Dr.DODO brings you our newly launched weekly brief - DODO Megascope, which covers the following sectors:
- Crypto Headline
- Governance Updates
- Sector Delivery
- Data check
- CT Insights
👀 |Crypto Headline|
- On Aug 8, the U.S. Treasury Department issued a blanket ban on crypto mixing service Tornado Cash.
- Ethereum testnet Goerli is merged successfully, during which a short period of instability occured due to validator setup issues.
- Velodrome announced Saturday that a team member known for the Gabagool.eth account stole funds from the project.
- Acala has been attacked by hackers. The hackers issued more than 1.2 billion AUSD, which caused the stablecoin to depeg.
🗣️ |Governance Updates|
- Aave passed proposal to increase supply cap of sUSD on v3 Optimism to $20M.
- The Fantom community is currently voting on a governance proposal that seeks to reduce the rewards paid to network validators.
🍀 |Sector Delivery|
DeFi
- For Curve DAO, it is impossible to force the choice of one or another (too decentralized). Fork will inevitably clone DAO and CRV, however only chain chosen by stablecoins will be viable for DAO.
- Circle plans to only support Ethereum PoS chain after Merge is complete.
- Sunny Aggarwal, co-founder of the Osmosis Foundation, said IBC's ability to distribute points of failure through inter-chain sovereignty makes it an important alternative for secure cross-chain communication.
GameFi&NFT
- Sky Mavis, the firm behind play-to-earn (P2E) heavyweight Axie Infinity is looking to “double down” in South Korea and ramp up adoption despite the regulatory hurdles.
- Vitalik Buterin believes that Merkle Tree or zk-SNARKs level privacy is not needed to solve the NFT anonymity problem. A simpler effective way is to use stealth addresses.
Infra
- Cross-chain protocol Ren announced Ren 2.0 and its roadmap. Ren 2.0 is said to be fully decentralized, use a simpler MPC algorithm based on FROST and consist of an EVM layer to improve cross-chain security and scalability.
- Infura and Alchemy are blocking users from accessing Tornado Cash less than a day after the Treasury Department blacklisted the privacy app.
- Solana’s $6M Exploit Likely Tied to Slope Wallet, Developers Say.
VC
- Injective has raised $40M to accelerate the adoption and growth of Web3 finance. The funding round consisted of Jump Crypto and BH Digital.
- Andreessen Horowitz Leads $20M Funding Round for CreatorDAO.
- Everdome, the most hyper-realistic metaverse, has secured US$10 million from GEM Digital Limited.
✨ |Data check|
2022 Q2 Crypto VC Market Data Report
According to CoinTelegraph statistics, a total of 621 investments was made in the crypto primary market in Q2 2022. Total investment exceeded $14.6B. Due to macro factors, the number of deals has declined month-over-month since April.In the M&A aspect, there were 30 acquisitions in Q2.
- In the second quarter compared to the first quarter, the total number of deals increased by 19.9%, while the average value per deal decreased by 16.5%. In terms of the total amount in the second quarter alone, it was almost the same as the first quarter, but the growth rate of the total amount showed a downward trend. Total investment in April was $6.83 billion, but the amount invested in May and June fell to $4.34 billion and $3.46 billion, respectively.
- In terms of rounds, there are 327 pre-seed and seed rounds, totaling $4.52B; A round, 87, totaling $2B; B round, 32, totaling $1.72B; Expansion round, 53, totaling $2.69B; public And debt financing totaled 11, with a total amount of $1.57B. Due to regulatory risks, CeFi is picking up steam and matching up DeFi in these rounds. For the last five quarters, CeFi has strongly lagged behind DeFi.
- Animoca Brands was the most active agency during the quarter with 42 deals. In Q2, Web3 was the number one sector for the top 10 most active institutional investments. Among the top ten institutions, only Big Brain Holdings, GSR and Jump Capital accounted for more DeFi than Web3.
- A16z doubled down despite market downturn In Q2, by announcing the $4.5B Crypto Fund IV. Which made it the largest Web3 fund.
- The Web3 sector accounted for 42% of the deals in Q2 2022. NFTs had the least number of deals of all the sectors with 13% of individual deals in Q2 2022.
- In terms of acquisitions, Animoca Brands topped the list with five acquisitions in the second quarter, three of which were GameFi-related and the remaining two were marketing and education.
🎵 |CT Insights|
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@NorthRockLP on ETHPoW valuation:
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Co-founder of Paradigm Matt Huang started a thread discussing “what get people into crypto” on Twitter:
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