🦄Uniswap Lab Seeks $100M+ Funding - TWJ #241
The round will value the company at $1 billion.
Hi folks,
In this write-up, we’ll unpack the US stablecoin bill and how it will impact the future of this trillions dollar industry.
Here are the quick takeaways:
The US stablecoin bill, if passed, will create a much more strict regulatory requirement, involving registration and banning endogenous collateralized stablecoins.
The important part is the registration aspect, which can create second-order effects for protocol-owned stablecoins.
A strong stablecoin industry will exacerbate the “dollar milkshake theory”.
It’s unrealistic to not expect any form of regulation, or expect lenient regulations, against stablecoins.
There will be a rise of non-USD peg stablecoins, that aim to stabilize value without pegging it to any FIAT currencies.
In today’s issue:
The crypto market is flat with its total market cap above ~$900 billion. Helium (HNT) has been the best performer in the top 100 in the past 24-h.
In other news, Uniswap Labs seeks $100M funding, Cardano launches a $200M ecosystem fund, and Meta launches NFT sharing.
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
⎆Uniswap Labs Seeks $100M Funding
The entity behind the leading DEX, Uniswap, is seeking $100-$200M in funding at a $1 billion valuation. It is reported that Polychain and one of Singapore’s sovereign wealth funds are involved in the round.
⎆Cardano Launches a $200M Ecosystem Fund
Emurgo Labs, an entity tied to the Cardano blockchain is launching a $200M ecosystem fund to support the growth of Cardano over the next 3 years.
The funds, which are from Emurgo’s own capital, will be provided to projects directly building atop Cardano and to projects from other networks that build products that integrate Cardano’s network alongside their own. $100 million will be earmarked for investments in Africa under Emurgo’s African investment initiative.
⎆Meta Launches NFT Sharing
Social media giant Meta is officially launching its NFT sharing feature for Instagram and Facebook users in the US.
Users can connect wallets from Coinbase, Dapper Labs, MetaMask, Rainbow and Trust to Instagram. Instagram users can also crosspost their NFTs to their Facebook accounts, according to a blog post.
“Today we’re announcing everyone on Facebook and Instagram in the U.S. can now connect their wallets and share their digital collectibles,” Meta said in the post. “Additionally, everyone in the 100 countries where digital collectibles are available on Instagram can now access the feature.”
👨🏻💻Decentralized Finance (DeFi)
Alchemix is now Live on Optimism
MetaMask Launches Beta Portfolio Dapp For An Improved Web3 Experience
Abracadabra Degenbos Strategy for LUSD is Live
Loopring Introduces L2 DeFi Port
GUSD & MakerDAO Partnership Announcement
Binance Starts Ethereum Proof-of-Work Mining Pool
Olympus Says Bye to High APY
🏛Governance - Active Proposals
Sushi - Sushi Head Chef Election - Final Vote [Implementation]
🦮NFT & Metaverse
Facebook, Instagram Users in the US Can Now Share NFTs
Star Atlas Launches Playable Demo on Epic Games Store
Warner Music Group Partners with OpenSea
BlackRock Preps ETF Targeting Metaverse Companies: Bloomberg
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Solvo Finance - $3.5M Seed Round
Aikon - $10M Series A
Elements - Undisclosed $ of Acquisition by Circle
Bit2Me - Undisloces $ of Investment by Telefónica
⚖️Regulatory Update
California Moves Forward to Allow Vital Records to be Issued on Blockchain
Texas Objects to Celsius Plan to Fund Operations With Stablecoin Sales
Bittrex, BitGo, 6 Other Firms Join Crypto Market Integrity Coalition
EU Lawmakers’ Draft Targets Money Laundering via Crypto
Court Appoints Examiner in Celsius Bankruptcy Case
📚Noteworthy Reads
Cope’s Thread on CTFC is Going After DAOs
0xHamZ’s Thread on The plunge in housing and its impact on money
A16z’s Read on DAO Entity Features & Entity Selection
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.