🙈Bored Ape Seeks $5B Valuation - TWJ #77
Much valuation, such fundamentals.
In today’s issue:
The crypto market is up with the global market cap sitting at ~$1.7-1.8 trillion. JUNO led the top 100 assets daily performance. Global markets mixed as large-cap tech stocks trade like Dogecoins.
In other news, Jump rescues Wormhole, BAYP reportedly seeking $5B valuations, and Kraken shows its $19B proof-of-reserves.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Jump Rescues Wormhole
Just a few years ago, it was unthinkable that the size of capital in crypto is large enough to the extent that a $300M+ hack can be easily replenished in less than 48 hours. Jump Trading & Jump Crypto tie with the crypto market and with the Solana ecosystem is not a secret at all, but this move from Jump shows the amount of conviction that they have on the Ethereum competitor.
⎆Bored Ape Reportedly Seeks Funding at $5B Valuation
Yuga Labs, the entity behind the Bored Ape Yacht Club NFT is reportedly seeking a $5B valuation. Financial Times reported that Yuga Labs is discussing financing with a16z, although no official deals have been made. The firm might also try to issue tokens to investors and existing holders of BAYP in an effort to raise capital.
⎆Kraken Shows $19B Proof-Of-Reserves
Despite the immutability and transparency of blockchain technologies, the landscape of centralized crypto exchanges has historically been riddled with mystery and hacks. Hence why reputation is arguably the #1 differentiator amongst the notable players. The recent move from Kraken (in collaboration with accounting firm Armanino) to conduct a proof-of-reserves audit is a step in the right direction.
👨🏻💻Decentralized Finance (DeFi)
Jump Crypto Replaces Over $320M of Wormhole Wrapped ETH in DeFi Bailout
Zeta Mainnet Update
vCOW Investment Options
Neon EVM Development Status: Mainnet on the Horizon
Movr Network Rebrands to Socket
Loopring Names CTO Steve Guo as CEO, Replacing Founder Wang
1inch Rolls Out New Liquidity pools Optimized for Stablecoin Swaps
🏛Governance - Active Proposals
Babylon Finance - BIP-10: Heart Tokenomics
Code4rena - C4IP-6: Transfer ARENA tokens for token sale
Silo - SIIP-3: Transferring funds to Silo’s development fund
🦮NFT & Metaverse
Nintendo Considering Ways to Utilize NFTs
Reports Bored Ape Creator in Funding Talks With a16z at $5b Valuation
Cameo Launches Ethereum NFT Pass With Expanded Celebrity Access
Paris Hilton Drops Autobiographical NFTs on Origin Story Marketplace
Decoupling of NFTs and Crypto Spurs Debate About Future of New Asset Class
Top Secret Julian Assange and Pak NFT Collaboration is Wikileaked
NFT Project Blankets Texas Capital City in Pro-crypto Billboards
International Olympic Committee to Launch Game with NFT Prizes
Top Sales (Last 24-h); Source: https://dappradar.com/nft
It was suspected that these trades were wash trading on the LooksRare marketplace.
📈Deal Flow & Capital Raise
Kyoko - $3M Unknown Round
Trust Machines - $150M Unknown Round
Ajuna - $2M Seed Round
RareCircles - $7.5M Seed Round
NFT3 - $7.5M Seed Round
Tribal - $60M Series B
Abaxx - Undisclosed $ of Acquisition by Chainalysis
⚖️Regulatory Update
US Lawmakers Reintroduce Bill to Provide Tax Relief
Russia's Minister of Finance Suggests Letting Banks Sell Crypto: Report
Boston Fed, MIT Publish Open-Source CBDC Software
Bank of Russia Approves Atomyze as First Digital Asset Issuer
📚Noteworthy Reads
Wangarian’s Read on Sharpening the Knife
Woz’s Thread on A Complete Beginner's Guide to Web3
Kirill Naumov’s Thread on A Harmony Thesis
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.