ChainCatcher news, the asset trading platform Drift on the Solana chain has completed a $25 million Series B funding round, led by Multicoin Capital, with participation from Blockchain Capital, Primitive Ventures, and Folius Ventures.Cindy Leow, co-founder of Drift Labs, stated that her goal is to build a suite of financial service tools on top of Solana, including spot and derivatives trading as well as prediction markets, to make Drift "the Robinhood of cryptocurrency."According to RootData, Drift Protocol is an on-chain asset trading center based on Solana, offering services such as Perps and prediction markets.

ChainCatcher news, Kyle Samani, co-founder and managing partner of the cryptocurrency investment firm Multicoin Capital, tweeted that he will deliver a speech titled "Why SOL Will Flip ETH" on the main stage of the TOKEN 2049 conference (OKX Main Stage) today.

ChainCatcher news, according to CoinDesk, the internet infrastructure network Pipe Network, supported by crypto incentives, has completed a $10 million funding round led by Multicoin Capital.David Rhodus, CEO of the startup Permissionless Labs building Pipe Network, stated that in the vision, people can quickly scale CDN nodes in the most needed areas by borrowing existing computing power. Their computers will help end users access cached content, which may be difficult to deliver quickly due to distance from the hosting servers.Pipe Network will be built on the Solana network and plans to launch its testnet at the Breakpoint conference in Singapore.

ChainCatcher news, according to official sources, the Solana ecosystem edge computing open layer Gradient Network announced on the X platform that it has completed a new round of financing, with participation from Pantera Capital, Multicoin Capital, Sequoia Capital, among others. The specific financing amount and valuation data have not yet been disclosed.It is reported that the new funds will be used to promote its decentralized protocol and the development of computing power and staking solutions in the blockchain network.Gradient Network is an open layer for edge computing on Solana, aimed at making computing inclusive, accessible, and affordable for everyone.

ChianCatcher news, renewable energy company Fuse announced the completion of a $12 million strategic financing, led by Multicoin Capital, bringing the company's total funding to $90 million to date.According to the press release, the company plans to use the funds to launch Project Zero, a renewable energy DePIN project: "As a comprehensive energy company, Fuse provides distributed energy (DER) installation, electricity trading, and electricity retail. The company currently manages 18 megawatts of renewable energy projects, with another 300 megawatts of renewable energy projects in preparation. Fuse Energy, a subsidiary of Fuse, is a vertically integrated electricity retailer."

ChainCatcher news, Multicoin Capital managing partner Kyle Samani recently elaborated on his views regarding the main challenges currently facing Ethereum in an interview. Samani pointed out that Ethereum faces two core issues: poor Layer 2 interoperability leading to a subpar user experience, and the outsourcing of the execution layer to Layer 2 resulting in value capture loss.He believes these two factors explain 80-90% of the reasons for ETH's recent poor performance.Samani questioned Ethereum's excessive pursuit of decentralization and the number of validators, while neglecting user needs and financial functionality. He is more optimistic about Solana's development path, believing it focuses more on building efficient financial infrastructure.Regarding the prospects of Layer 2 solutions addressing Ethereum's issues, Samani is skeptical, believing that it is difficult to reach a unified standard among various Layer 2s. Although he acknowledges Ethereum's advantages in regulatory status and talent pool, Samani believes the system design limits the realization of these advantages.

ChainCatcher news, according to official sources, the zero-knowledge proof authentication solution provider zkMe has announced the completion of a $4 million seed round investment, led by Multicoin Capital, with participation from OKX Ventures and Robot Ventures. The funds will be used to optimize the zkMe zero-knowledge identity protocol, which has been live for 13 months, and to develop the zero-knowledge identity layer infrastructure to build a more complete zkMe privacy identity layer network, expected to officially launch in Q4 2024.It is reported that zkMe is committed to providing decentralized compliance services that meet FATF standards through cryptography, offering comprehensive credential verification solutions for the Web3 industry to address the upcoming EU MiCA regulations. At the same time, zkMe also empowers users to have autonomous control over identity credentials and other rights, allowing users to maximize privacy protection and value creation through participation in verification.

ChainCatcher news, according to The Block, Crunch Lab has completed a $3.5 million seed round financing led by the crypto investment firm Multicoin Capital. This financing was also supported by Factor Capital, Fabric VC, and Elixir Capital, bringing the total funding for the startup to $5.3 million.Crunch Lab is a core contributor to CrunchDAO, a platform that provides AI researchers with the opportunity to participate in distributed machine learning competitions. Participants can not only receive other rewards but also earn CRNCH tokens through the competitions, which grant holders governance rights and other privileges within CrunchDAO.Jean Herelle, founder and CEO of Crunch Lab, stated that the company has entered the prototype development stage and is collaborating with two financial institutions to provide real-time data streams, which is expected to bring an additional $2 million in annual recurring revenue (ARR) to Crunch Lab this year.

ChainCatcher news, Multicoin Capital partner Kyle Samani recently posted on social media that he launched Multicoin Capital with a scale of 2 million dollars in 2017, and now the AUM exceeds 3 billion dollars.He stated: "The investor relations team has only 2 people. We do not proactively reach out to investors; we only accept projects that contact us. In 2019, we failed to raise the VF2 fund."

ChainCatcher news, yield-bearing stablecoin issuer Mountain Protocol announced the completion of an $8 million Series A funding round, led by Multicoin Capital, with participation from Castle Island Ventures, Coinbase Ventures, and other investors. Mountain Protocol is the issuer of USDM, a yield stablecoin "fully backed by U.S. Treasury securities."According to the Web3 asset data platform RootData, Mountain Protocol allows approved users to purchase and exchange USDM at a fixed value of $1. It enables users to collect digital asset wallet addresses and wire transfer details to fund their accounts.

ChainCatcher news, according to LatamList, Colombian crypto wallet company El Dorado announced the completion of a $3 million seed round financing, led by Multicoin Capital and Coinbase Ventures. Before completing this round of financing, El Dorado also joined the Skydeck accelerator program at the University of California, Berkeley.It is reported that El Dorado operates a peer-to-peer cryptocurrency wallet that allows users to make cross-border payments and earn additional income through stablecoin trading. The new funds will be used to expand the user base and improve security features to meet compliance requirements.

ChainCatcher news, according to Spot On Chain monitoring, wallet 0x888 (possibly belonging to Multicoin Capital) deposited 3 million RNDR (approximately 33.6 million USD) to Coinbase 2 hours ago.It is worth noting that these tokens are part of the 58.28 million RNDR that Render Network released to Multicoin Capital in 2022; subsequently, the VC allocated its RNDR to multiple wallets, which still collectively hold 20.74 million RNDR (approximately 233 million USD).

ChainCatcher news, Bitcoin native application platform Arch Network has completed a $7 million seed round financing, led by Multicoin Capital, with participation from OKX Ventures, Big Brain Holdings, Portal Ventures, CMS Holdings, and Tangent.According to the Web3 asset data platform RootData, Arch introduces smart contract functionality directly into Bitcoin through an innovative architecture that utilizes the Rust-based zero-knowledge virtual machine ArchVM, paired with a decentralized validator network.

ChainCatcher news, the Web3 wine market Baxus has completed a $5 million financing round, led by Multicoin Capital, with participation from Solana Ventures, Narwhal Ventures, FJ Labs, and a group of angel investors.BAXUS aims to connect buyers and sellers by integrating the market into a single application, addressing the inefficiencies of the market. Its Web3 marketplace is built on Solana, allowing buyers to transact using credit cards, ACH, wire transfers, or cryptocurrencies including USDC. The beta version was launched last summer and has facilitated $8 million in transactions to date.

ChainCatcher news, according to on-chain data analyst Yu Jin's monitoring, Nansen has marked an address that is shorting the ETH/BTC exchange rate as Multicoin Capital. This address borrowed ETH by collateralizing BTC through Aave last December and then transferred it to Coinbase.Additionally, this address borrowed 6,200 ETH (approximately $20.52 million) from Aave again 9 hours ago and transferred it to Coinbase. Currently, the lending situation of this address on Aave is as follows:Collateral: 2,648.4 WBTC (approximately $174 million)Borrowed: 35,892.6 ETH (approximately $117 million). All ETH was immediately transferred to Coinbase after being borrowed.Health factor: 1.15 (liquidation will occur if the ETH/BTC exchange rate rises to around 0.0575)