Weekly Highlights | Terra New Chain Mainnet Launch; a16z Launches $4.5 Billion Crypto Fund

Organizer: Hsilung, Chain Catcher

Important News

1. Terra Founder Do Kwon Announces Launch of Terra New Chain Mainnet

On May 28, Terra founder Do Kwon announced that the Terra new chain phoenix-1 mainnet is now live, producing blocks, and public node services, wallets, and browsers should be online soon. (Source link)

2. STEPN Announces Audit of Mainland China Accounts, Will Stop Providing GPS and IP Location Services on July 15

On May 27, the "Move to Earn" app STEPN released an announcement on Twitter regarding the audit of Mainland China accounts. According to the announcement, to proactively respond to relevant regulatory policies, STEPN will audit accounts in Mainland China. If users from Mainland China are found, STEPN will stop providing GPS and IP location services for their accounts at 24:00 on July 15, 2022 (UTC+8) in accordance with the terms of use. Users who expect to log in and use their accounts in that region for the long term are encouraged to make their own decisions regarding their in-app assets. During this period, more details will be communicated to users through official social media announcements, emails, and in-app notifications.

3. THORChain: All THORFi Work Will Cease

On May 23, the decentralized cross-chain trading protocol THORChain tweeted that THORChain developers will focus solely on L1 DEX and stability and security until the planned phase-out. Currently, all THORFi work will stop. The community may revisit it in the future. THORChain previously initiated a vote on Twitter, allowing users to choose whether THORChain should continue THORFi development or focus on the original Layer1 DEX. (Source link)

4. Terraform Labs' Synthetic Asset Protocol Mirror Has Long-Standing Vulnerabilities, Losses May Exceed $30 Million in 7 Months

On May 28, Terra research forum member "FatMan" posted on social media that the synthetic asset protocol Mirror, developed by Terraform Labs, has long-standing vulnerabilities. Since October 2021, attackers have exploited this vulnerability multiple times over a period of 7 months, with the highest single profit exceeding $4 million (making $4.3 million from an initial investment of $10,000), all without being detected by Terraform Labs or the Mirror team.

By the time the vulnerability was fixed, the total profit gained by attackers using this vulnerability may have exceeded $30 million. FatMan stated that the vulnerability was discovered and questioned by a member of the Mirror forum 11 days ago, after which it was fixed, but the Mirror team did not make any statement regarding the matter. (Source link)

5. Supreme People's Court Releases "Opinions on Strengthening Judicial Applications of Blockchain," Aims to Build a National Court Judicial Blockchain Platform

On May 25, the Supreme People's Court released the "Opinions on Strengthening Judicial Applications of Blockchain" (hereinafter referred to as "Opinions"), further promoting the use of key technologies represented by blockchain to accelerate the digital transformation of people's courts, create a higher level of digital justice, and promote the deep integration of the rule of law and technology, advancing the construction of smart rule of law to a higher level.

In recent years, people's courts have vigorously promoted the application of blockchain technology in the judicial field, establishing a judicial blockchain platform for people's courts, with over 2.2 billion pieces of evidence stored on the blockchain, continuously improving the application efficiency and standardization in areas such as evidence storage, intelligent assistance, and case management. Applications such as electronic evidence and electronic delivery with tamper-proof verification have seen effective implementation.

To further strengthen the application of blockchain in the judicial field, the Supreme People's Court formulated and issued the "Opinions" based on thorough research, extensive consultation, and multi-party demonstration. It includes seven parts with 32 provisions, clarifying the overall requirements for strengthening blockchain judicial applications and the construction requirements for the people's court blockchain platform. It proposes typical application directions for blockchain technology in enhancing judicial credibility, improving judicial efficiency, enhancing judicial collaboration capabilities, and serving economic and social governance, along with clarifying blockchain application guarantee measures. The "Opinions" have several distinct features:

First, it proposes the establishment of an interconnected and shared judicial blockchain alliance; second, it clarifies the construction requirements for the people's court blockchain platform; third, it proposes the use of blockchain data tamper-proof technology to enhance judicial credibility; fourth, it proposes the application of blockchain to optimize business processes and improve judicial efficiency; fifth, it proposes the application of blockchain to promote judicial collaboration; sixth, it proposes the use of blockchain alliances to facilitate economic and social governance. (Source link)

6. SBF Donates $16 Million to U.S. Super PAC, Becomes One of the Largest Donors to External Political Groups

On May 23, Bloomberg reported that according to the latest documents submitted to the Federal Election Commission, Sam Bankman-Fried (SBF), founder of the cryptocurrency exchange FTX, donated $16 million to a super political action committee (PAC) in April, making him one of the largest donors to external political groups as the primaries ramp up. SBF provided $10 million to the super PAC "Protect Our Future," indicating it supports candidates who can help prevent the next pandemic.

Previously, in November 2020, SBF donated $5.2 million to the campaign of current Democratic President Joe Biden. (Source link)

7. Taobao 618 to Launch Metaverse Shopping, 3D Space Visuals Revealed

On May 25, Taobao established a special project team for the metaverse to explore shopping and interaction scenarios, optimizing the virtual shopping venue, which will launch metaverse shopping during the 618 period.

The project team focuses on the "people-goods-scene" linkage issue, ensuring that users can achieve a preliminary virtual shopping experience without wearing external devices, meeting the demand for a three-dimensional "shopping on Taobao."

It is reported that on May 17, Taobao Life opened the application for a uniquely coded "Future World Resident Certificate" to all users and conducted digital chain storage verification. Analysts believe this "Resident Certificate" may be prepared for the construction of a new 3D virtual world. (Source link)

8. Optimism Deletes 17,000 Witch Addresses, Recovered 14 Million OP to be Redistributed to Eligible Users

On May 24, Optimism deleted 17,000 witch addresses during the airdrop user eligibility check and recovered over 14 million OP, all of which will be proportionally redistributed to other recipients of Airdrop #1. Currently, the airdrop page for eligible users shows a greater number of OP airdrop than the initial data. Previously, on April 27, Optimism announced multiple rounds of token airdrops. (Source link)

9. CoinDesk to Launch Social Token DESK on Polygon

On May 24, crypto media CoinDesk announced the launch of its social token DESK, which will be used at Consensus 2022. Participants at the event, held from June 9 to 12 in Austin, Texas, will be able to earn DESK by picking up badges during registration, visiting exhibitor booths, or joining CoinDesk's relaunched Discord. DESK can be redeemed for a range of rewards at the event.

DESK will be issued on Polygon and is not a fully decentralized token; CoinDesk may adjust the supply of DESK. After Consensus 2022, CoinDesk plans to expand DESK as a participation reward program to a broader audience, including future event participants, readers of news services and research reports, TV viewers, and podcast listeners. (Source link)

Important Financing/Venture Capital News

1. Metaverse Project BUD Completes $36.8 Million Series B Financing, Led by Sequoia India

On May 23, metaverse project app BUD announced the completion of $36.8 million in Series B financing, led by Sequoia Capital India, with participation from ClearVue Partners, NetEase, Aurora Capital, GGV Capital, Qiming Venture Partners, and Source Code Capital.

BUD was founded in 2019 by former Snap engineers Risa Feng and Shawn Lin and is headquartered in Singapore. The app allows users to create spherical 3D characters through drag-and-drop without any coding skills and interact within its games. BUD plans to launch an NFT marketplace to further enhance user experience. (Source link)

2. Sources: FTX in Acquisition Talks with at Least Three Brokerage Startups

On May 24, sources revealed that FTX has engaged in acquisition discussions with at least three brokerage startups, including Webull, Apex Clearing, and Public.com. Previously, FTX CEO Sam Bankman-Fried purchased shares in the well-known U.S. online brokerage Robinhood. Retail traders are increasingly investing in cryptocurrencies and stocks, and some brokerage firms have been integrating these two asset classes (providing services).

One source stated that negotiations are still in the early stages, and no investment letter has been reached. (Source link)

3. NFT Project HALO Completes Millions in Seed Round Financing, Led by KuCoin Labs

On May 25, NFT project HALO completed millions in seed round financing, led by KuCoin Labs, with participation from GeekCartel and others. Specific financing details were not disclosed. As of the time of publication, OpenSea data shows HALO's total trading volume at 639 ETH, with a floor price of 8.3 ETH.

HALO users have a character channel that allows them to enter the metaverse by holding HALO virtual characters, where the corresponding character models represent not only a static image but also a new life connected to reality. (Source link)

4. NGC Ventures Launches Third Blockchain Fund, Amounting to $100 Million

On May 25, crypto venture capital firm NGC Ventures launched its third blockchain fund, amounting to $100 million, with supporters including Huobi Venture, Nexo Ventures, and Babel Finance. The fund will focus on early Web3 projects in decentralized finance, blockchain gaming, NFTs, and the metaverse. (Source link)

5. a16z Announces Launch of Fourth Crypto Fund, Amounting to $4.5 Billion

On May 25, a16z announced the launch of its fourth crypto fund, totaling $4.5 billion, with approximately $1.5 billion allocated for seed investments and $3 billion for venture investments. This brings a16z's total raised crypto/Web3 funds to over $7.6 billion.

a16z plans to use these funds to invest in promising Web3 startups at every stage, including Web3 gaming, DeFi, decentralized social media, self-sovereign identity, Layer1 and Layer2 infrastructure, cross-chain bridges, DAOs and governance, NFT communities, privacy, creator economy, renewable finance, new applications of ZK proofs, decentralized content and storytelling, and many other areas. (Source link)

6. Web3 Game Studio MetaKings Completes $15 Million Seed Round Financing, with Participation from Animoca Brands

On May 25, CoinDesk reported that Web3 game studio MetaKings completed $15 million in seed round financing, with participation from Makers Fund, Bitkraft Ventures, Delphi Digital, Animoca Brands, Shima Capital, WW Ventures, Spartan Group, and Huobi Ventures. The funds raised will be used for game development and marketing for the studio's first game, Blocklords.

Blocklords is a large-scale multiplayer online (MMO) game set in a medieval background, scheduled for release next year. (Source link)

7. Crypto Financial Services Company Babel Finance Completes $80 Million Financing, with Participation from Dragonfly Capital

On May 25, crypto financial services company Babel Finance completed $80 million in financing, with participation from Jeneration Capital, Dan Tapiero's 10T Holdings, Dragonfly Capital, BAI Capital, Circle Ventures, and several unnamed family offices in the Asia-Pacific region, with a valuation of $2 billion.

Currently, Babel Finance serves over 500 organizations and high-net-worth individuals, providing crypto lending and portfolio management services. (Source link)

8. Cross-Chain Interoperability Protocol LayerZero Labs is Raising Funds at a $3 Billion Valuation, with FTX Ventures Committed to Lead

On May 25, The Block reported that cross-chain interoperability protocol LayerZero Labs is negotiating funding at a $3 billion valuation, with FTX Ventures committed to lead, although it is unclear if other investors have agreed to participate. An FTX spokesperson declined to comment.

According to a person close to the negotiations, the latest financing will be priced in equity, LayerZero token warrants, and the native token of the cross-chain bridging protocol Stargate.

Previously, Chain Catcher reported on March 31 that LayerZero Labs announced the completion of $135 million in financing at a $1 billion valuation, led by FTX Ventures, Sequoia Capital, and a16z. (Source link)

9. StarkWare Completes $100 Million Series D Financing at an $8 Billion Valuation, Led by Greenoaks and Coatue

On May 25, Ethereum Layer2 developer StarkWare announced the completion of $100 million in Series D financing at an $8 billion valuation, led by Greenoaks and Coatue, with participation from Tiger Global and others.

Previously, Chain Catcher reported on March 10 that StarkWare was raising funds at a $6 billion valuation, aiming to raise at least $100 million. (Source link)

10. Former Binance Executives and Investment Team Announce Launch of $100 Million Venture Fund Old Fashion Research

On May 26, Old Fashion Research (OFR) announced the launch of a $100 million investment fund. OFR is a multi-strategy blockchain investment fund founded in July 2021 by former Binance executives and investment team members, including former Vice President of Strategic Investment and M&A Ling Zhang, former Head of Corporate Development Wayne Fu, and former Director of Binance Labs and Head of Binance Launchpad Xin Jiang.

OFR empowers and supports blockchain projects and entrepreneurs globally through various strategies such as incubation, investment, and mergers and acquisitions. OFR's investors include the blockchain gaming platform Wemix under the publicly listed Korean gaming company Wemade, former Binance CFO Zhou Wei, and angel investors such as Didi's angel investor Wang Gang, among other domestic and international traditional investment funds and family offices. (Source link)

11. Inventus India Launches Fourth Fund, Aiming to Raise $120 Million to Invest in Web3 and Other Fields

On May 28, CNBC reported that Inventus India announced the launch of its fourth fund, rebranded as Athera Venture Partners, aiming to raise $120 million and focusing on investing in Indian companies, primarily covering fintech, deep tech, and Web3 sectors. (Source link)

12. Web3 Game Company Jadu Completes $36 Million Series A Financing, Led by Bain Capital

On May 28, Web3 game company Jadu announced the completion of $36 million in Series A financing, led by Bain Capital, with participation from General Catalyst Partners, LG Tech Ventures, and Alumni Ventures.

Jadu aims to build a gaming platform that allows players to roam in the real world using NFT avatars, and the company has raised over $45 million to date. (Source link)