Sky Mavis’ Ronin blockchain subject to a $625 million heist

Edition #11 - 1 APR 2022


Exploiters were able to target a vulnerability in Ronin’s bridge, resulting in one of the largest DeFi hacks to date. Sky Mavis, the developer behind Axie Infinity, pledges to reimburse the players.



gaming developments

  • Splinterlands, the most popular P2E game by number of unique users, surpasses 2 billion games played on its card platform;

  • DeFi Land has announced details about its upcoming marketplace, integration of P2E components and token utility;

  • Decentraland’s Metaverse Fashion Week (MVFW) has wrapped up, reporting over 108,000 unique attendees, technical limitations and “amazing shows” during the 4-day event.


metaverses & Adoption

  • OpenSea teases Solana NFT integration as soon as this month;

  • Exxon Mobil plans to expand its gas-flare-powered cryptocurrency mining program;

  • Fast food in the metaverse: KFC, Taco Bell and Pizza Hut file NFT trademarks for virtual food and drinks;

  • The Art Market 2022 report found 88% of high-net-worth (HNW) traditional art collectors have shown interest in venturing into NFT collectables;

  • China has been cracking down on NFTs this week, with Tencent’s WeChat, the biggest messaging platform in the world, beginning mass bans on NFT accounts.


zen portfolio highlight

This week we highlight our portfolio company Alf Protocol, a Solana native automated market maker, decentralized lending and liquidity (up to 200x) providing protocol where users can participate as both lenders and borrowers in isolated lending pools.

Alf Protocol facilitates a new kind of leveraged yield farming experience for borrowers, with enhanced leverage and farming rewards, while enabling lenders to earn a significantly higher yield on supplied tokens without the risk of impermanent loss.


The team at Alf Protocol are well on track to close over $3.5 million of private funding, before a big-time public IDO in Q2 2022.


Keep in the loop with Alf’s latest on Twitter, Discord and Telegram.


defi

  • Ukraine’s largest crypto exchange KUNA: “Crypto is vital in the Ukraine-Russia conflict”;

  • MetaMask, the leading non-custodial wallet, announced Apple Pay integration, allowing cryptocurrency payments via Wyre API;

  • Terra, the network behind the soaring LUNA token, has added another $135 million worth of Bitcoin purchases, totalling its exposure to $10 billion;

  • Binance introduces Binance Bridge 2.0, including ETH-BNB bridging of select tokens that are not listed on its exchange.


funding rounds

  • Blockchain.com, one of the first crypto exchanges, reaches $14 billion valuation during its Series D, raises $300 million in a round led by Lightspeed and VY Capital;

  • LayerZero Labs, an interoperability protocol, raises $135 million in a round led by Sequoia, FTX Ventures and a16z, valuing the company at $1 billion;

  • Nreal, maker of augmented reality glasses, raises $60 million Series C Extension at undisclosed valuation, led by Alibaba.


 

Bitcoin broke the $48,000 mark this week, for the first time in 2022:



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