This Week on web3 5min recap

Market information, major news, and fundraising status for 9/7~9/13.

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!

①Pickup
②Market & News
③Projects funded

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①Pickup

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Pickups and descriptions of the week's news and fundraising projects of interest.

1,Fantom's rebranded blockchain Sonic Labs starts testnet

• The blockchain formerly known as Fantom and now called Sonic Labs launched Testnet today

• Users trading on the Sonic Labs testnet create over 70 million blocks with an average block time of 0.45 seconds and 11 transactions per second

• Time to finality is about 0.76 seconds, which the team says makes it one of the fastest EVM blockchains.

2,Coinbase's Base "On Chain Summer" Grows Rapidly, Over $700 Million in Revenue

• On April 10, Base reported on this year's "On Chain Summer" summer marketing event

• It stated that over 2 million unique wallets participated during the 3-month event, generating over $5 million in NFT mint revenue for its creators!

3, Coinbase Wrapped Bitcoin's Market Cap Reaches $100 Million

https://dune.com/seoul/cbbtc

• Coinbase's cbBTC Surpasses $100 Million Market Cap One Day After Launch

• Coinbase Wrapped Bitcoin now has 1,720 tokens in circulation, of which about 42% are Base and 58% are Ethereum

• TRON Founder Justin Sun Criticizes cbBTC's Lack of Auditing and Risk of Centralization

4,Snapshot X Released, Enabling Gas-Free On-Chain Voting via Starknet

https://snapshot.mirror.xyz/F0wSmh8LROHhLYGQ7VG6VEG1_L8_IQk8eC9U7gFwep0

• Snapshot X has been released, introducing a protocol that enables gas-free on-chain voting for decentralized autonomous organizations.

• The protocol uses STARK scaling and storage proofs, a type of cryptographic verification, to allow secure and tamper-proof voting across different blockchains without transferring tokens or incurring gas charges

5,Friend.Tech team relinquishes control of smart contracts following stagnant growth

• Friend.Tech effectively shut down after developer relinquished control of smart contracts

• Platform initially experienced explosive growth, but failed to garner the same level of enthusiasm due to a disappointing airdrop and release of version 2

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②Market & News

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⛓️Blockchain

L1

Token prices have returned much higher in a week.

• Flow begins supporting EVMs, now also available on Metamask.

• Hong Kong HashKey partners with Finschia and Klaytn's integrated chain "kaia".

• Fantom's rebranded blockchain Sonic Labs launches testnet

• TON sees record trading volume after Durov arrest; token price plunges 30%

L2

L2 TVL is also back.

• Fractal Releases Bitcoin Sidechain, But Faces Pre-Mining Controversy

• Polygon Labs and Fabric Cryptography Announce Custom ZK Chip to Accelerate AggLayer Development

• Coinbase's Base "On-Chain Summer" Growing Rapidly, Over $700 Million in Revenue.

• Stacks Asia Foundation Launched to Promote Bitcoin Use Across Asia

• Starknet Community Approves Staking Mechanism for STRK Tokens

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💰DeFi

DeFi is also coming back if you look at it on a weekly basis.

• DeFi Demand Surges as Ethereum Stable Coin Trading Volume Reaches Record $1.46 Trillion

• "VC Chain" Drives DeFi TVL Growth

• Tether mentions $102M agricultural investment: land an "important asset class"

• DWF Labs Announces Design of Synthetic Collateral Stablecoin

• Tether, TRON, and TRM Labs Collaborate to Establish Financial Crimes Unit to Fight USDT Abuse

• Vega Passes Governance Vote to Close Layer 1 Blockchain

• Trump Announces World Liberty Financial to be Established on September 16

• EtherFi partners with Scroll for cryptocurrency card payments

• Introducing the EigenLayer Security Model

• Raydium launches burn-and-earn feature to lock in liquidity for coin creators

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🖼️NFT

Trading volume is up slightly; NFTs on the Mythos chain are up sharply.

• First Japanese food manufacturer, Calbee collaborates with web3 game.NFT to sell "Jagarico" and "Kappa Ebisen".

• Magic Eden's Multi-Chain NFT Dominance Surges with $60 Million Per Day Trading Volume Amidst the Rise of ME Tokens

• The average lifespan of an NFT is 1 year and 1 month, with roughly 96% gone.

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🎮GameFi

Catizen has been ranked, but there is also TGE, which is very exciting.

• SK Planet, a Korean SK Telecom company, partners with Oasys, a gaming-specific chain

• Sonic SVM, a gaming project on the Solana blockchain, plans $12.8 million node sale

• Binance Launchpool and Super Earn introduce Hamster Kombat (HMSTR)

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👀Other

Dapps-related

• Snapshot X Released, Gas-Free On-Chain Voting Available via Starknet

• Crypto asset payment Mercuryo launches multi-chain debit card offering, in partnership with MasterCard

• Want to Quit Smoking, Vape-to-Earn is Here

• MEN'S YOAKE AUDITON 2024, produced by Yasushi Akimoto, adopted by Sony and StarTail Soneium

• Friend.Tech team relinquishes control of smart contracts following stagnant growth

• BitGo deploys "WBTC" on the Avalanche and BNB chains with layer zero OFT standard adoption

• Worldcoin surges 10% after extending world ID to Solana via wormhole

• Coinbase Wrapped Bitcoin Market Cap Reaches $100 Million

State, Legal & Regulatory Affairs

• Ripple Labs Co-Founder Chris Larsen Endorses Kamala Harris

• Central Bank of Brazil Announces Details of Second Phase of CBDC Pilot Project

• Telegram CEO issues first statement since arrest.Willingness to withdraw from countries that do not agree with the company's mission

• Coinbase must face shareholder lawsuit over regulator's risk concerns, court rules

• North Carolina Passes Bill Against CBDC, Overrides Governor's Veto

• Government of India Launches National Blockchain Framework

Other

• VanEck to Close Ethereum Futures ETF as Investors Move to Spot ETHVs

• NEC to Build "MRV Support System" for J-Credit Issuance.Data Verification with Blockchain

• Switzerland's 4th largest bank launches bitcoin trading

• TEPCO Considers Bitcoin Mining Using Surplus Renewable Energy

• Investors pull $726 million from virtual currency fund, bitcoin ETF buzz cools

• Metaplanet Purchases Additional 300 Million Yen Worth of Bitcoin, Bringing Total Holdings to 398.832 BTC.

• Daiwa House Group and UPBOND to test inbound travel experiences using web3.

• a16z crypto announces 21 companies participating in its accelerator.

• Hakuhodo Keithley collaborates with Star Tail Labs to support the development of services using "Sonium".

• Blockchain analytics firm Nansen acquires staking firm StakeWithUs

• Paypal and Venmo introduce Ethereum ENS to simplify virtual currency payments

• Binance introduces token unlocking and vesting schedule feature, CoinMarketCap offering

• State Street and Galaxy Digital Launch Three Digital Asset ETFs

• UPBOND and Kajima Corporation and others to use "JPYC" to improve construction site compensation and operational efficiency.

• Dispatch Platform TADA Releases Telegram Mini App, Allows Reservations in TON or USDT

• JP Morgan sees Swiss corporate business growth and blockchain boost

• Crypto Garage, Greening and Decentier to develop real estate business in RWA area, ownership and usage rights also tokenized

• Animoka JP joins Orbs validator

• Cryptelier selected as a company to consider for collaboration in Toshiba's Open Innovation Program.

• Coinbase holds 11% of total bitcoin supply

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(3) Projects funded

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Top 5 projects

1,Huma Finance

• Overview: DeFi protocol to allow borrowing based on cash flow rather than tokens.

• Category: DeFi, RWA

• Procurement amount:$38M

• Investment Round: unknown

• Investors:★Distributed Global, Hashkey Capital, Folius Ventures, Stellar DevelopmentFoundation (SDF), Tibas Ventures.

2,Fuse (Project Zero)

• Overview: A distributed renewable energy network, providing distributed energy resource (DER) installation, power trading and power retail services.

• Category: DePIN

• Procurement amount:$12M

• Investment Round:Strategic

• Investors:★Multicoin Capital, Balderton Capital, Lakestar, Accel, etc.

3,PIN AI.

• Overview:A platform that leverages AI and data analytics to optimize supply chain operations.With advanced predictions, automation, and real-time insights, PinAI helps companies increase efficiency, reduce operational costs, and streamline processes.

• Category：AI

• Procurement amount：$10M

• Investment Round：Pre Seed

• Investors：a16z Crypto Startup Accelerator (CSX)、Hack VC、Anagram、Blockchain Builders Fund (BBF)、etc.

4、Nytro Lab (Castile)

• Overview: Web3 Game Studios, a pioneer in the "play and trade" model where players can freely generate and trade in-game assets.

• Category:GameFi

• Procurement amount:$8M

• Investment Round: unknown

• Investors:★SevenX Ventures, OKX Ventures, Aptos Labs, Matr1x, etc...

5,DRiP

• Overview: Digital Gifts NFT project built on the Solana blockchain.Focus on creating a web3 content distribution platform that supports creators and offers free digital gifts from prominent content creators. Category

• Category: NFT

• Procurement amount:$8M

• Investment Round:Seed

• Investors: ★NFX, ★Progression Fund, ★Coinbase Ventures

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👀Other projects

• Infinit[$6M/TBD]A DeFi abstraction layer designed to simplify the process of launching and scaling the DeFi protocol.

• Moku[$5.35M/TBD]Web3 gaming platform that connects players to gaming guilds, NFT mint pages, and gaming strategy communities.

• Blocksense Network[$4M/Seed]:A fully decentralized, permission-free oracle network designed to efficiently extend oracle data using zero-knowledge circuits.

• Syrupal Protocol[$3.75M/Seed]: a decentralized options exchange offering structured financial instruments, combining the benefits of centralized and decentralized trading for a seamless user experience.

• Titan[$3.50M/Pre Seed]:Next generation DEX aggregator built on the Solana blockchain, designed to optimize liquidity and improve the trading experience.

• Fountain Platform[$3.50M/Seed]: an unmanaged, multi-chain operating system designed to streamline financial, risk and trading operations.By integrating managed accounts, exchanges, wallets, and dApps into a single interface, companies can manage workflow and securely delegate access without sharing private keys.

• Wingbits[$3.50M/Seed]:A tokenized, community-driven flight tracking network that uses Automatic Dependent Surveillance Broadcast (ADS-B) technology to improve aviation safety and efficiency.Members provide real-time flight data and earn token rewards while helping to improve air travel.

• Ammalgam[$2.50M/Seed]: a DeFi protocol that combines lending and trading, constitutes a source of yield and at the same time improves capital efficiency, providing market makers with an unlimited strategy.

• Hyperbridge Protocol[$2.50M/Seed]: A distributed coprocessor model designed to enable scalable inter-chain communication.Off-chain verification of multiple types of blockchain proofs and reporting on the chain with cryptographic guarantees solves the scalability limitations of direct on-chain proof verification.

• t1 protocol[$2.50M/Pre Seed]:A decentralized platform on Ethereum that processes encrypted user transactions through validators and workers, using zk-rollup technology to ensure privacy, integrity, and efficient execution.

• Orange Cap Games (Vibes)[$2M/Angel]: a hybrid digital and physical trading card game developed by Orange Cap Games, led by Pudgy Penguins IP.

• GasHawk[$1.60M/Pre Seed]: Ethereum users save on gas prices by optimizing when transactions are sent to the network.Users send signed transactions to GasHawk, where they are held in a queue until Gas prices drop.

• Universal Health Token[$1.20M/Pre Seed]: A gamified healthcare platform developed by GOQii's Web3 division.It leverages blockchain technology to encourage preventive healthcare and rewards users for making healthy lifestyle choices.

• Carrot[$600k/Pre Seed]:Solana-based DeFi platform simplifies passive revenue by providing a unified yield token.Automatically optimize stablecoin yields by realigning funds across multiple lending protocols to ensure users earn the highest average APR.

• Open Forest Protocol (OFP)[TBD/Seed]: A blockchain-based platform that enables transparent measurement, verification and financing of afforestation projects.Leverages blockchain technology to ensure accurate and affordable verification of carbon data for climate initiatives around the world.

• BTA Protocol[TBD/Series A]:A decentralized ecosystem built on Bitcoin that provides a variety of applications to enhance user interaction with digital assets, including staking, liquidity provision, RSP (reward sharing program), launch pools, and lending protocols.

• Eigenpie[TBD/Seed]Re-staking SubDAO designed to maximize revenue potential for LST holders."

• OpenEden[TBD/TBD]Provides on-chain access to tokenized U.S. Treasury securities, offering a low-risk, highly liquid solution for web3 CFOs, DAO financial managers and institutional investors.

• Vektor[TBD/M&A]: DeFi Position Management Protocol designed to simplify decentralized finance for investors, providing a universal interface powered by Vektor eXecution Language (VXL) to streamline transactions, manage positions and automate tasks across multiple blockchains.Automate tasks across multiple blockchains.

• Stakewithus[TBD/M&A]:A decentralized staking services platform that provides secure and reliable staking solutions for proof-of-stake blockchains.

• Titan Network[TBD/Seed]:A distributed platform that connects unused community resources such as computing, storage, and bandwidth with global demand.

• BSX[TBD/TBD]: perpetual futures tradingAn on-chain trading platform that provides aBuilt on a decentralized blockchain infrastructure, ensuring low fees and high liquidity for a seamless trading experience.

• Cork Protocol[TBD/TBD]:Introduces a new DeFi primitive called Depeg Swap that allows participants to trade risks associated with pegged assets, similar to credit default swaps in traditional finance.This provides a mechanism to manage liquidity and credit risk in the on-chain credit market, helping to stabilize DeFi and reduce volatility.

• Blum[TBD/TBD]: A singlehybrid exchange with seamless access to both centralized and decentralized exchanges (CEX and DEX) through a platform.

• Derive[TBD/Angel]A decentralized protocol designed to create programmable on-chain options, perpetuals, and structured financial instruments, built on Derive L2, an Ethereum rollup on the OP stack, managed by a DAO, and with a modular architecture for flexible upgrades.It has a modular architecture for flexible upgrades.

• Gradient Network[TBD/TBD]:A distributed protocol dedicated to transforming computing power and staking solutions across blockchain networks.Focus on interoperability enables fluid staking and seamless connectivity between Ethereum, Solana, and TAO networks.

• MyShell[TBD/TBD]A Web3-enabled AI platform that allows users to create personalized chatbots called "Shells".

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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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🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 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.