Crucial Ideas

• Despite the bear market, money continues to flow into the cryptocurrency and Web3 sectors.
• There are 7 exceptional Web3 initiatives that have recently raised money effectively.

Observing the movements of venture capital firms is one approach to stay current with crypto industry trends. Despite the bear market, money continues to pour into the cryptocurrency sector. Everything moved much more slowly than the year before, but a few project development teams were nevertheless able to finish their work without being concerned about the state of the market. Let’s look at 7 Web3 projects that Coincu just financed.

1. Renegade

An on-chain version of dark pools is being developed by Renegade, a firm creating a new type of decentralized exchange, using multi-party computation (MPC) and zero-knowledge proofs. In a nutshell, Renegade is a decentralized, anonymous exchange that provides MEV protection, privacy, and security-related products.

Web3

Renegade guarantees “total anonymity for users during the lifetime of the transaction,” according to the white paper. It arrives at the perfect time:

when CeFi uses FTX to demonstrate that it is unreliable.
Recently, the US Securities and Exchange Commission prohibited Kraken from offering staking services to US consumers, demonstrating how unfriendly authorities are to cryptocurrencies.
if MEV makes an attempt to obstruct your transaction.
Recently, Renegade closed a $3.4 million seed round led by Dragonfly Capital and the former CEO of AngleList, Naval Ravikant. Other investors included former a16z partner Balaji Srinivasan, chairman of the Solana Foundation Lily Liu, Tarun Chitra of Robot Ventures, Symbolic Capital, and other angel investors.

Applications are now being accepted for the project’s waiting list, which is now undergoing internal testing before it opens a public testnet to traders in the upcoming months.

Official website: https://renegade.fi/

2. Alongside

Due to the name’s similarity to BAYC’s Otherside metaverse project, it is noisy. Despite the fact that it turns out there is no connection between them, they are both supported by the same financial organization, A16z.

As with investing in TradFi through the SP500 or Nasdaq, investors can purchase cryptocurrency through an index platform that is available alongside. You purchase index tokens instead of specific crypto assets, such as ETH that tracks the S&P 500.

Giving the cryptocurrency market an index is nothing new. Due to the uncertainty of the market, previous efforts have been undertaken in vain.

Beside just concluded a $11 million financing round, which was led by a16z and included Coinbase Ventures, Franklin Templeton Investments, Village Globa, Not Boring Capital, and other investors. Accompanying and the encryption index track cannot be disregarded because, generally speaking, DeFi project financing typically ranges from $1 million to $4 million and venture capital typically has a forward-looking vision.

Official website: https://alongside.xyz/

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3. OPNX

The former “commander” of Three Arrows Capital who had been killed (Zhu Su, Kyle Davies) made a comeback and started a new exchange. It was originally known as GTX, but after significant user clamor and jeering (akin to the FTX name), it was changed to OPNX.

OPNX is a cryptocurrency claims solution in light of the fact that a number of cryptocurrency firms, including FTX, Voyager, Celsius, Genesis, and BlockFi, as well as Mt. Every claimant is waiting as the market has grown to around $20 billion.

The value of a claimant’s claims can be quickly unlocked by OPNX, where it can then be exchanged for cryptocurrencies or used as margin collateral. The platform promises to streamline the claims procedure while also creating a public market for claims transactions, freeing up enormous amounts of imprisoned wealth and giving users the chance to “rebuild.”

In other words, OPNX creates derivatives from your locked funds that can be traded. It functions somewhat similarly to a liquid collateralized derivative like stETH, though not exactly.

One could be skeptical of the idea of claims resolution given Su Zhu’s reputation. The possibility that the bankruptcy payback may still take years occurs to me, and Su Zhu may use this as an opportunity to show off his strength. My interest is mainly focused on the OPNX mechanism and how they plan to create tradable assets out of locked assets by issuing derivatives.

Official website: https://www.openx.com/

4. Superplastic

Let’s now examine a “strange” project.

To deliver 3D NFT characters, NFT items, and virtual events to the community, Superplastic, a global entertainment and product brand, has teamed up with the most well-known artists, businesses, and celebrities in the world. The NFTized characters offered by the initiative appear to have the potential to become TV program stars.

In the past, Superplastic has collaborated with brands including BAYC, Gucci, Epic Games, Fortnite, and others to introduce NFTs on Ethereum.

With the recent completion of a $20 million A-4 fundraising headed by Alexa Fund, the venture capital arm of Amazon, and involving Google Ventures, Galaxy Digital, Sony Japan, Animoca Brands, Craft Ventures, etc., Superplastic has now received a total of $58 million.

Official website: https://superplastic.co/

5. Monads

Monad Labs, a new proof-of-stake (PoS) blockchain and decentralized computing platform that emphasizes performance and portability, was founded by the former staff of TradFi giant Jump Trading. With algorithmic enhancements to virtual machine design and Byzantine Fault Tolerance (BFT) consensus mechanism, Monad seeks to reach 1 second block time and 10,000 tps throughput while ensuring EVM compatibility for applications and infrastructure.

In a nutshell, Monad will support EVM and implement the PoS consensus process. They focus on “asynchronous, parallel execution” in terms of performance, which makes me think of Fantom.