SAIL

DePIN asset re-staking protocol Parasail completes $4 million seed round financing, led by Protocol Labs

ChainCatcher news reports that the DePIN asset re-staking protocol Parasail has announced the completion of a $4 million seed round financing, with a valuation of $50 million. This seed round was led by Protocol Labs, with participation from D11 Labs, MH Ventures, BitRise Capital, EV3, Fenbushi Capital, Modular Capital, Faculty Group, DWF Ventures, Foresight Ventures, AGE Crypto, Waterdrip Capital, and others.According to the Parasail team, the funds raised will be used to accelerate the realization of various product features in the Parasail Master Plan, which aims to aggregate assets and hardware on DePIN, provide service level guarantees for users, and dynamically coordinate hardware resources based on demand. It is reported that Parasail's TVL exceeds $50 million.In addition to ensuring the security of hardware services through asset delegation, Parasail is building a universal adapter for hardware service provision and verification, enabling the flexible use and circulation of universal hardware resources (such as GPUs, storage, sensors, etc.) across different DePIN ecosystems. With the help of the Parasail protocol, DePIN projects can systematically and efficiently establish their networks and mobilize hardware resources.According to the Web3 asset data platform RootData, Parasail is a re-staking protocol for DePIN assets. It aims to improve the efficiency of DePIN token locking, eliminate specific risks among DePIN service providers, and reduce the complexity of obtaining rewards from DePIN protocols.

The Web3 sailing game MetaLine accuses iZUMi Finance of misappropriating mining rewards and dumping its tokens

ChainCatcher news, the multiplayer sailing game in the Arbitrum ecosystem MetaLine published an article accusing the multi-chain DeFi protocol [iZUMi Finance](https://www.rootdata.com/zh/Projects/detail/iZUMi Finance?k=MTMwMw==) of misappropriating mining rewards and dumping its tokens. The article states that MetaLine agreed to officially collaborate with iZUMi Finance in late May and participate in its double reward mining activity. As part of this event, MetaLine committed to creating a liquidity pool worth $60,000 in MTG and providing $20,000 worth of MTG as mining rewards. Meanwhile, iZUMi Finance would provide $5,000 worth of IZI as mining rewards.MetaLine subsequently sent $20,000 worth of MTG to the address provided by iZUMi Finance and initiated the mining reward activity. However, MetaLine discovered through on-chain tracking and monitoring of the iZUMi Finance address that iZUMi Finance misappropriated $10,000 worth of MTG, only incorporating half of the MTG sent by MetaLine into the liquidity mining reward pool.In addition, iZUMi Finance also sold off a portion of the MTG that was not included in the liquidity mining reward pool (worth over $2,640) and incorporated these funds into the mining reward pool to continue mining. MetaLine stated that they attempted to seek clarification from iZUMi but have not yet received a response. (Source link)
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