👨🔬Binance Labs $500M Web 3.0 Fund - TWJ #156
CZ continues to dominate.
In today’s issue:
The crypto market is flat with a total market cap of ~$1.3 trillion. XCN is the best performer in the top 100 in the past 7-d. Treasury Secretary Janet Yellen admitted that she had been wrong about inflation.
In other news, Binance Labs launched a $500M web 3.0 fund, Optimism’s governance token goes live, and Singapore’s MAS explores asset tokenization.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Binance Labs Launched a $500M Web 3.0 Fund
The world’s largest exchange announced the launch of a $500M web 3.0 fund with participation from DST Global Partners, Breyer Capital, Whampoa Group, and others. The focus of the fund will be broad across all spectrums of crypto including DeFi, NFT, and many more.
Binance strength has always been its full-stack vertical integration whereby the projects that they invest in can get access to multiple infrastructure needs ranging from a liquid centralized market to a proper marketing machine. Coinbase does the same thing with its venture arm.
⎆Optimism’s Governance Token Goes Live
Ethereum L2 darling Optimism has launched its governance token, $OP. The token will fuel The Optimism Collective, a governance system for funding composed of Token House and Citizens’ House. Approximately 231,000 addresses can claim 214 million OP tokens (~5% of the total supply) through the airdrop. The launch was fairly turbulent.
⎆Singapore’s MAS Explores Asset Tokenization
Singapore’s MAS announced that it is exploring use cases for DeFi on public blockchains. Called Project Guardian, the new initiative includes firms such as JPMorgan, Marketnote, and DBS.
In its statement, the MAS stated that it is exploring the value add of asset tokenization. No major financial center in the world has truly explored the potential of tokenizing non-crypto assets, primarily due to regulatory concerns. If Singapore can be a trailblazer at this concept, it can unlock massive value for the country’s financial market.
👨🏻💻Decentralized Finance (DeFi)
Singapore to Explore Digital Asset Tokenization on Public Chains
Optimism Airdrops Tokens to 249K Wallets
Moonbeam Adds Liquid Staking Giant Lido
Zcash Nixes Trusted Setup, Enters New Era With Major Network Update
Optimism Falters Under High Traffic Following OP Token Launch
Dune Engine v2
Goldman Sachs Reportedly Eyes Crypto Derivatives Markets With FTX
KuCoin Plugs Into Web 3.0 With New Decentralized Wallet
🏛Governance - Active Proposals
PoolTogether - PTIP-73 300k PTaUSDC for Project Optimism and Greater Prize Reserves
🦮NFT & Metaverse
AXS Token Rallies 19% Amid Builders Program Launch
Gary Vaynerchuk Files Trademark for ‘Vayner3’ NFT Consulting Arm
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Chibi Clash - $3M Unknown Round
Kryptomon - $10M Unknown Round
Sound Particles - $2.681M Seed Round
Liminal - $4.7M Seed Round
Utopia Labs - $23M Series A
Kroo - $33M Series B
Akatsuki - $20M Web3 Fund
Binance Labs - $500M Web 3.0 Fund
⚖️Regulatory Update
Basel Committee: Crypto Banking Rules Now Due This Year
Computer Scientists & Academics Pursue Efforts to Stop Crypto Lobbying
Polygon Increases KYC Scrutiny of Potential Investments and Grants in India
UK Treasury Sets Out to Bolster Stablecoin Protections
📚Noteworthy Reads
Alex Beckett’s Read on Composability in a Rollup Ecosystem
Eugene Ang’s Read on Frax Finance
DeFi Edge’s Read on Value Accrual
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.