Raises $26M Series A Round
Clockwork Labs raises $22M for community sandbox MMORPG BitCraft
Cryptocurrency Arbitrage Platform Mosdex Raises $20 Million For Global Expansion
Decentralized science platform Molecule raises $13 million in seed funding
Atmos Labs Closes $11M Seed Funding
Tellie, Web3 Starter Kit for Creators, Raises $10M Series A to Onboard Web2 Creators to Web3
Fundraising Trend Since the Beginning of the Year
DeFi
Weekly TVL
Gross: ⬇️ $71.61B
Top 3 Apps: MakerDAO ⬇️($7.68B), AAVE ⬇️($5.45B), Curve ⬇️($5.02B)
Top 3 Chains: ETH ⬇️($45.49B), BSC ⬇️($5.84B), TRON ⬇️($3.97B)
Top 7D Change 📈: Institutional capital marketplace-Maple Finance (+110%, $151.54m)
DeFi News
[Merit Circle Contractual Breach] Gaming DAO Meric Circle passed a vote to cut out one of its contracted investors, Yield Guide Game, because YGG couldn’t “bring value” to MC.
[Osmosis Relaunched] Osmosis has gone back online after the exploit with all LP and staking rewards during the downtime paid out.
[Klap Finance Introduced] Klap Finance, a lending protocol launching on Klaytn blockchain that will offer popular models such as veNFT votings, PvP yield boosters, penalties for merc capital, etc. to users.
NFT
7D SALES: $184,182,490
7D CHANGE IN SALES: -19.47%
7D NUMBER OF SALES: 949,027
NFT News
June 14, The Goblintown town team doxxed themselves as Truth Labs.
June 14, OpenSea is migrating to Seaport to give users a better experience.
June 14, Madonna to perform at the World of Women NFT NYC party.
June 14, HTC is debuting a Metaverse phone later this month.
Gamefi & Metaverse
[Kaleidoco raises $7M to blend Web3 and AR entertainment] Kaleidoco, an augmented reality and Web3 company, has raised a new round of $7 million in funding from the blockchain gaming community. The company is coming off debuting its Particle Ink Metaverse at the opening of the TED2022 event, and it also has a live AR installation in Las Vegas. The founders are Jennifer Tuft and Cassandra Rosenthal, both film industry vets with decades of experience.
[Qatar Airways to integrate NFTs and ticket purchases in its metaverse platform] Qatar Airways, the state-owned flag carrier airline of Qatar, is looking to introduce new features to its metaverse platform, the QVerse. The popular Middle Eastern airline plans to integrate NFTs, ticket purchases, and more places to explore in the virtual reality (VR) platform. The company also adds that in the future, QVerse may be accessed from other metaverse platforms such as Decentraland or Sandbox, and can be explored using the Oculus Quest VR platform.
[HTC To Release Metaverse Smartphone This Month] The new HTC device will launch on June 28 and is set to be the first metaverse (or to be precise, Vivaverse) phone. This means it will likely leverage VR and AR (Augmented Reality) with deeper integration with the Viveverse, HTC’s own flavor of the Metaverse concept.
[Meta announces digital designer clothing store for avatars in the metaverse] Meta Inc CEO (formerly Facebook) Mark Zuckerberg announced the launch of a designer clothing store for digital avatars called the “Meta Avatars Store.” Zuckerberg made the announcement on an Instagram live along with Instagram’s vice president of fashion partnerships Eva Chen.
[Immutable Launches $500M Ecosystem Fund to Boost GameFi Adoption] Immutable has launched a $500 million ecosystem development fund to support projects building on its Ethereum Layer 2 scaling platform, Immutable X. The fund will utilize a mix of cash and its native token IMX to fund Web3 developers and incentivize their long-term alignment with the ecosystem.
[Terra’s Derby Stars Moves to Polygon; Leverages Robust GameFi Ecosystem] Derby Stars is moving to the Polygon Network. This migration is due to Terra’s price crash and related issues. Earlier this year, the game project gained $6 million in seed rounding on the Terra network.
[Animoca Brands Becomes Primary Investor of Liberty Gaming] Animoca Brands is now the primary investor of Liberty Gaming. Liberty Gaming is a P2E NFT gaming platform. Animoca Brands brings digital games and produces REVV and SAND tokens. This investment will help Liberty Gaming develop its platform, ecosystem, and community by positioning them as an influential force within the GameFi community as a whole.
[Dercred-Next Announces a $20,000 DCRN Airdrop Event] Decred-Next (DCRN) is thrilled to announce a $20,000 DCRN Airdrop event as it successfully completed its hard fork earlier this month. While retaining key features such as high security, strong adaptability, and sustainable development of main chain Decred, DCRN plans to integrate EVM, sharding, OmniLayer protocol, and other functions in the future to create a unique, prosperous, and robust ecosystem. With improvement in the efficiency of Decred, the forked chain will be able to support more practical use cases while uplifting the market’s recognition of Decred.
DAO
[Solend passed a proposal to take special action towards the whale account] The founder has addressed an issue regarding a whale lender, who has about 95% of the SOL deposits and 86% of stable deposits, to urge him to pay down his loan to avoid liquidation. However, as no one has replied his request, Solend community has passed a proposal to take special action to the whale's position and mitigate potential market and liquidation risks that will pose to the protocol and Solana. This proposal agrees to have a threshold of 35% liquidation required for whales that have over 20% of all borrows for the main pool, and also the Solend Labs will execute the liquidation process in OTC instead of selling them on serum and orca, to avoid causing instability to Solana.
[MIM off pegged for insolvency claims] MIM went off pegged after Autism Capital revealed their bad debts of $12M from the Luna crash and without any effort of paying it back with treasury, they were buying coins when the market is going down and might cause the protocol being insolvent. MIM later addressed the issue and showed that now the protocol has collateral worth$460M and the asset borrowed is about $274M. They also pointed out that the bad debt is only 2.62% and the treasury can fully back up the losses.
[MakerDAO approved rETH as collateral] MakerDAO passed the proposal adding rETH as a new Vault type and expanded rETH’s utility in the space.
Regulation & Adoption
June 13: (🇺🇸) One of the largest crypto lenders, headquartered in the US, pauses all withdrawals, swaps, and transfers between accounts due to “extreme market conditions”.
June 13: (🇸🇻) EL Salvador faces $36 million loss in crypto investments following the Bitcoin crash. The country faces its 5-year CDS exploded.
June 16: (🇺🇸) Circle Internet Financial plans to issue Euro-Backed Stablecoin in the US.
June 17: (🇵🇦) Paname President partially vetoed a proposal, which regulates the use of crypto for transactions.
Macro
- US Fed Raises rate by 75bps to 1.5%-1.75% target range. Biggest increase since 1994.
- US Housing Home Price / Earnings Ratio hits a record high of 8.5x vs 8x in 2008.
- The US announces the release of another 45 million barrels of crude oil from the Strategic Petroleum Reserve.
- Swiss franc trading was suspended in Moscow after new sanctions from Switzerland. Russian Rouble leaps to another high vs EURO and USD.
- Nearly 40% of SP500 stocks have hit 52-week lows.
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