Evening News | Orange DAO completes $80 million fundraising; Teneo investigates Three Arrows Capital assets

Organizer: Jessy, Chain Catcher

"What important events have occurred in the past 24 hours"

1. AI-driven metaverse platform Inworld AI completes $50 million Series A funding, led by Intel Capital and Section 32

According to martechseries, AI-driven metaverse platform Inworld AI announced the completion of a $50 million Series A funding round, led by Intel Capital and Section 32, with participation from Founders Fund, Accelerator Investments LLC, First Spark Ventures, Kleiner Perkins, BITKRAFT Ventures, CRV, Microsoft M12 fund, Micron Ventures, LG Technology Ventures, SK Telecom Venture Capital, NTT Docomo Ventures, and others.

It is reported that Inworld uses AI technology to build metaverse characters and endow them with personality, thoughts, memories, and behaviors that mimic human social interactions. Its platform has already integrated with game engines such as Unreal and Unity, allowing developers to easily deploy designed characters into game environments. (Source link)

2. Orange DAO raises $80 million, primarily from Algorand and NEAR

According to TechCrunch, the venture capital DAO organization Orange DAO announced that it has raised $80 million, primarily from its strategic investors Algorand and NEAR, with some funds coming from DAO members who serve as limited partners in the fund and some institutional investors. Since January, the organization's membership has increased from 1,000 to 1,300 and has supported 90 startups, including the Web3 private equity platform Liquifi, decentralized credit platform Goldfinch, and crypto payment tool Spritz.

Chain Catcher previously reported that Y Combinator (YC) alumni announced the formation of the crypto investment group Orange DAO in September 2021, focusing on investing in Web3 startups and assisting them in applying for Y Combinator funding, providing pre-YC and post-YC funding, and guiding internal management, recruitment, and customer acquisition. Orange DAO is led by Ben Huh, and the only criterion for new members is that they must be alumni of the Y Combinator accelerator. (TechCrunch)

3. Binance to launch ETH/BUSD zero-fee trading

According to an official announcement, Binance announced that it will launch zero-fee trading for the ETH/BUSD spot trading pair on August 26, 2022, at 08:00 (UTC+8), effective from August 26, 2022, at 08:00 to September 26, 2022, at 08:00 (UTC+8).

All users can enjoy zero-fee trading for both Maker (limit orders) and Taker (market orders) on the ETH/BUSD spot trading pair; participating in zero-fee trading for the ETH spot trading pair will not enjoy BNB fee discounts, fee rebates, or any other forms of fee adjustments or discounts. (Source link)

4. Uniswap is in discussions with 7 NFT lending protocols to address liquidity fragmentation and information asymmetry issues

Scott, the head of Uniswap's NFT product, tweeted, "Uniswap will be the interface for all NFT liquidity. We are currently in discussions with 7 NFT lending protocols to address liquidity fragmentation and information asymmetry issues. This is the first step in establishing NFT finance."

Previously, Chain Catcher reported on June 22 that Uniswap Labs acquired the NFT aggregation market Genie, with specific transaction terms undisclosed. Uniswap Labs stated that this acquisition will integrate NFTs into its products, starting with the Uniswap web application, allowing users to buy and sell NFTs in its marketplace soon. Uniswap Labs will also integrate NFTs into developer APIs and widgets. (Source link)

5. Yunnan's "Blockchain + Administrative Law Enforcement" platform construction project approved, estimated total investment of 37.51 million yuan

According to a recent disclosure by the Yunnan Provincial Development and Reform Commission, the "Blockchain + Administrative Law Enforcement and Supervision" platform project, proposed by the Yunnan Provincial Department of Justice, has recently received the principle approval for project establishment from the Provincial Development and Reform Commission. The main construction content of the project includes an administrative law enforcement case handling platform, an administrative law enforcement supervision platform, and a blockchain application platform. The blockchain application platform includes the construction of a smart contract on-chain evidence storage system, a smart contract verification system, a smart contract monitoring and early warning system, and a blockchain monitoring and early warning application system.

It is reported that the estimated total investment for this project is 37.51 million yuan, with funding sourced from provincial-level electronic government special funds, and the project construction period is two years (August 2022 - January 2024). (Source link)

6. Uniswap Foundation proposal approved, will apply for $74 million grant from DAO treasury

The proposal to establish the Uniswap Foundation has been approved, aimed at supporting open-source development and community governance within the protocol. After the foundation is established, it will apply for a $74 million grant from the DAO treasury, of which $14 million will be used to support the foundation's team, and $60 million will be allocated for developer grants. (Source link)

7. Singapore court approves Teneo's investigation into Three Arrows Capital assets

According to Bloomberg, citing informed sources, a Singapore court has approved Teneo's investigation into the remaining assets of Three Arrows Capital within Singapore's jurisdiction. The Singapore ruling allows the liquidators to request access to any financial records the fund has maintained locally, such as bank accounts, properties, cryptocurrencies, NFTs, and company shares.

According to documents from July, the liquidators have already controlled at least $40 million in Three Arrows Capital assets, which is only a small portion of the debt claimed by creditors. Court documents show that creditors have submitted filings indicating they are owed over $2.8 billion in unsecured claims, a figure expected to rise significantly. (Bloomberg)

"What excellent articles are worth reading in the past 24 hours"

1. "Dialogue with Scroll founder Ye Zhang: Where does Scroll stand in the zk-rollup breakthrough battle?"

In April this year, Scroll announced the completion of a $30 million Series A funding round. Compared to Optimistic Rollup, zk-Rollup solutions are more challenging to develop, but they offer shorter transaction confirmation times, lower fees, and stronger security (relying solely on mathematical and cryptographic assumptions). Vitalik has also expressed a long-term preference for zk solutions. Scroll claims to be the most EVM-compatible zk-Rollup. Currently, in the zk-Rollup track, there are two common issues: first, zk-Rollup currently only supports relatively simple functions such as payments and transfers, and has not yet supported general functions; second, a decentralized verification network has not yet been established. These issues are also the starting point for Scroll.

Recently, Scroll founder Ye Zhang accepted an exclusive interview with Chain Catcher, discussing the current state of the zk-Rollup track and Scroll's technical solutions and position in this breakthrough battle.

2. "Who will control cryptocurrency?"

Assuming Ethereum succeeds, blockchain is widely used in global commerce and coordination. Anyone with internet access and a mobile phone can directly connect to the global network to obtain money, value, and identity. Every day, billions of people interact with the L2 chain ecosystem guaranteed by Ethereum. Security practices have improved at every layer of the stack, and major hacking attacks are virtually nonexistent. It has become common for businesses and individuals to create crypto tokens, with national currencies issued on the blockchain.

The legal, social, and economic norms of society have been fundamentally reconfigured within new organizations, interaction patterns, and digital objects (such as NFTs); the global economy adopts blockchain's "API" as the default.

However, over time, changes will gradually occur behind the scenes. The decentralized protocols that initiated this revolution slowly lose market share to more centralized alternatives.

3. "Blockchain Capital: A detailed explanation of dynamic NFTs (dNFT) built on metadata"

With the rapid growth of NFT trading volume, we have been exploring the NFT field for a year and a half, and curious individuals may ask: what else can this technology achieve?

Let's take a step back and think about what NFTs are truly doing on-chain. Fungible tokens map users to balances, while NFTs map tokens to users (user → balance vs NFT_id → user). Therefore, to assess the potential of NFTs, the correct question is: how many financial instruments are non-fungible?

4. "Can the GHO stablecoin help the Aave protocol surpass MakerDAO and DAI?"

A few weeks ago, the concept of the GHO stablecoin was proposed on the Aave governance forum, sparking significant attention throughout the DeFi industry. Undoubtedly, as the next step in Aave protocol's development plan, launching such a decentralized, collateral-backed, and USD-pegged native stablecoin for Aave DAO is a very meaningful idea.