Cryptoday 11.8 | zkSync's parent company raises $50 million, Cronos launches mainnet Beta
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Cryptoday 11.8 | zkSync's parent company raises $50 million, Cronos launches mainnet Beta
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Funding Movements
Solana-based decentralized lending and incubation platform Seeded Network raises $1.25 million
Seeded Network, a decentralized lending and incubation platform in the Solana ecosystem, has announced the completion of a $1.25 million seed and private round. Investors include Solar Eco Fund, X21 Digital, Athena Ventures, HG Ventures, Kangaroo Capital, ZBS Capital, Rainbow Three, Golden Shovel, Sunshine Dragon, Top 7 ICO, Bitcoin Addict, Dust Ventures, and Mandy ICO Research.
Matter Labs, parent company of Ethereum scaling solution zkSync, raises $50 million led by a16z
Matter Labs, the company behind Ethereum Layer-2 solution zkSync, has completed a $50 million Series B funding round led by Andreessen Horowitz (a16z). Other participants include Placeholder, Dragonfly, 1kx, and strategic partners such as Blockchain.com, Crypto.com, Consensys, ByBit, OKEx, Alchemy, and Covalent. Additionally, founders or executives from over 70 projects including AAVE, Paraswap, Lido, Futureswap, Gnosis, Rarible, Aragon, Liquity, Celer Network, Connext, Perpetual Protocol, Euler, and Opium also participated.
Crypto trading platform CoinMENA raises $9.5 million in seed round, with Alameda Research among investors
Crypto trading platform CoinMENA has announced a $9.5 million seed funding round backed by BECO Capital, Kenetic Capital, Arab Bank Switzerland, Bunat Ventures, Alameda Research, and Girnas Capital. Authorized by the Central Bank of Bahrain, CoinMENA is a fully regulated domestic crypto exchange aiming to facilitate secure and convenient crypto investments across the Gulf region, with a primary focus on Bahrain, the United Arab Emirates, Saudi Arabia, and other MENA markets.
DeFi
THORChain Q3 Report: Protocol treasury holds $273 million in assets and $2.49 billion in RUNE reserves; liabilities to be fully repaid next month
Decentralized cross-chain trading protocol THORChain has released its Q3 report. The protocol treasury currently holds $273 million in total assets, including $20 million in non-RUNE assets, $195 million in RUNE assets, and $57 million in LP positions. These funds will support protocol development, technical operations, liquidity provision, and community grants. On the liability side, the protocol currently owes $6.2 million, comprising 364,000 RUNE ($5.096 million) owed to network participants and a $3.5 million XRUNE loan ($1.155 million), expected to be fully repaid next month. Additionally, the protocol holds 170 million RUNE in reserve ($2.49 billion), with 57 million RUNE already deployed into the network. The remaining reserves will be deployed following mainnet launch and are sufficient to cover team expenses for over 18 months. THORChain plans to decentralize the treasury under community governance in 8 months (or upon meeting certain conditions), allocating $50 million toward this initiative.
DeFi lending protocol Blizz Finance to launch on Avalanche, airdrop planned for Geist Finance stakers and lockers
Blizz Finance, a decentralized lending protocol, will launch on Avalanche at 18:00 Beijing time on November 8. A native Avalanche protocol developed in collaboration with Fantom-based lending protocol Geist Finance, Blizz Finance is built on AAVE v2 lending markets. 50% of protocol revenue will be distributed to BLZZ token stakers and lockers.
The total supply of BLZZ is 1 billion tokens: 50% allocated to lenders and borrowers (released over 5 years), 20% to BLZZ/AVAX liquidity providers on TraderJoe (released over 5 years), 10% to the community, 15% to the team (linearly released over 1 year), and 5% to the protocol treasury. Supported assets include AVAX, WETH, WBTC, USDT, and USDC. To address initial liquidity challenges, Blizz Finance will airdrop 1% of BLZZ tokens to holders who staked or locked GEIST tokens on Geist Finance. The snapshot will be weighted based on staking or locking amounts, with lockers receiving 5x the weight of stakers. The staker snapshot has been completed; the locker snapshot will occur approximately 4 hours before BLZZ distribution.
Serum community initiates informal discussion to burn over 9 billion locked SRM tokens
An informal discussion has been initiated on the Solana DEX Serum forum proposing the burning of over 9 billion locked SRM tokens. Community members argue that nearly 99% of the circulating supply remains locked and serves no practical purpose—only inflating FDV without positively impacting the $SRM token. This inflated FDV may deter potential investors. A formal governance proposal requires over 100,000 SRM to create, and must receive at least 1.5 million $SRM in supporting votes to proceed.
NFT/GameFi
Multi-chain NFT game Blockchain Monster Hunt to open Beta public test on November 9, deploying on Ethereum Rinkeby and BSC testnets
Multi-chain NFT game Blockchain Monster Hunt has announced it will open its Beta public test on the testnet at 07:30 Beijing time on November 9. The test aims to evaluate the robustness of the game's economic system and allow early supporters to familiarize themselves with features of the mainnet and future versions. Feedback from early users will be used to continuously improve the game before the mainnet launch.
ENVOY Network to release Lamborghini Aventador SV NFT artwork "Wen Lambo"
Digital collectibles platform ENVOY Network is launching its latest diamond-tier NFT drop. "Wen Lambo" is a one-of-a-kind NFT artwork featuring a customized paint job on a $500,000 Lamborghini Aventador SV, created by renowned Dutch contemporary artist Pablo Lücker. The NFT buyer will receive the custom-painted rare Lamborghini delivered by luxury car dealer VDM Cars. Pablo Lücker will showcase this exclusive vehicle at the Masters Expo—an exclusive business and lifestyle exhibition in Amsterdam—from November 18 to 22. The NFT will go to auction shortly after its announcement via wenlambo.pablolucker.com.
GameFi project Ember Sword announces migration from Polygon to Immutable X
Ember Sword, a GameFi project originally launched on Polygon and known for its $203 million land sale in July, has just announced its decision to migrate to Immutable X—an Ethereum Layer-2 scaling solution designed for the NFT ecosystem. Players who purchased in-game NFTs on Polygon will need to migrate them to Immutable X for future use.
Others
Arweave to introduce hard fork on November 17, laying foundation for HDD-dominated mining
Blockchain storage protocol Arweave is scheduled to release version 2.5.0.0 on November 17 at 22:00 Beijing time (block height 812,970), introducing a hard fork to lay the groundwork for transitioning to a hard disk drive (HDD)-based mining mechanism in version 2.6.
Notably, the new mining algorithm involving data packaging and entropy will not take effect immediately after the fork but will gradually replace the current algorithm. From a user perspective, starting at the fork block, the Arweave protocol will no longer recognize newly uploaded data unless it is split in a specific manner—each chunk must be exactly 256 * 1024 bytes unless special conditions are met.
Crypto.com’s EVM-compatible chain Cronos launches mainnet beta
Crypto.com’s EVM-compatible blockchain Cronos has launched its mainnet beta. Built on the Cosmos SDK, the beta phase will test EVM compatibility, support for the latest Cosmos SDK version, and cross-chain bridges enabling asset transfers between Crypto.org Chain and Cronos. The native token CRO will be used to pay network fees. Additionally, Cronos will support cross-chain transfers of Cosmos assets to Cronos and launch the Cronos Gravity Bridge to enable Ethereum assets to move to Cronos, expected to be completed by December 2021 or January 2022.
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