Evening News | Terra ecosystem organization LFG purchases $100 million AVAX as UST reserves; Bloomberg interviews Three Arrows Capital's Su Zhu
Frax Finance may purchase billions of dollars in mainstream tokens as collateral for its stablecoin reserves; metaverse technology company Improbable completes $150 million in financing.Organizer: Biscuit, Chain Catcher
"What important events have occurred in the past 24 hours?"
1. Terra's non-profit organization LFG acquires $100 million worth of AVAX as UST reserves
The Terra ecosystem's non-profit organization Luna Foundation Guard (LFG) has acquired $100 million worth of native token AVAX from the Avalanche Foundation as reserves for UST. The purpose is twofold: to diversify UST reserves and to strengthen collaboration with the Avalanche ecosystem, expanding UST and Terra's native applications on Avalanche.
Earlier this Wednesday, LFG increased its Bitcoin holdings by $231 million, bringing its total holdings to over $2 billion. LFG's long-term goal is to purchase $10 billion worth of Bitcoin as UST reserves. (Blockworks)
2. Frax Finance may purchase billions in mainstream tokens as collateral for its stablecoin reserves
The algorithmic stablecoin protocol Frax Finance announced that it is considering purchasing billions of dollars worth of mainstream cryptocurrencies (such as ETH, BTC) as collateral for its stablecoin reserves. Unlike Terra, which only purchases Bitcoin, Frax plans to buy native tokens from all blockchains that have issued its stablecoin, including Ethereum, Avalanche, BNB Chain, Fantom, Harmony, Polygon, Solana, and Arbitrum. Additionally, unlike Terra's approach, Frax will utilize its Flaxswap platform to execute these large token orders. (Source link)
3. Samson Mow's JAN3 completes $21 million financing, with participation from Alistair Milne and others
JAN3, founded by former Blockstream Chief Strategy Officer Samson Mow, has completed a $21 million financing round at a valuation of $100 million, with participation from Alistair Milne, F2Pool co-founder Chun Wang, and El Zonte Capital.
"JAN3 will focus on advancing Bitcoin and second-layer technologies like Liquid and the Lightning Network, which are key to mass adoption and the Bitcoin circular economy," Mow said in a press release. "The company will also support nation-state adoption of Bitcoin initiatives and contribute expertise to infrastructure development projects."
It is understood that JAN3 will take over Blockstream's crypto wallet AQUA and NFT marketplace Raretoshi, and has already signed a memorandum of understanding with the Salvadoran government to provide digital infrastructure for the country and Bitcoin City. (Source link)
4. HBAR Foundation launches $250 million metaverse fund to incentivize B2C and B2B2C applications
The HBAR Foundation, responsible for the development of the Hedera network, has announced the launch of a $250 million metaverse fund to incentivize B2C and B2B2C applications to develop within the metaverse ecosystem of this public chain, including gaming, sports, fashion, and entertainment industries, to integrate users "at scale" into Web3 development. Customer relationship management platform Sayl has been designated as one of the first beneficiaries of this fund. (Source link)
5. Metaverse technology company Improbable completes $150 million financing, led by a16z and others
Metaverse technology company Improbable has completed $150 million in financing, led by a16z and the SoftBank Vision Fund II, with participation from Mirana, DCG, CMT, SIG, and Ethereal Ventures.
This funding will primarily be used to establish the interoperable metaverse network M² (MSquared), powered by its Morpheus technology, which will allow companies, brands, and creators to build their own metaverse and Web3 businesses within its network, organize large-scale experiences involving thousands of players, and provide interoperability with existing blockchain and Web3 businesses.
Improbable has become a leading provider of multiplayer gaming services to over 60 global publishers with its developed virtual world technology, and its Morpheus technology is an evolution of the company's earlier SpatialOS product, supporting interactions among over 10,000 players in dense virtual spaces. The platform now processes over 350 million communication operations (or ops) per second. In January 2022, Improbable announced a transformation to accelerate its shift into the metaverse. (Source link)
6. Blockchain security company CertiK completes $88 million financing, led by Insight Partners, Tiger Global, and others
According to TechCrunch, blockchain security company CertiK has completed $88 million in financing, reaching a valuation of $2 billion. This round was led by Insight Partners, Tiger Global, and Advent International, with participation from Goldman Sachs, Sequoia Capital, and Lightspeed Venture Partners. The funds will be used to build new products and a one-stop security platform for the Web3 world.
The company stated that CertiK has already protected over $300 billion in crypto assets for 2,500 enterprise clients through its auditing and fraud investigation services, with revenue growing 12 times and profits increasing 3,000 times in 2021. To date, CertiK has raised a total of $230 million. (Source link)
"What articles are the editors of Chain Catcher reading?"
Ten years ago, when Su Zhu co-founded Three Arrows Capital with Kyle Davies, it seemed like a risky bet for two derivatives traders in their twenties. But the bet paid off. According to its website, the company's investments now include Bitcoin, Ethereum, AVAX, and SOL, as well as DeFi projects like Neon, funds like Multicoin Capital, and P2E project Axie Infinity. Analysis firm Nansen estimates that the institution's blockchain assets alone are worth nearly $10 billion.
2. "A Decentralized Guide for Web3 Builders: Principles, Models, and Approaches"
Building a decentralized internet has always been challenging. Compared to the recognized efficiency and stability of centralized systems, decentralized systems have struggled to keep pace. However, emerging crypto and Web3 technologies—particularly programmable blockchains, composable smart contracts, and digital assets—are enabling decentralized systems to achieve unprecedented levels of coordination and operational capabilities. This evolution has facilitated new forms of governance and organization, community-owned and operated networks and services, robust economic systems, and countless other innovations.
Builders of Web3 systems currently face many challenges in launching, managing, and scaling decentralization. However, even if regulatory requirements may change, treating decentralization as a single design challenge, including technical, economic, and legal frameworks, should provide a strong reference guide to help builders overcome these challenges using new components of Web3 systems.
On April 7, 2022, Treasury Secretary Janet L. Yellen delivered a speech at the Kogod School of Business at American University on digital asset policy, innovation, and regulation, highlighting that the U.S. benefits from the core role of the dollar and U.S. financial institutions in global finance, and that digital asset regulation needs to be considered against the backdrop of this core role of the dollar in the world economy.
