Cryptoday 1.04 | Liquidity platform WOO Network secures $12 million strategic investment from Binance Labs
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Cryptoday 1.04 | Liquidity platform WOO Network secures $12 million strategic investment from Binance Labs
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Cryptoday is a daily insights column by TechFlow, focusing not on "news," but on asset movements.
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Funding Updates
Crypto infrastructure project Cion Digital raises $12 million in seed funding led by Green Visor Capital
Cion Digital, a crypto infrastructure startup, has announced the completion of a $12 million seed round led by Green Visor Capital and 645 Ventures. Participants include Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft, and Ulu Ventures. The funds will be used to expand its team, launch its infrastructure platform, and establish a research and development center in Pune, India. Cion Digital aims to help traditional financial institutions and registered investment advisory firms offer crypto services through its upcoming platform, with an initial version expected to launch this quarter.
Tezos-based DeFi project Mavryk Finance announces funding from Draper Goren Holm and others
Mavryk Finance, a decentralized finance ecosystem built on the Tezos blockchain, has announced investments from Draper Goren Holm and other institutions. According to Mavryk Finance’s official website, the project aims to launch a suite of DeFi products on Tezos, currently offering multi-asset collateralized loans and multi-collateral soft-pegged stablecoins via a decentralized pricing oracle and a Tezos-based DAO governance system.
Binance Labs announces $12 million strategic investment in liquidity platform WOO Network
Binance Labs, the venture arm of Binance, has announced a $12 million strategic investment in WOO Network. WOO Network provides liquidity to over 40 institutions, exchanges, trading teams, wallets, and decentralized applications. Its product suite includes WOO Trade, a platform targeting institutional investors, and WOO X, designed for retail users. Since launching WOOFi Swap last year, WOO Network has been providing liquidity on Binance Smart Chain (BSC), leveraging its liquidity network and institutional market-making technology to improve pricing and reduce slippage. WOO also supplies liquidity to other decentralized protocols such as DYDX, Matcha, ParaSwap, 1inch, and DODO. In November, WOO Network completed a $30 million Series A round backed by Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent.
NFT investment firm Metaversal closes $50 million Series A round with participation from DCG
Metaversal, an NFT-focused investment company, has announced the closure of a $50 million Series A round at an $181 million valuation. The round was co-led by CoinFund and Foxhaven Asset Management, with participation from Digital Currency Group (DCG), Dapper Labs, Rockaway Blockchain Fund, and traditional finance firm Franklin Templeton. Based in Miami and founded in June 2021, Metaversal currently holds over 750 NFTs, including works by digital artist Fewocious, RarePepe collectibles, and CryptoKitties. It was also an early investor in ConstitutionDAO. The new capital will be used to invest in more startups focused on NFTs and the metaverse.
DeFi
FTX to launch next IEO project: PsyOptions options protocol
On January 4, FTX tweeted that it will soon launch a new Initial Exchange Offering (IEO), with rules to be announced. The featured project is PsyOptions, a decentralized American-style options protocol built on the Solana blockchain. PsyOptions supports all SPL assets on Solana, including tokens, NFTs, and tokenized stocks. It raised $3.5 million in its first funding round in October, led by Alameda Research, with participation from CMS Holdings, Ledger Prime, MGNR, Wintermute, and Airspeed18. Previously, PsyOptions was a winning team in a hackathon co-hosted by Solana and Serum.
Yearn Finance passes new tokenomics proposal requiring YFI staking for governance participation
The Yearn Finance community has passed Proposal #65 on a new token economic model with a vote of 99.68% in favor and 0.32% opposed. Under the proposal, part of the YFI supply will be repurchased from the treasury to reward active governance participants. To strengthen the role of YFI in governance, several changes have been introduced: First, YFI holders must stake their tokens to receive xYFI, making staking a requirement for participating in Yearn Finance governance. Stakers will earn additional YFI rewards from buybacks, generating higher returns when the YFI price rises. Second, users can choose lock-up durations—the longer they lock, the greater the rewards—thereby reducing circulating supply. Users will also receive veYFI tokens proportional to their lock-up time, which can be used for voting. The proposal draws inspiration from Curve Finance, aiming to constrain liquidity supply and promote long-term price appreciation through improved tokenomics.
Arweave-based DEX Verto Exchange launches Web3 Execution Machine 3EM
Verto Exchange, a decentralized exchange built on the Arweave ecosystem, has announced the launch of the Web3 Execution Machine (3EM). 3EM is a secure, high-performance, multi-language execution environment for SmartWeave contracts. Security was prioritized during development; since smart contracts on Arweave are lazily evaluated, malicious code cannot be injected into another contract's execution path. 3EM evaluates contracts approximately 75% faster than SmartWeave v1 (an average JavaScript SmartWeave contract takes 2.60 seconds to evaluate, while 3EM evaluates the same contract in 0.64 seconds with cache and 1.32 seconds without). Currently, 3EM supports smart contracts written in Solidity, Rust, C, and JavaScript, enabling interoperability—for example, allowing DeFi contracts written in C to interact with token contracts written in Rust.
NFT/GameFi
Illuvium: Staking contract vulnerability discovered and fixed in V2
NFT game Illuvium tweeted that a vulnerability was found in its staking contract, prompting eDAO to pause sILV minting. The attack vector has been closed, and no funds were affected. This action was purely precautionary. The issue has already been resolved in the Staking V2 contract, which is expected to be released soon. ILV holders will have time to claim their sILV before the land sale event.
NFT social platform Showtime officially launches NFT marketplace on Polygon
NFT social platform Showtime announced via Twitter the official launch of its NFT marketplace on the Polygon network. The platform enables free NFT minting and listing with zero gas fees, instant royalty payouts via on-chain royalty standards, and supports up to 10,000 editions per single project. Earlier, Showtime CEO Alex Masmej stated that Showtime would build its NFT marketplace on Polygon and launch a mobile app.
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