Antalpha Weekly

Antalpha
9 min readApr 10

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Apr 10, 2023

CryptoPunk #3990

238 ETH ($443 k)

Fundraisings of the Week

Crypto Protocol LayerZero Raises $120M at $3B Valuation

Pantera Capital leads $22.5M investment in M^ZERO Labs for decentralized infrastructure

Crypto Startup Li.Fi Raises $17.5M in Funding Round

DWF Labs Invests $16M in RACA to Spur Web3 Gaming Ecosystem

Polychain Leads $15M Funding Round for Crypto Startup Polyhedra Network

Delphi Labs Raises $13.5M for Web3 Accelerator

Alchemy Pay Raises $10M at $400M Valuation to Push South Korean Expansion Plans

Dragonfly Capital invests $10M in Bitget amid industry recovery

DeFi Hub Nibiru Chain Valued at $100M After $8.5M Seed Funding Round

Social Future Raised $6M to Build AI-Driven Virtual Social Platform

DeFi

Weekly TVL

Gross: ⬆️$50.4B

Top 3 Apps: Lido ⬆️($11.15B), MakerDAO⬆️($7.7B), AAVE ⬆️($5.66B)

Top 3 Chains: ETH ⬆️($29.77B), TRON ⬆️($5.32B), BSC ⬇️($4.97B)

Top 7D Change 📈: Decentralized, on-chain movement for improving validator decentralization — unshETH(USH) (+1574%, $24.08m)

DeFi News

[Sentiment Exploit & Recovery] Sentiment got exploited and lost ~$1m in USD. The root cause of the exploit was a read-only reentrancy attack, which was used to manipulate the asset price. After a negotiation between the Sentiment team and the attacker, ~90% of lost funds had been returned.

[LooksRare V2 Live] LooksRare V2 is now live, offering lower fees, cheaper gas, one-signature bulk listing, support for more NFTs, and seller payout in ETH.

[Lyra Governance V2] Lyra has transitioned its governance to V2. V2 shifts from a representative council model to a fully autonomous on-chain system, that enables staking & delegation, and grants controls of treasury & developments to token holders.

NFT

Top 10 Collections by Weekly Volume

NFT News

Apr. 7, LooksRare has launched version 2 of its platform, which reduces fees from 2% to 0.5%. The move aims to make the platform more accessible to creators and collectors. Additionally, the platform also includes new features such as a bidding system and the ability to create curated collections. [Source: Cointelegraph]

Apr. 6, Solana blockchain has introduced “state compression,” a new technology that can reduce the size of non-fungible tokens (NFTs) by up to 100 times while maintaining their functionality. This allows for faster and cheaper transactions, making it easier for users to buy, sell and trade NFTs. [Source: Solana]

Apr. 6, Magic Eden has launched Bitcoin Ordinals NFT creator launchpad. The launchpad allows creators to mint their own ordinals and offers a royalty system for secondary sales. To kick off its launchpad, Magic Eden is teaming with Ethereum-based NFT collection Godjira to release its Bitcoin-based (Dead)Jira collection on April 7. [Source: CoinDesk]

Apr. 5, MetaMask has announced enhancements to its non-fungible token (NFT) capabilities. The new features include better support for NFTs, improved transaction speeds, and more intuitive user interfaces. These changes aim to make it easier for users to buy, sell, and trade NFTs through the MetaMask wallet.

Apr. 4, OneOf, an NFT platform, has acquired Tap Network, a blockchain-based rewards and loyalty company. This move aims to offer incentives to OneOf’s users for holding and trading NFTs on its platform, highlighting the growing interest in incentivizing user engagement and loyalty in the NFT space. [Source: CoinDesk]

Apr. 4, OpenSea has launched OpenSea Pro, a new platform aimed at professional NFT traders. It offers advanced trading features, including over-the-counter (OTC) trading, deeper liquidity, and more flexible payment options. The move comes as the NFT market continues to grow, with more demand from institutional investors and high net worth individuals. [Source: CoinDesk]

Apr. 4, Yuga Labs has partnered with Gucci to launch an “Otherside” themed jewelry collection. The collection will feature designs inspired by the Yuga Labs’ Bored Ape Yacht Club (BAYC) NFT project. The jewelry collection will include a range of products such as bracelets, pendants, and earrings, featuring designs inspired by the Bored Ape Yacht Club. [Source: Decrypt]

GameFi & Metaverse

[Multicoin led $4M strategic round for Web3 co-ownership platform Lore] Lore, a co-ownership platform for Web3 collectives, has raised $4 million in a strategic funding round led by Multicoin Capital. The capital will enable new use cases and expansion to additional blockchains beyond Ethereum, starting with Polygon and Solana. The platform, now in public beta, allows groups of people to share NFT for expanded access and utility.

[Social Future raises $6 million to build an AI-powered virtual social platform] Social Future, an AI-powered social metaverse company, successfully raised $6 million in funding. Founded by technologists, artists and game builders, SocialFuture is backed by top crypto investors including SNZ, Everest Venture Group, Folius Ventures, Y2Z Ventures, Mask Network, Tess Ventures, Stratified Capital, and Mindfulness Capital.

[Huddle01 raised $2.8M in seed funding] Huddle01, a Middletown, Delaware-based decentralized real-time communication network, raised $2.8M in the seed funding. The round, which brought the total amount to $4.5M, was led by Hivemind, with participation from Superscrypt, M31 Capital, Protocol Labs, East Ventures, Longhash Ventures, Good News Ventures, and angel investors Balaji Srinivasan, Stani Kulechov, Dan Romero, and Juan Benet.

[DWF Labs invested $16M in RACA to spur Web3 gaming ecosystem] Market maker and investment firm DWF Labs has invested $16 million in Web3 company RACA. The funding will help RACA continue its goal to expand a gaming ecosystem. Founded in 2021, RACA has already launched a R3 game infra, SimCity-esque sandbox game USM.WORLD, social party game Looki Looki Jazzi, cross-game DID wallet JAZ, and a NFT marketplace.

[Yuliverse has completed its seed round of financing led by LIF] The mobile metaverse platform Yuliverse, which combines gaming and social features, announced that it has completed the seed round of financing. This seed round was led by LIF Capital, with participation from Archermancapital, Animoca Ventures, TKX, Hummingbird Capital, and Lionrock Capital.

[Zealy raised $3.5M in pre-seed funding] Crew3, a web3 community engagement platform, rebranded to Zealy and announced a $3.5M pre-seed funding round. The round was led by Redalpine with participation from Connect Ventures, Aglaé Ventures, Kima Ventures, Purple, STATION F, Founders Future, Pareto Holdings, and industry expert business angels from The Sandbox, POAP, DFNS, Starton, and Pianity.

[Topgoal secured investment from DWF Labs] Topgoal has announced millions of investment from DWF Labs, a Web3 venture capital and global digital asset market maker. The investment will provide Topgoal with the necessary resources to develop a football Metaverse powered by AI and blockchain technology. That could bring sports into Web3 and offering innovative digital and virtual experiences for football stars, clubs, and fans.

[Third Summit raised $4.5M in seed funding] Third Summit, a NYC-based tech startup focused on building and investing in tools for content creators, small businesses and in-house brand teams, raised $4.5M in seed funding. The round was led by Florida Innovation Capital, which committed $2.75M. The company intends to use the funds to continue expanding its flagship SaaS platform, Alteon.io.

DAO

[Sui announced Ambassador Program] Sui Foundation will support active individuals in co-marketing the brand.

[Community raised doubts towards zkSync’s zkEVM compatibility] The Dapp Gemholics deployed their fundraising smart contract on zkSync Era, and their 721 ETH is locked due to their inappropriate use of the transfer function on zkSync’s virtual machine. zkSync later confirmed that the fund is safe, and they will try their best to recover the fund in the near future.

[Optimism governance voted to approve the bedrock upgrade] The bedrock upgrade aimed to provide better modularity, simplicity and Ethereum equivalence towards Optimism.

[Eigenlayer announced the first stage of testnet] The testnet is designed to be a non-incentivized goerli-based testnet. Eigenlayer also announced the three-step road map to test out their code base, where this stage will be focused on stakers.

[GMX is proposing to use Chainlink as their oracle partner in GMX v2] By utilizing Chainlink’s new low-latency oracles, GMX will be able to attain a higher level of efficiency. The proposal also allocates 1.2% of protocol fees in exchange for the service.

[MakerDAO’s Protocol Engineering Core Unit is shutting down in April ] The core team will be slowly replaced by smaller independent teams pursuing the decentralization of the governance.

Regulation & Adoption

  • 03/04/2023: (🇺🇸) Dogecoin up nearly 30% after Twitter logo changed to Doge
  • 06/04/2023: (🌍) New study by crypto tax firm Divly found that just 0.53% of crypto investors reported their crypto activity to their tax authorities in 2022.
  • 07/04/2023: (🌍) Crypto billionaires lost 110 billion USD last year, leaving 9 billionaires vs 19 last year.
  • 07/04/2023: (🌍) Russia ranks as the world’s second-largest crypto-mining country.

Macro

  • France makes historic LNG sales to China in YUAN.
  • US Banks lost nearly 400bn USD in deposits in March.

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