Paradigm $2.5B Fund - The WAGMI Journal #22

And we are only getting started.

In today’s issue:

The crypto market is down with the global crypto market cap sitting above $2.7 trillion. Another day in the crypto land with more than $250M of leveraged BTC long liquidated, a classic leverage flush. In other news, Paradigm launches a $2.5 billion crypto venture fund, Valkyrie plans to launch a $100M On-Chain DeFi fund, and Coinbase is looking to integrate third-party DeFi Apps on its platform.


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

⎆Paradigm Launches $2.5 Billion Crypto Venture Fund

One of the largest crypto funds in the world, Paradigm, announced its new $2.5 billion crypto venture funds that will continue to invest alongside its flagship fund. This gargantuan fund reflects the sheer size and potential of the crypto industry as more institutions are embracing digital assets as real investments. To gear up for the new fund, Paradigm reportedly hired Matthew Mizbani from hedge fund Coatue Management as a partner.

⎆Valkyrie to Launch $100M ‘On-Chain DeFi Fund’

The crypto asset manager that has been quite active on the ETF front is planning to launch an on-chain DeFi fund. The fund will go live on November 22 and will truly hold assets on-chain, participating directly in DeFi activities such as lending, liquidity mining, yield farming, and many more. We’ve seen other firms such as Delphi Ventures exploring the concept of an on-chain fund. As crypto continues to grow, this concept of a truly global and digital-first investment collective/fund will become a lot mainstream.

⎆Coinbase Looking to Support Third-Party DeFi Apps

As DeFi continues to gain momentum with multiple layer 1 chains incubating their own projects to fuel adoption, crypto incumbents are starting to look into how they can venture into the DeFi side of the world. Coinbase’s CFO recently stated that the firm is looking into becoming a bridge to DeFi. It will be interesting to see how some sort of whitelisting/KYC practice is going to be integrated by Coinbase as it adds third-party DeFi applications. When this comes to fruition, there will be debates and disagreements on the meaning of decentralization, but it will be another step for DeFi towards true mainstream adoption.

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👨🏻‍💻Decentralized Finance (DeFi)

  • DFG Group Piles $12.6M Into Astar Network’s Polkadot Parachain bid

  • Maker Founder Rune Christensen to Join Venture Firm Dragonfly Capital

  • Introducing Katana: The Yield Generation Primitive for Solana

  • XDEFI IDO is Live on MISO

  • Binance Labs Launches Season 3 of Incubation Program

  • Coinbase is Looking at Support for Third-party DeFi Apps on Its Platform

  • Solana Hits Bloomberg Terminal With Galaxy-Backed Index

  • Mark Cuban Says He is Locking $50k in Tokenized Carbon Offsets Every 10 Days

  • DOGE Users Seethe Over Binance’s 2-Week Withdrawal Freeze

🏛Governance - Active Proposals

  • Angle - add FEI as a collateral

  • Angle - add FRAX as a collateral

  • Idle - IIP-16: Upgrade PriceOracle to support new compSupplySpeeds

🦮NFT & Metaverse

  • The Biggest Celebrity NFT Owners in the Bored Ape Yacht Club

  • Google Searches for NFTs Spike to Record Highs

  • Barbados to Become First Sovereign Nation With an Embassy in the Metaverse

  • Weekly Art and Collectibles NFT Sales Hit Lowest Point Since January as Prices Soar

Top Sales (Last 24-h); Source: https://dappradar.com/nft

📈Deal Flow & Capital Raise

⚖️Regulatory Update

  • China’s NDRC to Consider Punitive Electricity Prices for Crypto Mines

  • Nigeria’s eNaira Wallet Nears 500,000 Downloads in First 3 Weeks

  • President Biden Signs Infrastructure Bill Containing Crypto Broker Reporting Requirement Into Law

  • Lawyers are Telling Crypto Clients to Target UK Customers From Offshore Bases

  • Senators Wyden and Lummis to Introduce Crypto Amendment to Biden's Infrastructure Bill

  • Marathon Receives SEC Subpoena Related to 2020 Hardin Data Center Agreement; Shares Tumble

  • Binance Announces Crypto Fundamental Rights, Calls For Regulatory Framework For Markets

  • South Korean Lawmakers Push Back Against Controversial “Know-The-Sender” Rule

  • China Warns State-Owned Enterprises to Cease Involvement in Bitcoin Mining

  • Israel Reportedly Adopts New Aml Rules for Crypto

📚Noteworthy Reads

  • Aragon’s Read on Incentive Design & Tooling for DAOs

  • Matty’s Thread on NFT Marketing 101

  • A Blog Post on Top Crypto VC Funds Investment Breakdown

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.