This Week In DeFi – July 15
This week, Multicoin announces a new $430 Web3 fund, StarkNet confirms a token and Celsius files for Chapter 11 bankruptcy.
To the DeFi community,
This week, Multicoin raised $430 million for "Venture Fund III," the company's third venture capital fund in the crypto space. The fund will be allocating between $500k and $25 million to early stage projects, with up to $100 million toward more established companies. Multicoin's focus for the fund is web3 infrastructure, DAOs and “proof of physical work" – protocols that incentivize verifiable work to build real-world infrastructure.
StarkWare has confirmed the launch of a token for its StarkNet Layer-2 scaling platform on Ethereum, however will not be airdropping any tokens until next year. 10 billion tokens have already been minted off-chain, going live on StarkNet in September.
51% will go to the StarkNet foundation, 32.9% to StarkWare core contributors and 17% to StarkWare investors.
CeFi lending platform Celsius has officially filed for Chapter 11 bankruptcy in New York, as shown by court filings. The company has declared between $1 billion and $10 billion in assets and equal liabilities, with 100,000 creditors on the books. A Celsius statement says statement by the company says it has $167 million in cash to support certain operations during the restructuring process. Customer withdrawals with remain frozen.
Retail trading platform Robinhood has listed Uniswap's UNI governance token, bringing the total number of crypto assets available on the app to 13. The announcement was made via Twitter yesterday and assisted in the token's 20% advance over the last day of trading.
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Interest Rates
DAI
Highest Yields: Nexo Lend at 10% APY, Gemini at 6.43% APY
Cheapest Loans: Aave at 2.34% APY, Compound at 2.62%
MakerDAO Updates
DAI Savings Rate: 0.01%
Base Fee: 0.00%
ETH Stability Fee: 0.50%
USDC Stability Fee: 1.00%
WBTC Stability Fee: 0.75%
USDC
Highest Yields: Nexo Lend at 10% APY, Gemini at 7.99% APY
Cheapest Loans: Compound at 1.52% APY, Aave at 1.73% APY
Top Stories
US Inflation Gauge Jumps to Fresh 4-Decade High of 9.1%; Bitcoin Falls
Blockchain venture funding declined roughly 22% in Q2
China's central bank to expand deployment of e-CNY
G20 regulators call for new global rules on cryptocurrencies
Stat Box
Total Value Locked: $40.15B (down 3.0% since last week)
DeFi Market Cap: $40.88B (up 2.7%)
DEX Weekly Volume: $10B (down 17%)
Bonus Reads
[Tom Matsuda – The Block] – Gnosis Safe raises $100 million led by 1kx as it rebrands to Safe
[Vishal Chawla – The Block – Uniswap liquidity provider hacked for $8 million in phishing attack
[Tom Mitchelhill – Cointelegraph] – Cred Protocol unveils its first decentralized credit scores
[Fran Velasquez – CoinDesk] – MATIC Surges as Disney Chooses Polygon for Accelerator Program
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