Blockchain
The Open Network raises $30M, Drift Protocol brings in $25M
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adminThe Open Network and Drift Protocol emerged as the top two firms with the highest funds raised in the last seven days.
Per a report by Galaxy, 2024 has been a good year for the fundraising industry, as there has been a steady uptick in the funds raised. As of July 1, founders are reporting an active fundraising environment.
Even though there was a drop in deal count from 603 in the first quarter to 577 in the second, capital invested paints a different picture with a rise to $3.2 billion in Q2 from Q1’s $2.5 billion.
Data shows a 28% increase in capital invested quarter over quarter. When it comes to geographical location, United States-headquartered companies accounted for more than 40% of all deals in Q2.
The United Kingdom followed suit with 10%, and Singapore enjoyed 8.7% of all deals.
As for the most recent crypto VC funding rounds, crypto.news compiled the latest announcements from Sept. 15 to Sept. 21 using data obtained from Crypto Fundraising. Let’s look at the companies that grabbed headlines with million dollar-plus rounds.
The Open Network, $30 million
- TON is a layer-1 blockchain that was originally developed as the Telegram Open Network.
- Now known as The Open Network (TON), it raised $30 million this week and over $54 million since its inception in 2018.
- Bitget and Foresight Ventures contributed to the latest fundraising effort.
Drift Protocol, $25 million
- Drift Protocol is a Solana-based DEX that offers spot trading, swaps and perpetual futures.
- It closed a $25-million Series B funding round led by Multicoin Capital.
- The firm has raised over $52.3 million so far.
Helius, $21.75 million
- Helius is a provider of RPC Nodes, APIs, webhooks and developer tooling.
- Lead investors of the $21.75 million include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One and Spearhead.
- Helius has raised a total of $34.35 million so far.
Hemi Labs, $15 million
- Hemi Labs is a layer 2 protocol focusing on security and interoperability across Bitcoin (BTC) and Ethereum (ETH).
- The firm raised $15 million from investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc.
Pipe Network, $10 million
- Pipe Network, is an incentivized internet infrastructure, clinched $10 million from Multicoin Capital.
Yellow Network, $10 million
- Yellow is a blockchain product and infrastructure company.
- Investors like Consensys, GSR, Global, Gate.io Labs, ZBS Capital and others contributed toward the startup’s $10 million fundraising round.
Additional funding rounds under $10 million
- TrueX: The non-custodial, stablecoin-native exchange officially launched with $9 million in funds courtesy of RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation and Aptos.
- Fermah: CSX, Lemniscap, Bankless Ventures and LONGHASH Ventures are among the backers of a $5.2-million round
- Vana: Coinbase Ventures, Manifold, GSR, DeFiance Capital and Auros participated in a $5-million fundraising effort.
- Cudis: The startup collected $5 million from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito and other investors.
For last week’s column, click here.
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Chainlink (LINK) Continues To Witness More Development Activity Than Any Other ERC-20 Project: Santiment
Published
4 hours agoon
September 22, 2024By
adminThe decentralized oracle network Chainlink (LINK) continues to outpace all other ERC-20 projects in terms of development activity, according to the crypto analytics firm Santiment.
Santiment notes on the social media platform X that Chainlink registered 624.17 notable GitHub events in the past 30 days, more than double the number of the second-ranked project, Ethereum (ETH), which clocked 298.8.
The oracle project also topped the list in June and August.
The decentralized finance (DeFi) protocol Synthetix (SNX) came in third with 289.93 notable GitHub events.
An ERC-20 project is a standard that developers use to issue tokens on the Ethereum blockchain and virtual machine.
Santiment notes that it doesn’t count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.”
The analytics firm has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam.
LINK is trading at $11.39 at time of writing. The 18th-ranked crypto asset by market cap is up 1.6% in the past 24 hours.
ETH is trading at $2,575 at time of writing and is up nearly 4% in the past day.
Synthetix’s native asset, SNX, is trading at $1.58 at time of writing. The 130th-ranked crypto asset by market cap is up more than 6% in the last 24 hours.
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Bitcoin
Aethir, Filecoin Foundation Form Alliance for Enterprise-Grade Decentralized GPU Compute
Published
12 hours agoon
September 21, 2024By
adminAethir, a project for decentralized GPU cloud computing, and Filecoin Foundation are establishing an alliance to provide clients with enterprise-grade solutions to support their businesses with decentralized infrastructure, according to a blog post: “As part of our collaboration with the Filecoin Foundation, Aethir will explore GPU leasing to Filecoin’s storage providers, thus providing Filecoin’s infrastructure network with a reliable and secure source of GPU cloud computing supplies. In parallel to becoming sealing-as-a-service providers, some of Filecoin’s storage providers can borrow GPU capacity from Aethir if they need excess processing power to seal data onto Filecoin’s network… Aethir’s vast network of 43,000+ top-grade GPUs and our premium selection of 3000+ NVIDIA H100s for advanced GPU workloads can provide a highly scalable and trustworthy solution for all Filecoin storage providers needing additional GPU resources.” From a press release: “Additionally, Aethir has integrated with Lighthouse, a platform built on Filecoin offering perpetual storage, encryption, custom gateways and multi-chain smart contracts. Aethir plans to upload AI and node-focused data to the Filecoin network, via Lighthouse. By archiving critical data sets such as TensorOpera Fox-1 to the Filecoin network, Aethir is ensuring transparency, accountability and robust audit trails for AI model governance. Moving forward, Aethir plans to expand its use of Filecoin storage solutions to archive chain state data, enhance data management capabilities, and drive the vision of a fully decentralized ecosystem with minimized operational costs.” CoinDesk 20 asset: (FIL)
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TOKEN2049 has ended in Singapore. Here are three highlights from one of the most anticipated crypto conferences of the year.
One of the largest industry conferences, TOKEN2049, was held from Sept. 18 to 19 in Singapore. It brought together leading figures in the crypto space, who shared their thoughts on trends, developments and priorities for the industry.
What will the crypto industry be like in three years?
One of the highlights of the event was a panel entitled “The Next 3 Years in Crypto,” during which several leaders of major crypto projects discussed where the industry is heading in the near term. Stablecoin issuer Circle‘s CEO Jeremy Allaire, top crypto exchange OKX‘s founder and CEO Star Xu, and Ethereum co-founder Vitalik Buterin participated in the panel discussion and spoke about the digital asset sector’s future, sharing stories from their past experience as long-time participants and leaders in the space.
Self-custody is key
During the panel, OKX’s Xu noted the importance of self-custody technologies for storing cryptocurrency, given their relatively high level of security. However, he also pointed out that promoting self-custody in the crypto industry — meaning holding your crypto yourself instead of using a third-party, like an exchange — does not imply that there is no need to regulate the space.
Speaking about the future of digital assets, Xu noted that over the past ten years, the industry has seen many important technological developments. However, he believes that web3 applications and use cases should be developing even faster.
Less focus on NFTs
Buterin mentioned that one of the main advantages of digital assets is their international, borderless nature. He reiterated the notion that the industry has the potential to meet the needs of people globally who do not have access to the traditional financial system.
He also pointed out the need for practical use cases to drive the mass adoption of digital assets. Buterin called for less focus on expensive NFTs, arguing that they have no real benefits for the industry or for humanity.
The co-founder of Ethereum also said that he believes that improving security in the crypto industry should be a major focus, alongside trying to reduce transaction fees.
Vitalik comments on the accessibility of crypto and sings a crypto song
Buterin also touched on topics such as the accessibility of cryptocurrencies, their use as a means of payment, and security in the ecosystem as a whole.
He argued that it’s no longer valid to say that it’s too early for more widespread adoption of crypto. He compared the extremely limited awareness and adoption of Bitcoin (BTC) in 2013 with the situation just eight years later, in 2021, when a cup of coffee could be bought for Ethereum (ETH) in Argentina.
In between talking about the future of blockchain and cryptocurrencies, he also sang a song about crypto:
And then an improved version of Buterin’s song appeared on social media:
Arthur Hayes predicts market reaction to Fed rate cuts
Also on the first day of the event, the co-founder of derivatives exchange BitMEX, Arthur Hayes, gave a keynote speech with the title “Thoughts on Macroeconomics Current Events.”
Speaking the same day that the U.S. Federal Reserve was expected to announce very anticipated interest rate cuts — which indeed happened later that day — Hayes predicted that the cuts would cause the markets to drop in the short-term:
“I think that the Fed is making a colossal mistake cutting rates at a time when the U.S. government is printing and spending as much money as they ever have in peacetime.”
Hayes noted that the lower interest rates in the U.S. could trigger a market drop in part because of — again — fears around the unwinding of the yen carry trade. Lower interest rates from the Fed, coupled with recently rising rates from the Bank of Japan, lessen the gap between rates in the U.S. and Japan, making the yen carry trade less profitable.
The yen carry trade refers to when investors borrow yen at historically very low rates, convert it into currencies with higher-yield assets, like Treasury Bills in the U.S., and then invest in those assets. Last month, one of the driving factors behind global markets plummeting was the potential unwinding of the yen carry trade.
However, since the U.S. Fed announced a 0.5% cut in interest rates, Bitcoin has gained almost 7%.
The next TOKEN2049 event — which promises to feature 200+ speakers — is scheduled to take place this spring in Dubai.
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