DAOs Future Potential - The WAGMI Journal #25
Yes, it's basically just crowdfunding, but much more powerful.
In today’s issue:
The crypto market is down with the global crypto market cap sitting slightly above $2.6 trillion. BTC is still under $60,000 while ETH is consistently pushing higher to stay above $4,000. In other news, BinanceUS is closing its pre-IPO funding round, KKR is reportedly going to back Anchorage’s next round, and the ConstitutionDAO wasn’t able to win the Sotheby’s auction.
Starting today, our daily issue will be sent out before 9 am EST.
We’re continually improving our content — based on our readers’ suggestions, we are working to add:
a section showing open interest and other trading-related metrics 24-h changes
a section showing newly released projects
Please reach out if you have any other ideas or would like us to recap a segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
⎆CZ: BinanceUS to Close Pre-IPO Funding
The largest crypto exchange in the world has been under a lot of regulatory scrutinies in recent months. Its US entity, BinanceUS, has been changing leaderships in the past year and was struggling to raise capital over investors’ concerns regarding its independence from the parent company, Binance Global. Appearing in person at the Bloomberg New Economy Forum in Singapore, CZ addressed the aforementioned concerns and stated that the pre-IPO funding round for BinanceUS should be coming to a close in the next few months.
⎆KKR Plans to Back Anchorage at $3B Valuation
The Information reported that the private equity juggernaut, KKR, plans to lead the Series D investment round for Anchorage. After raising $80M in series C earlier this year, this new round will put Anchorage’s valuation at ~$3B. KKR has previously ventured into the crypto world through the funds-of-funds model, backing the flagship fund of ParaFi Capital.
⎆ConstitutionDAO Outbid for the U.S. Constitution
After raising $47M from over 17,000 Ethereum wallets in under one week, the ConstitutionDAO has unfortunately failed to purchase a first edition copy of the US constitution. The winning bidder spent $43.17M on the document while ConstitutionDAO explained that they couldn’t go further when considering the maintenance necessary to care for the document.
Regardless, this movement signals an extremely powerful crowdfunding concept that can potentially impact other aspects of the world. For instance, David Nage teased the idea of a PrimaryDAO.
👨🏻💻Decentralized Finance (DeFi)
NEAR Gains Momentum with Plan to Distribute 40M Tokens
Polygon Uses Zero-Knowledge Proofs in New EVM Rollup
Acala Wins First Polkadot Parachain Auction With Over 32M DOT Staked
Apollo Token Generation Event Announcement
Deversifi Launches AMM
Sequoia Announces Partnership With Strips
Ribbon Finance Unveiling a New Plan for RBN Tokenomics
Polkadot Chief Promises Freedom From Ethereum’s ‘Economic Enslavement’
Maple Finance Launches First DeFi Syndicated Loan for Alameda Research
Airdrop Rumors Result in A Swarm of Activity on MetaMask Swap and Polygon
🏛Governance - Active Proposals
Ampleforth - ACCP 4: Add Tellor to provide AMPL/USD and USPCE
🦮NFT & Metaverse
Osprey Funds Plans to Raise Hundreds of Millions to Actively Invest in NFTs
Parcel Challenges OpenSea in Bid to Rule Virtual Property in the Metaverse
Alchemy Launches API for NFTs in Push to Accelerate Web 3
1.2M Users Glock to NFT Pirate Bay for Artwork Archive
ConstitutionDAO Outbid for First Printing of America’s Founding Document in Sotheby’s Auction
Banksy Paintings Sell for 3,093 ETH in Auction House First
Snoop Dogg, Deadmau5 Headline New Members of Outlier Ventures’ Metaverse Accelerator
TIME Magazine to Hold ETH on Balance Sheet as Part of Galaxy Digital Metaverse Deal
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Cypher - $2.1M Unknown Round
Blockchain Association - $4M Unknown Round
BlockchainSpace - $3.75M Seed Round
Digital Currency Group - $600M New Credit Facility
Biden and the Fed: Why Powell or Brainard Won’t Change Much for Crypto
IRS Seized $3.5B in Cryptocurrency During Fiscal 2021
Crypto Heavyweight Moshe Hogeg Reportedly Arrested in Israel
SEC Charges California Promoter Over Allegedly Fraudulent Bitcoin Schemes
Jack Niewold’s Thread on SPELL
Kyle Samani’s Thread on What Kind of Games are “Best” Suited for Crypto
Tyler Winklevoss’ Thread on Gemini $400M Raise
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All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.