Episode 53｜Force Web3 Weekly Investment and Financing Events November17–24, 2022
On November 24, the minutes of the Federal Reserve meeting indicated that most Fed officials supported a slower pace of interest rate hikes. Some officials believe that slowing down rate hikes can reduce financial system risk to some extent, and given the lag in monetary policy, market feedback will come much later to see a more comprehensive picture of progress.
Moving on, let’s look at today’s bitcoin price, which by the last 12 hours of data has seen a small, slight increase in price, finally coming out of the three-day low range from the 21st to the 23rd. From this perspective, news without an exact rate hike in basis points does not have a particularly direct impact on bitcoin. The 75 basis point rate hike in September brought strong positives for cryptocurrencies, which many investors see as an investment hedge to mitigate asset depreciation.
The FTX collapse will gradually come out of the shadows as time grows, and on November 17, Genesis, the head lending platform of DCG, was exposed as insolvent. The market has become relatively calm after the FTX thunderstorm of up to $10 billion, and the Genesis side has directly stated that there is a funding gap of close to $1 billion; if not, it will go straight to bankruptcy.
On the other side of the exchange, for example, OKX has learned from the lessons of SBF and has announced to the public that it has officially gone live with proof of reserves, which all users can check on the official webpage. According to its current data, its Bitcoin, Ethereum, and USDT have a reserve ratio of over 100%.
To some extent, the crisis event will in turn prompt the industry to operate more prudently and optimize management, thus minimizing the risk of systemic collapse.
One of the more interesting funding events this week was the Temasek-led decentralized identity project Carv which takes a different approach than other all-encompassing DID solutions, focusing first on the gaming industry. Its main product consists of an engine that aggregates player data from Web2 and Web3 and centralizes that information under a unique user ID. Six months after launching in beta, Carv has worked with more than 90 games and has over 300,000 registered users. Of these, approximately 160,000 are active monthly and spend an average of 9 minutes per session on the platform. The DID system is compatible with more than 20 Layer 1 networks, including Ethereum and Solana, and internally, Carv can cover 95% of blockchain games on the market.
The perspective of using games as an entry point for identity is very advantageous; after all, the potential of the Web3 gaming market is far from being fully explored.
1.Project Name: Tilia
Project Category: Payments Platform
Project Description: Tilia provides developers with the tools to enable profitable in-world economies that empower their players and users to buy and sell virtual goods and services and facilitate play-to-earn programs.
Financing: Strategic Round
Amount of Financing: Unknown
Investors: J.P. Morgan
2.Project Name: Onomy
Project Category: DeFi protocol
Project Description: Onomy aims to converge DeFi and forex markets through its products including a DEX and a wallet.
Financing Round: Private Token Funding Round
Amount of Financing: $10Million
Investors: The round was backed by investors including Bitfinex, GSR, Ava Labs, CMS Holdings and DWF Labs
3.Project Name: BrandNation.io
Project Category: Web3 Startup
Project Description: BrandNation.io is an influencer marketing platform for digital and Web3 brands
Financing Round: Seed Round
Amount of Financing: $2Million
Investors: Led by Sonla
4. Project Name: Vinci Protocol
Project Category: NFT infrastructure
Project description: With Vinci Protocol, Web3 builders and companies can leverage our tools and services, which encompass NFT finance, NFT Oracle, NFT Governance, and NFT Commerce, to bring mass adoption to NFT and Web3
Financing round: Seed Round
Amount of financing: $2.1Million
Investors: led by UOB Venture Management, SigNum Capital, and TGE Capital
5.Project Name: Thirdverse
Project Category: Web3 Startup
Project Description:Thirdverse dedicated to innovation and expanding the boundaries of VR and Web3 gaming
Financing Round: Unknown
Amount of Financing: $15 Million
Investors: Led by MZ Web3 Fund
6.Project Name: Carv
Project Category: Web3 Identity Platform
Project Description: An array of solutions for decentralized identity or DID
Financing Round: Unknown
Amount of Financing: $4 Million
Investors: Led by Vertex
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