Last Week’s Crypto Investment Highlights
Links to the recipient website, investment announcement, and token info are provided via hyperlinks on the Recipient Name, $ Raised, and Token columns respectively.
| Recipient | $ Raised | Lead Investors | Description | Token |
|---|---|---|---|---|
| Limit Break | $200,000,000 | Buckley Ventures, Standard Crypto, Paradigm Ventures | Web3 gaming | TBD |
| PROOF | $50,000,000 | a16z crypto | An NFT collective | TBD |
| Xterio | $40,000,000 | FunPlus, Makers Fund, FTX Ventures, and XPLA | Free-to-play-and-earn game developer and publisher founded by veterans of the game industry | |
| Stacked | $12,900,000 | Pantera Capital | A decentralized streaming platform like Twitch | TBD |
| RedStone | $7,000,000 | Lemniscap | Creates cross-chain data oracle providing pricing data for Smart Contracts & DeFi protocols | TBD |
| Internet Game | $7,000,000 | Rus Yusupov, ParaFi Capital, Dragonfly Capital, Dephi Digital, Uniswap Ventures, Collab+Currency, Gmoney, Milk Road, Ready Player DAO, Zedd Yin | Web3 mini-game contests with NFT prizes | Season 2 Mint |
| Sei Labs | $5,000,000 | Flow Traders, Hudson River Trading | DeFi layer 1 blockchain | TBD |
| Koop | $5,000,000 | 1confirmation, Variant Fund | Community building protocol | |
| GoGoPool | $5,000,000 | Framework Ventures, Coinfund | AVAX liquid stacking tool | ggAVAX |
| tokenproof | $5,000,000 | Penny Jar Capital | Prove ownership of your NFTs while keeping them secure, both online and IRL | |
| Luabase | $4,500,000 | Costanoa Ventures, 6th Man Ventures | ingests, models, and enriches blockchain data | |
| Clockwork | $4,000,000 | Multicoin Capital and Asymmetric | A decentralized task scheduling protocol for Solana | |
| GammaX | $4,000,000 | StarkWare, Dexterity Capital, Ledger Prime | High performance hybrid perpetuals DEX | |
| Total Invested | $349,400,000 |
GoGoPool is an upcoming liquid staking protocol for Avalanche (AVAX). Per GoGoPool, “By using our GGP token node operators can launch new validator nodes with only 1000 AVAX by being matched with liquid staking funds, and earn AVAX and GGP rewards. By restaking GGP rewards node operators request delegation from the liquid staking pool, increasing their overall yield. Liquid stakers deposit AVAX and receive ggAVAX. ggAVAX represents the deposited AVAX and any rewards accrued, and can be used across DeFi apps to generate even more yield.”
Limit Break is a web3 game developer that seeks to replace “play to earn” with “free to own” to avoid the problem of players dumping tokens they earned from a game and causing a crash in prices. Not much is known about what Limit Break is working on because they are still in stealth mode, but given their massive $200 million equity raise, it is worth monitoring to see if they will change the economic model of web 3 gaming.
Internet Game is a collection of 6 mini-games that offer NFT prizes. They are still minting season 2 tickets through 9/10/22. Their tokens include their Game Token and Metaverse Access Card (MAC) which enable free or discounted access to future seasons and games.
PROOF is “a private members only collective of 1,000 dedicated NFT collectors and artists.” To join you will need a PROOF Collective NFT which is available on OpenSea. PROOF intends to release a token, with more information to come in Q1 2023.
Redstone seeks to help blockchains access external data through oracles. Redstone utilizes a storage-less approach to make oracles scalable, usable on any chain, and resistant to congestion. Per Redstone, “We will release RedStone tokens for Early Adopters of our data and Data Providers by distributing grants and stipends. To stay updated about the token and timeline for launch on exchanges subscribe as an enthusiast, follow us on Twitter and join our Discord.”
SEI Labs is developing a layer 1 blockchain that is use case-specific to DeFi. It’s unique among blockchains used for DeFi projects because it is not a general-purpose chain like Solana, nor is it an app-specific chain. SEI Labs claims that its use case-specific design enables certain advantages within DeFi including 1) being the fastest chain in existence; 2) protection from frontrunning; and 3) scalability.
Specifics related top tokenomics are not yet available as of this writing, but it’s worth keeping an eye on this project if you hold a potential competitor like Solana. SEI Labs’ founders, who formerly worked with Goldman Sachs and Robinhood, specifically named Solana as a chain that they plan on overtaking in the DeFi space.
Stacked will be a decentralized alternative to Youtube and Twitch for streaming gaming contents. Creators can earn both fiat and crypto from viewer donations or subscriptions. Governance tokens enable holders to land on a favorable position on the main page or negotiate for more revenue. Tokenomics details are not yet available as of this writing.
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