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)

📰Market News

⎆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.

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👨🏻‍💻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

⚖️Regulatory Update

  • 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

📚Noteworthy Reads

Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.


DISCLAIMER:

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.