Edition #17 - 13 MAY 2022
UST trades as low as 10 cents on the dollar, LUNA loses well over 99% of its market cap overnight. Binance suspends both UST and LUNA trading.
gaming developments
Axie Infinity releases Origin Android APK, bringing a number of updates and bug fixes;
Leading fantasy football card platform Sorare is set to launch Major League Baseball game;
Pegaxy announced the launch of its Android mobile platform, bringing the game to mobile audiences;
Ready Games will help developers with integrating crypto into mobile Web2 games in compliance with Apple and Google app store rules.
metaverses & Adoption
Azuki NFTs creator to refund investors after admitting to multi-million-dollar ‘rug pulls’;
South Korea hopes to institutionalize crypto by 2024;
Meta’s Mark Zuckerberg says NFTs are coming to both Instagram and Facebook;
Beeple and pop icon Madonna band together for a new NFT project;
CryptoPunk NFT purchased for over $1M sells for less than $140 thousand just 7 months later.
zen portfolio highlight
This week we highlight our portfolio company Wizardia, a triple-a Play-to-Earn fantasy gaming experience based on innovative turn-based combat, player decision-driven game evolution and upgrade-based character progression.
We are excited to announce that the team at Wizardia has been whitelisted for and won the latest PancakeSwap Community Farm Auction! The 7 day “auction farm” is live – the boosted 550% APR is still up for grabs.
Find out more about Wizardia by joining their thriving communities on Twitter, Discord and Telegram.
defi
USDT’s peg wobbles, small-cap stablecoins struggle to maintain their pegs amidst UST meltdown;
Compound Treasury, which converts U.S. dollar deposits into stablecoins, just became the first DeFi offering to get a credit rating from a major rating agency - rated as "junk" debt;
PancakeSwap passes a governance proposal to cap $CAKE supply at 750 million;
Terra-Based DeFi protocol Anchor proposes cutting UST yield rates from 19.5% to 4%;
Ethereum TVL sinks more than $50 billion in a 2022 low.
funding rounds
Moralis, a web3 development platform, has completed its $40 million Series A round with EQT Ventures, Fabric Ventures, Coinbase Ventures and Dispersion Capital, amongst others, joining the round;
KuCoin, a leading exchange, has raised a $150 million pre-Series B. The company was valued at $10 billion, with the funding lead by Jump Crypto and including Circle Ventures, Matrix Partners and IDG Capital;
BVNK, a crypto banking platform, has closed a $40 million Series A funding round this week, valuing the business at $340 million, lead by Tiger Global.
Subscribe to Weekly Essentials