Major Funding Raises Reach $53 Million,MEXC Publishes Top 10 Highlights in 2022

–Follow M-Research to discover early-stage projects and learn the latest dynamics of the crypto market.

*The dollar sign in this article refers to US dollars.

According to M-Research, from December 19 to December 25, 2022, 15 projects in the Web3 space raised a total of $53 million. Among them, Metaverse, NFT and GameFi projects have raised $15.8million; DeFi and Web 3 projects have raised $21.3million; The infrastructure projects raised $15.9million financing.

Last week, there were several events worth noting:

  1. MEXC published Top 10 Highlights in 2022,including:
    1. MEXC burnt More MX Tokens from December 7,2021 to December 7,2022 ,with110,332,145 MX tokens burned in total
    2. MEXC Launched the World’s First Blue-chip NFT Index
    3. MEXC is the volume leader in Leveraged ETF trading
    4. MEXC’s Fan Token Zone launched
    5. MEXC Perpetual Futures liquidity ranks No. 1
    6. M-Ventures under MEXC completes brand upgrade, and its capital scale reached $200 Million
    7. MEXC first launched the future second-level k-line function worldwide
    8. MEXC x Coinbase x Trust Framework
    9. MEXC reached 1200% futures growth
    10. 10M Users! MEXC upgraded brand color to “Ocean Blue”
  2. MEXC listed Gearbox Protocol(GEAR/USDT),a decentralized leveraged lending protocol based on Ethereum,with the highest gain of 480%.

I. Metaverse & NFT & GameFi

  1. Revel raises $7.8M to become the Instagram and Robinhood of NFT platforms,led by Dragonfly Capital

Revel, an NFT or “social collectibles” platform, raised $7.8 million in seed financing led by Dragonfly Capital.The raise included investors from Union Square Ventures, Sfermion, 6th Man Ventures, Gaingels, Wagmi Ventures, Alumni Ventures, Global Impact Ventures, Hansa Labs and Polygon, among others.

The capital will be used to expand Revel’s web3 interoperability, generative and collaborative AI functionality and social features.

Revel’s marketplace allows users to create NFTs for their followers, friends or community and also allows people to own editions of the media they like and follow.

  1. Content NFT trading platform Read2N completes $2 million seed round financing, Chain Capital participated

Web3 reading application and content NFT trading platform Read2N announced the completion of a $2 million seed round of financing. This round of financing is jointly invested by Chain Capital, LinkVC, and digital entrepreneurs.

The new funds will accelerate the construction of the platform’s content copyright ecology, strengthen the introduction of leading works in various languages and encourage creators, and build a content supply chain that is more competitive than Web2.

II. DeFi & Web 3

  1. Pods raises $5.6M to create structured products for crypto assets,led by IOSG

DeFi technology company Pods announced that it has raised $5.6M in Seed Funding to create structured products for crypto assets earlier this year. The financing had investors such as IOSG, Tomahawk, Republic, Framework Ventures, 4RC, Alexia Ventures and more.

Pods Yield is a series of open-source smart contracts that algorithmically runs a known investment strategy, receive deposits, and process withdrawals.

III. Infrastructure

  1. Polychain leads $7M funding for hardware wallet developer Foundation Devices

Foundation Devices, a developer of Bitcoin-centric tools that include a hardware wallet, has raised $7 million in a seed round led by crypto-focused investment firm Polychain Capital.Other participants in the round included new backers Greenfield Capital and Lightning Ventures and existing investors Third Prime, Warburg Serres, Unpopular Ventures and Bolt.

Founded in April 2020, Boston-based Foundation focuses on products that make Bitcoin and decentralized technologies more accessible.

  1. Decentralized market maker Arrakis Finance raises $4 million

Arrakis Finance, a decentralized market-making protocol, raised $4 million in a seed funding round.Investors included Uniswap Labs Ventures, Accel, Polygon Ventures and Robot Ventures. There was no lead investor in the round, and it was secured via a simple agreement for future tokens (SAFT).

Arrakis Finance launched V2 of its protocol recently, which can be “thought of as an abstraction layer on top of concentrated liquidity automated market makers (AMMs) like Uniswap V3,”said by its CEO Rodriguez.

  1. Bitcoin development company Layer 2 Labs raises $3M to bring drivechains to network

Layer 2 Labs has raised a $3 million seed round from angel investors to bring drivechains and other innovative technologies to Bitcoin.Drivechains are a type of sidechain – a secondary blockchain that interacts with a primary blockchain and aims to offer a better user experience (UX).

Layer 2 Labs’ founding team includes Bitcoin Core contributor CryptAxe and 8-year Kraken veteran Austin Alexander.

IV. Hot News

  1. Fantom will focus on gas monetization and gas subsidies, account abstraction next year

Fantom founder Andre Cronje mentioned the core focus in 2023 in a letter to the Fantom Foundation team.He said that next year Fantom needs to focus on vertical developers, and the primary goal will be to create a sustainable environment for DApp developers to distinguish it from other public chains.

The planned core focuses include:gas monetization,gas subsidies,account abstraction,economic abstraction for gas fees ,new middleware (Fantom Virtual Machine, new storage,mechanism),performance engineering,documentation & training,pubish finances,funding,marketing,business development,etc.

Additionally, Andre Cronje mentioned that he has been formally nominated and accepted to be a member of the Board of Directors of the Fantom Foundation and Fantom Operations.

  1. Vitalik Buterin reveals 3 ‘huge’ opportunities for crypto in 2023

Ethereum co-founder Vitalik Buterin has shared three “huge” opportunities yet to be realized in crypto: mass wallet adoption, inflation-resistant stablecoins and Ethereum-powered website logins.

Vitalik firstly suggested that more developments need to be made on wallet infrastructure to make crypto easier for everyday people to use and ensure that it is capable of onboarding billions of users.Secondly, Buterin said that the creation of a hyperinflation-resistant and globally accessible stablecoin that can withstand all types of conditions.Lastly, Buterin said any technical developments that contribute toward Ethereum taking login powers away from Facebook, Google, Twitter and other centralized monopolies would ultimately enable Ethereum to capture more market dominance on internet-based applications.

  1. Uniswap partners with MoonPay

Uniswap has announced a partnership with MoonPay to allow users to buy cryptocurrencies on its app using cards or bank transfers in more than 160 countries.Currently supports Ethereum, Polygon, Optimism and Arbitrum, and can buy DAI, ETH, MATIC, USDC, USDT, WBTC and WETH.

  1. MetaMask swaps supports L2 networks Arbitrum and Optimism

MetaMask launched the aggregated Swaps feature on Portfolio Dapp including the latest Layer 2 network, integrations with Arbitrum and Optimism.Currently MetaMask Swaps have supported Ethereum mainnet, BSC, Polygon and Avalanche.

  1. Grayscale CEO says, “If Grayscale’s Bitcoin ETF dreams fail, firm may try a tender offer”

Grayscale (Grayscale) CEO Michael Sonnenshein said in a letter to investors that if GBTC cannot be converted into a Bitcoin exchange-traded fund (ETF), it may propose a 20% tender offer on the outstanding $10.7 billion shares.Converting GBTC to an ETF will help keep its share price in line with its underlying value. Market participants will be able to create and redeem shares of GBTC.

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