Issue #71

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.64T, up (1.7%) from last week.

Below is the weekly performance of the top crypto assets. 

News Headline Highlights

 Crypto Asset Project Updates

• Magnet Portfolio Company Update: The weekly inflation of Synthetix's native token, SNX, has been reduced to zero. The rationale for inflation was to bootstrap the ecosystem. However now that Synthetix yields 4-7% from fee generation, token inflation is no longer necessary as the key driver of for stakers and synth liquidity.
• A new version of Bitcoin Core, 26.0 has been released. The upgrade includes changes that will improve network connectivity and syncing speed for nodes.
• LayerZero, a blockchain interoperability protocol, clarified it will launch a token after months of ardent speculation. The team stated on twitter that "there will be a LayerZero token. Its distribution is something we’re committed to getting right and expect it to happen within the first half of 2024".
• The Starknet Foundation, the organisation behind the Ethereum Layer 2 network Starknet, plans to distribute 1.8 billion tokens as user rewards and rebates, with precise details still under development.

Regulation Station

• Montenegro’s top justice official has privately declared his plans to send disgraced crypto tycoon Do Kwon to the U.S. rather than South Korea to face criminal charges. Both jurisdictions have requested Kwon’s extradition.
• The cryptocurrency industry is on track to hit a new record for federal lobbying spending in 2023. Crypto companies spent $18.96m in the first three quarters of 2023 on lobbying, compared with $16.1m during the same period in 2022.
• The Basel Committee wants to consult on the criteria for stablecoins to receive group 1b regulatory treatment, referring to "cryptoassets with effective stabilisation mechanisms".

The Weekly Deal Room

• GFO-X, a crypto derivatives venue regulated in the UK, raised $30m in a Series B led by M&G Investments.
• Babylon, a bitcoin staking protocol under development, raised $18m in a Series A co-led by Polychain Capital and Hack VC.
• QANplatform, a Quantum-resistant Layer 1 hybrid blockchain platform, raised $15m in a private round from MKB Holding.
• Mocaverse, a layer for Web3 culture and entertainment, raised $11.88m in a Series A+ led by Animoca Brands.
• Shadow, a crypto data platform, raised $9m in a Seed Round led by Paradigm.
• Sindri, zero-knowledge proof (ZKP) DevOps and proving stack, raised $5m in a Seed Round led by Coin Fund.
• Poglin, a web3 IP platform, raised $3m in a Seed Round led by Animoca Brands.
• Gacha Monsters, an entertainment and gaming web3 startup, raised $3m in a Seed Round led by Animoca Brands.
• Brahma, an on-chain execution and automation stack, raised $2.5m in a Seed+ Round led by Greenfield Capital.
• Versatus Labs, a blockchain scaling startup currently focused on Ethereum , raised $2.3m at a $50m valuation in a Seed Round from NGC Ventures, Republic Crypto, Hyperithm and others.