Electric Capital, Astar Network, Curve DAO Token, Curve Finance and other crypto news

by MMC
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Electric capital, a venture capital firm focused on crypto and blockchain projects, is reportedly looking to raise $300 million for its third fund, according to a report from The Block. The company, founded in 2018 by former Coinbase and Facebook engineers Avical Garg and Curtis Spencer, has backed some of the most prominent projects in crypto, such as Compound, Celo, Bitwise, and Near.

According to The Block, Electric Capital’s new fund will target early stage investments in crypto infrastructure, decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3 applications. The fund will also allocate part of its capital to liquid assets, such as bitcoin and ether.

Electric Capital is one of the few crypto VC firms that has a dedicated technical team that performs code audits and analysis on potential portfolio companies. The company also publishes an annual State of Crypto Development report, which tracks the number of developers working on various protocols and platforms.

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The company’s previous funds have performed well, according to The Block. Electric Capital’s first fund, which raised $35 million in 2018, returned 9.5 times to its investors. Its second fund, which raised $110 million in 2020, has so far returned 4x. Electric Capital declined to comment on the report when contacted by The Block.

Astar Network, formerly known as Plasm Network, is a scalable and interoperable platform for decentralized applications (dApps) on Polkadot. Astar Network recently announced the launch of an Ethereum Layer 2 zero-knowledge rollup solution, called zkEVM, powered by Polygon.

zkEVM is a new approach to scaling Ethereum that leverages zero-knowledge proofs to compress transactions and reduce gas fees. zkEVM is compatible with the Ethereum Virtual Machine (EVM), meaning developers can easily deploy existing Ethereum smart contracts to the Astar network without any code changes.

By partnering with Polygon, Astar Network will benefit from Polygon’s robust and secure validation chain infrastructure, which acts as a data availability layer for zkEVM. Polygon will also provide a bridge for users and assets to move seamlessly between Ethereum and Astar Network.

The launch of zkEVM on Astar Network will enable a new level of scalability, security and interoperability for Ethereum dApps, as well as access to the Polkadot ecosystem and its cross-chain capabilities. Astar Network aims to become the ultimate destination for Ethereum developers who want to build the next generation of decentralized applications on a fast, cheap and scalable platform.

In a recent interview, Brad Garlinghouse, CEO of Ripple, shared his views on the importance of regulation for the crypto industry. He argued that the crypto community should not ignore or dismiss the role of regulators in shaping the future of digital assets.

Garlinghouse said he “strongly believes” in the potential of crypto to transform the world of finance and create more inclusion and innovation. However, he also recognized that this potential carries certain risks and challenges, such as money laundering, terrorist financing, consumer protection and cybersecurity.

He said the crypto community “cannot pretend that regulation doesn’t matter” and that it is essential to work with regulators and policymakers to ensure the crypto ecosystem is safe, transparent and fair to all participants. He added that regulation is not a “bad thing” but rather a “necessary thing” to foster trust in the crypto space.

He also commented on the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC), which accuses Ripple of selling unregistered securities in the form of XRP tokens. Garlinghouse said he is confident that Ripple will prevail in court and prove that XRP is not a security, but a currency that can be used for cross-border payments.

He said Ripple has been “very transparent” about its business model and its use of XRP, and has always complied with regulations in the markets where it operates. He said Ripple was not against regulation, but rather against “regulation by enforcement,” which he described as a “lack of clarity” and a “lack of due process” on the part of the SEC.

He expressed hope that the case will soon be resolved and bring more clarity and certainty to the crypto industry in the United States. He said he believed the United States had a “unique opportunity” to lead global crypto innovation, but needed to have a “clear and consistent” regulatory framework to do so.

The price of Curved DAO token (CRV), the governance token of the popular decentralized exchange Curve Finance, fell sharply after a large amount of CRV was transferred from the wallet of one of the project’s founders to Binance. According to data from Etherscan, a total of 1.8 million CRV, worth approximately $720,000 at the time of writing, was sent from the founder’s address to Binance in two transactions September 16 and 17.

The founder, who goes by the pseudonym 0xc4ad, later clarified on Twitter that he had not sold any CRVs and that the transfer was only temporary for testing purposes. He also said he would soon put the CRV back in his wallet. However, the market did not seem to believe his explanation, as the price of CRV fell from $0.42 to $0.38 in less than 24 hours, a drop of almost 10%. CRV is currently trading at $0.39, down 7.5% over the past week. The token is struggling to recover from its all-time low of $0.35, reached on August 31.

The incident raised questions about the credibility and transparency of Curve Finance, which is a leading platform for trading stablecoins and tokenized bitcoins on Ethereum. The project was criticized for its controversial token distribution, which favored early investors and insiders over regular users and liquidity providers. Some analysts also pointed out that the high inflation rate of CRV, which has a total supply of 3.3 billion and an annual issuance rate of 62%, could put downward pressure on its price .

Curve Financing recently announced some initiatives to improve its governance and encourage its community, such as launching a DAO-controlled treasury, introducing a veCRV-based fee burning mechanism, and partnering with other protocols to create new pools and rewards. However, it remains to be seen whether these efforts will be enough to restore confidence and boost demand for CRV in the long term.

The Cosmos Hub, the flagship blockchain of the Cosmos network, is undergoing a major upgrade to enable liquid staking, a feature that will allow users to stake their tokens and earn rewards without locking them up.

Liquid staking is a mechanism that allows users to stake their tokens on a validating node and receive a derivative token that represents their stake. This token can then be used for other purposes, such as trading, lending, or participating in governance. Liquid staking aims to increase network security and decentralization by incentivizing more users to stake their tokens, while also providing more liquidity and utility for the staked tokens.

The upgrade, dubbed Gravity DEX, will introduce the Gravity Bridge, a cross-chain communications protocol that will allow the Cosmos Hub to connect to other blockchains, such as Ethereum. The Gravity Bridge will allow users to transfer tokens between the Cosmos Hub and Ethereum, as well as create ERC-20 tokens that represent their staked ATOMs on the Cosmos Hub. These tokens, called stATOM, will be the first liquid staking tokens on the Cosmos network.

The Gravity DEX upgrade will also include a decentralized exchange (DEX) that will allow users to trade tokens between different blockchains using an automated market maker (AMM) model. The DEX will use the Inter-Blockchain Communication (IBC) protocol, a standard that allows interoperability between different blockchains. The DEX will support trading of all IBC compatible tokens, including statOM and other liquid staking tokens that may emerge in the future.

THE DEX Gravity the upgrade is expected to launch in Q4 2023, following a testnet phase and community vote. The upgrade will mark a significant milestone for the Cosmos network, as it will improve the functionality and usability of the Cosmos Hub and pave the way for more innovation and adoption in the blockchain space.

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