This Week on web3 5min recap

Market information, major news, and fundraising status for 7/20~26.

Good morning.
Mitsui from web3 researcher.

Every Monday will be a summary article about the web3 market for the past week.Please use it to catch up on information and trends!

① Market information and major news
② 27 projects that have raised funds
③Articles and recap updated in the last week

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①Market Information and Major News

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⛓️Blockchain

L1

Token prices have seen a noticeable decline.Among them, only Solana is strong as it has risen significantly.

• Ether falls below $3,200 as overall virtual currency market falls

• Solana travels Japan!Solana Super Tokyo National Tour" in Hokkaido, Tokyo, Osaka, Fukuoka and Okinawa on July 27/August 4-5.

• XRP Turnover Increases in South Korea, Surpasses Bitcoin.

• As games like Hamster Combat gain popularity, Telegram introduces a mini-app store

L2

TVL has seen a noticeable decline.

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DeFi

DeFi has also seen an overall decline in TVL.

• Agridex, the RWA marketplace for the agricultural industry, settles first agricultural transactions on Solana

• Ondo's USDY natively in the Cosmos ecosystem via Noble

• Native AVAIL tokens go live, Avail DA launched on MainNet.

• "Tornado Cash" raises nearly $2 billion in 2024 despite sanctions

• Base Network's on-chain platform allows US politicians to receive cryptocurrency donations

• Slash Wins Grant from Uniswap-Arbitrum Grant Program

• dYdX, development company in negotiations to sell previous version v3.

• Digital Asset Markets partners with Ava Labs of Avalanche for RWA token issuance and distribution.

• Aave community considering proposal to share protocol revenue with token holders

• Solana-based Jito rises after staking platform announces it will add re-staking

• Clearpool launches institutional credit marketplace at Arbitrum

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🖼️NFT

The NFT market is not falling.Rather, trading volume is rising.

• ApeCoin DAO submits proposal to build "APE" themed hotel in Bangkok

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🎮GameFi

GameFi is where the UAW is up in many places.

• OKX Launches OKX Racer, a Bitcoin Price Guessing Game, as Telegram Mini Apps Continue to Gain Traction

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👀Other

Dapps related

• Block's mobile payment service CashUp to cease operations in the UK

State, Legal & Regulatory Affairs

• Ethernet ETF to begin trading July 23, CBOE confirms

• Hong Kong Launches First "Inverse Bitcoin ETF" in Asia

• "Ethereum physical ETF" begins trading in the US, total trading volume exceeds $1 billion on first day.

• Ripple CEO says he expects legal resolution in "very near future," XRP price and activity rise

• "Crypto Asset User Protection Act" Enacted in South Korea, Tighter Regulations

• Joe Biden withdraws from presidential race, BODEN tokens plummet 44%

• What is Vice President Kamala Harris' stance on virtual currencies?

• BlockFi completes sale of FTX receivables, prepares final distribution to creditors

• JBA submits "Request for Tax Reform on Crypto Assets (FY 2025)" to the government, including separate taxation of tax returns and loss carry-forward.

• Hong Kong Monetary Authority "Stable Coin Issuer Sandbox" with Animoca Brands and others.

• Binance US gets approval to invest customer assets in Treasury bills

• Coinbase claims SEC refuses to disclose documents critical to its defense

• Coinbase's UK subsidiary fined $4.5 million by the FCA

• Cryptocurrency-enabled fintech firm Revolut receives banking license from UK financial regulator

• Thailand to begin accepting registrations for digital asset distribution on August 1.As part of the digital wallet policy

Other

• Robinhood can become "more efficient" by tokenizing real-world assets, says crypto asset manager

• Digital Asset Markets Partners with CREDER of South Korea to Expand Zipangu Coin and Other RWA Tokens Globally

• Fractal ID data breach attributed to 2022 hack of employee who reused password

• JP Morgan Says Virtual Currency Recovery Likely Not Sustainable

• Vitalik warns that candidates should not be chosen solely because they are pro-crypto.With the U.S. presidential election in mind.

• Elon Musk changes X profile to "Laser Eye" after Biden withdrawal

• Virtual Currency Market Slows New Capital Inflows Binance Report Cites Structural Problems

• Blockchain Security Firm Veridise Finds ZK Audit Twice as Likely to Find Critical Problems

• Metaplanet Purchases Additional Bitcoins, Bringing Total Holdings to 245.992 BTC

• BlackRock spot bitcoin ETF records $527 million net inflow, largest since mid-March

• Two Animoka-branded subsidiaries partner with TON Foundation

• Bitcoin miner Riot buys small Kentucky rival for $92 million, industry slump

• Bitcoin Sweeps Las Vegas

• Can Fortnite leverage blockchain?'Someday,' says Epic CEO

• Hamilton Lane, a leading US investment management firm, launches private credit fund "SCOPE" on Solana

• Google search volume for "on-chain" reaches unprecedented heights

• Bitcoin-focused app Fold plans to go public through special acquisition company

• NTT Digital and Matsumoto to use blockchain for graduation albums

• DePIN content "Pictre" from DEA and TEPCO to be tested in three wards in Tokyo.

• Ferrari expands crypto asset payment system to Europe, following its introduction in the US.

• Almost all celebrity tokens launched in 2024 have gone to zero.

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(2) 27 funded projects.

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💥Top 5 projects

1、Block Mining Group

• Overview: Bitcoin mining infrastructure and colocation services provider.Operating in the United States, the company builds and deploys data center infrastructure to support bitcoin networks.

• Category: Infrastructure

• Procurement amount:$92.50M

• Investment Round:M&A

• Investor:*Riot Platforms

2,NPC Labs

• Overview: on-chain product developer.Enables the creation, monetization and scaling of real world items linked to digital assets.With a focus on protecting intellectual property and ensuring credibility, NPC Labs also supports global logistics and distribution, and provides services to help creators and suppliers bring IP and products to market.

• Category: RWA

• Procurement amount:$18M

• Investment Round:Seed

• Investors:★Pantera Capital, Makers Fund, Hashed, Collab+Currency, etc...

3, Caldera

• Overview: Code-free web3 infrastructure platform, specialized for building high-performance, customizable, application-specific Layer 2 block chains (Caldera Chains).Chains (Caldera Chains).

• Category：L2

• Procurement amount：$15M

• Investment Round：Series A

• Investors：★Founders fund、Dragonfly Capital、Sequoia Capital、ArkStream Capital、Lattice Fund

4、Bitlayer

• Overview: The first layer 2 solution built on BitVM with security equivalent to Bitcoin.Aims to improve scalability, efficiency, and security of bitcoin transactions.

• Category: L2, Bitcoin

• Procurement amount：$11M

• Investment Round：Series A

• Investors：★Franklin Templeton、★ABCDE Capital、Stake Capital、WAGMI Ventures、etc.

5、Igloo(Abstract L2)

• Overview:Parent company of Pudgy Penguins and OverpassIP, developer of a new consumer layer 2 blockchain called Abstract.

• Category:L2

• Procurement amount:$11M

• Investment Round:TBD

• Investors: ★Founders fund, Fenbushi Capital, 1kx, Everest Ventures Group (EVG), SeliniCapital.

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👀Other, 22 projects

• aPriori[$8M/Seed]DeFi protocol that provides users with optimized revenue strategies, secure asset management, and seamless integration with various blockchain networks.

• Mezo[$7.50M/Strategic]: L2 that offers real convenience and legitimate yields to bitcoin holders, ownership of user assets, EVM compatibility ensured by bitcoin, reliable bridge to tBTC, dual staking model for rewards and verification, etc.

• DAOBase[$6M/TBD]An AI-powered data analytics platform customized for DAOs, providing comprehensive insights and analytics to enhance DAO governance and decision-making processes.

• OpenSocial[$6M/TBD]:Multi-chain SocialFi infrastructure providing a scalable and configurable protocol for web3 users, creators and developers.

• RedPill[$5M/Seed]An innovative platform that aims to democratize artificial intelligence by making advanced AI technologies available to everyone.

• Network3[$5M/Seed]An AI-powered DeFi platform designed to optimize liquidity management and enhance revenue generation.

• Roxom[$4.30M/Pre Seed]: a bitcoin-denominated market platform that allows users to trade stocks, ETFs, commodities, cryptocurrencies, foreign exchange, and bonds using bitcoin.

• Kintsu[$4M/Seed]Next generation liquidity staking infrastructure platform designed to enhance the DeFi ecosystem.

• Etherfuse[$3M/Seed]:Provides tools and products that democratize access to secure financial investments through blockchain technology.

• MetaBeat[$3M/TBD]An incentive community platform that leverages fan activity to support and grow the music ecosystem.Fans can earn rewards through their engagement with artists and music content.

• Panda Titan[$3M/TBD]: Blockchain Gaming Ecosystem.

• Kuru[$2M/Seed]An on-chain order book exchange built on the Monad blockchain, designed to provide a fast and scalable trading solution for DeFi enthusiasts.

• Multiple Network[$2M/Seed]: DeFi platform designed to optimize yield generation on crypto assets.Leverages sophisticated algorithms and strategies to maximize returns on user deposits across various DeFi protocols.

• Stix protocol[$1.80M/Private]:Base meme contest and promotion platform.

• Assisterr[$1.70M/Pre Seed]: state-of-the-art AI platform designed to revolutionize customer service and support.Seamlessly integrates with existing systems and offers capabilities such as natural language processing, sentiment analysis, and real-time data insights.

• Yup[TBD/TBD]:On the WebLike" contentA social network for curators that rewards users for liking and sharing content.

• BitFi[TBD/Seed]: SecureCeDeFi platform that combines staking mechanisms and innovative synthetic assets to create a dynamic ecosystem.

• Solak[TBD/Strategic]: An ecosystem that combines AI and DeFi capabilities, including an AI-powered browser and DeFi platform that allows users to earn SGPT tokens through Internet browsing, DeFi usage, participation in the NFT platform, and a referral program.

• Zircuit[TBD/TBD]: A robustA zero-knowledge rollup fully compatible with EVM, designed to enhance the potential of Web3 by combining a robust infrastructure with zero-knowledge proofs.

• RiskLayer[TBD/Pre Seed]:An autonomous risk oracle platform that democratizes Ethereum and Bitcoin app-specific risk feeds.

• Pluto Studio[TBD/TBD]:GameFi publishing platform that released the Telegram game Catizen.

• Multipool[/TBD]Providing efficient, secure and versatile solutions for traders and investors.

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(3) Article updated last week

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This Week on web3 5min recap

【Flatcoin explanation②】 What is the decentralized flatcoin "SPOT"? / @SPOTprotocol

【Kulipa】Provides API to support issuance of cryptocurrency payment cards by self-custodial wallets / Wallet operators can issue debit cards with custom design and features / @KulipaXYZ

【Plato】DePIN of EatLog to realize Eat2Earn / Earn cash back by taking photos of restaurant receipts / Season 1 is now underway / @Plato2Earn

Thinking About Token Abstraction and Programmable Money from the Sanctum Initiative

All of the articles are interesting, so please take a look at them if you haven't seen them yet!

We will continue to update our research this week!

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Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.

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About us
🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 The English version of the web3 newsletter, which is available in 5 languages. Based on the concept of ``Learn more about web3 in 5 minutes a day,'' we deliver research articles five times a week, including explanations of popular web3 trends, project explanations, and introductions to the latest news.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

• X：@web3researchgl

• Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.