The development team behind Bunny Finance and Qubit has decided to disband the protocol and turn it into a decentralized autonomous organization (DAO).
In an official medium post published on Friday, The Bunny Finance team announced that the exploit on Qubit that resulted in $80 million worth of loss has made it impossible for the team to operate at full scale. Thus, they have decided to disband the protocols and give authority to the community.
As reported earlier by Cointelegraph, the Qubit bridge called X-bridge facilitated tokens swaps from Ethereum (ETH) to Binance Smart Chain (BSC). The hacker behind the attack managed to exploit a “logical error” in the X-Bridge smart contract that allowed them to withdraw tokens on the BSC chain without depositing any on Ethereum.
pic.twitter.com/G1WOMglVUU
— Qubit Finance (@QubitFin) January 28, 2022
The hacker managed to steal 77,162 qXETH worth $185 million and used it as collateral to borrow several assets from the lending pools worth $80 million. The borrowed tokens included 15,688 Wrapped Ether (wETH) worth $37.6 million, 767 BTC-B ($28.5 million), $9.5 million worth of stablecoin and $5 million worth of PancakeSwap (CAKE), Pancake Bunny (BUNNY) and MDX tokens.
Related: Wormhole token bridge loses $321M in largest hack so far in 2022
The official announcement noted that moving forward, the community will be in charge of major decision making including upgrading contracts, altering fee structure. In order to change the protocols to DAO, the development team has shut down vaults on Bunny which will no longer mint the native token. The team is also shutting down leveraged Farming Vaults and Single Asset Vaults on Qubit that were used to borrow assets.
The development team has also decided to discontinue major fee structures barring unstaking and compounding fees. The team would also launch a new market on Qubit and get rid of the old model that was hacked. All team tokens would be locked in a community smart contract and profits from the contract would be utilized as a compensation pool. The existing members of the team would participate as a member of the DAO.
A hacker has stolen 206,809 BNB worth $80 million from Qubit Finance.
The hacker exploited a vulnerability on the protocol’s Ethereum bridge.
The Qubit team has offered a bounty of $250,000 to the hacker in return for the stolen funds.
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Qubit Finance, a DeFi protocol on Binance Smart Chain, was exploited today for $80 million worth of BNB tokens.
Qubit Hit by Hack
Another Binance Smart Chain protocol has been hacked.
An unknown hacker was able to drain $80 million worth of BNB tokens from the Binance Smart Chain lending protocol Qubit Finance.
On 27 Jan., at around 9:36 PM UTC, a hacker exploited a vulnerability on the Qubit Bridge, a cross-chain bridge connected to Ethereum. This bridge lets users deposit WETH from Ethereum mainnet into Qubit’s BSC-based smart contract to mint xETH, which can be used as lending collateral on the protocol.
Due to a critical vulnerability in the bridge’s smart contracts, the hacker was able to mint xETH without depositing any WETH, thereby giving them the ability to take out unlimited leveraged loans from Qubit’s pools.
In a Twitter post announcing the exploit, the team reported that the hacker “minted unlimited xETH to borrow on BSC.”Using the xETH as collateral, the hacker proceeded to siphon 206,809 BNB from Qubit Finance, worth about $80 million at the time. The loot can be seen sitting inthe hacker’s address.
In an on-chain message directed to the hacker, the Qubit team offered a bounty of $250,000 in return for the stolen funds, as per the protocol’s ongoing bug bounty program with the ethical hacking platform Immunefi. In another post, the Qubit team has also tried to contact the hacker to negotiate.
The Qubit Finance exploit appears to be the seventh-largest DeFi protocol hack in terms of the value of stolen funds, as per data from DeFi Yield. Following the hack, the protocol’s Qubit token has dropped 27% over the past 24 hours.
Since the launch of Binance Smart Chain in September 2020, the chain has become infamous for the amount of hacks, exploits and rug pulls that have taken place on it.
In 2021, several DeFi projects on Binance Smart Chain suffered major hacks or exploits. Some of the most severe include Meerkat Finance’s $31 million hack in March 2021, a Uranium Finance exploit that cost protocol users $50 million in April, and the $88 million attack on Venus Finance in May.
Qubit Finance has not yet commented on plans to reimburse or compensate users for funds lost due to the exploit.
Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Binance Smart Chain DeFi Project Hacked for $31 Million
The BNB-BUSD yield farming “Vault 1” of the DeFi application Meerkat finance, a clone of Yearn Finance on Binance Smart Chain, was drained for $31 million this morning. Meerkat Finance…
BSC Protocol Uranium Finance Hacked for $50 Million
Yet another DeFi project on the Binance Smart Chain has fallen to hackers. This time, Uranium Finance was drained of more than $50 million. Uranium Finance Joins List of Hacked…
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Problems Abound on BSC as Bunny Finance Suffers Attack
An attacker used a flash loan to exploit the Binance Smart Chain yield aggregator Bunny Finance earlier this morning. They dumped BUNNY tokens on the market, causing prices to plummet…
Binance Coin (BNB) holders enjoyed a 1,760% rally from $37 to $692 between January and May 2021, but as is customary in crypto, this surge was followed by a 69% correction two weeks later.
From there, it’s been a bit of a rough patch to regain investors’ confidence and BNB failed to produce another all-time high in November even though the aggregate cryptocurrency market capitalization peaked at $3 trillion.
Binance Coin / USDT at Binance. Source: TradingView
In addition to being 33% down from its all-time high, BNB investors have other reasons to question whether the current $465 price is sustainable. Especially since traders were recently paying up to 3% per week to keep futures’ short positions open, betting on the downside.
Traders flipped bearish on January 10
Unlike regular monthly contracts, perpetual futures prices are very similar to those at regular spot exchanges. This makes the process for retail traders a lot easier because they no longer need to calculate the futures premium or manually roll over positions near expiry.
The funding rate allows this magic to occur, and it is charged from longs (buyers) when they demand more leverage. However, when the situation is reversed and shorts (sellers) are over-leveraged, the funding rate goes negative and they become the ones paying the fee.
Notice how the funding rate on BNB futures was mostly flat between Dec. 15 and Jan. 10, but then quickly shifted to negative 0.13%. This rate is equivalent to 2.8% per week, a relatively high cost for shorts (sellers) to keep their positions. The movement happened while BNB tested the $410 support, its lowest price in 90 days.
Excessive premium versus competing blockchains
The reason behind the Binance short could be the excessive premium versus competing smart-contract chains. For example, BNB’s $78.2 billion market capitalization is 80% higher than Solana’s (SOL) $43.3 billion. Moreover, the premium versus Terra’s (LUNA) $28.2 billion is 178%, and 275% compared to Avalanche’s (AVAX) $20.8 billion. Other factors are in play could also be Binance Smart Chain’s total value locked (TVL) stagnated at $15 billion.
Binance Chain TVL in USD. Source: DefiLlama.com
For comparison, Terra’s TVL increased from $9 billion to $19 billion in three months, while Avalanche grew from $6.5 billion to $11.6 billion in the same period. The competition has vastly surpassed Binance Chain’s applications, except for the number of active users on PancakeSwap decentralized exchange.
To correctly assess whether Binance Smart Chain use has topped, one must analyze the network’s activity. Some decentralized applications (dApps) like games, social, and NFT marketplaces require little total value locked (TVL) deposited on smart contracts.
Binace Smart Chain daily transactions per day. Source: bscscan.com
Data shows that daily transactions on BSC peaked above 15 million on Nov. 25 and are recently averaging 6.5 million per day. One should also note that Binance Chain’s main competitor Ethereum has been struggling with $40 or higher average transaction fees, which creates the perfect scenario for competing chains.
Despite this opportunity to seize market share, Binance Smart Chain seems to have flatlined in terms of daily transactions and TVL, both of which are signs of growth and adoption.
Binance’s lead derivatives position could be challenged
The competition for Binance’s leading position might be challenged as Coinbase, America’s largest crypto exchange, plans to begin offering derivatives trading after the acquisition of FairX.
Moreover, FTX exchange raised $1.32 billion from private investors and FTX US finalized its acquisition of crypto options exchange LedgerX on Oct. 25. This solidifies its plans to offer derivatives contracts for U.S. investors.
There’s a good chance that Binance will keep its leadership versus Coinbase and FTX derivatives considering that it has the first-mover advantage. Furthermore, Binance launched a $1 billion development fund on Oct. 12 to expand the capabilities of the Binance Smart Chain ecosystem.
Overvalued or not, solid fundamentals are backing the third-largest cryptocurrency and while the short-term price performance is not promising, there are still plenty of future catalysts for growth.
The views and opinions expressed here are solely those of theauthorand do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
PeckShield has identified 55 “rug-potentials” on Binance Smart Chain.
The security firm warned that the teams behind the listed tokens could mint unlimited tokens, blacklist accounts, and restrict users from selling.
Rug pulls been a frequent occurrence on Binance Smart Chain in recent months.
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Security firm PeckShield has put out a list of 50 potential scam projects on Binance Smart Chain.
PeckShield Identifies Suspicious BSC Projects
PeckShield has published a list of 55 “rug-potentials” on Binance Smart Chain.
#Scam PeckShield has detected 50+ tokens with rug-potentials. The community may want to be aware before interacting:
· Admin can mint unlimited tokens
· Admin can restrict token selling
· Admin can blacklist any account@bsc_daily #BSC Here is the list:https://t.co/6mBp2HX6Hm pic.twitter.com/fYJAMAPs7H
— PeckShieldAlert (@PeckShieldAlert) January 13, 2022
After analyzing smart contracts of 55 early-stage tokens run by anonymous teams, PeckShield detectedmalicious functions that let administrators mint unlimited tokens, blacklist accounts, and block holders from selling their tokens. As such, it concluded that the projects may execute a so-called “rug pull” on their investors. “Rug pull” is a popular term used to describe crypto exit scams in which teams abandon projects or sell tokens on exchanges and disappear with investors’ funds.
PeckShield listed the projects it had identified in a Thursday tweet. The firm highlighted that the smart contracts for the tokens are designed in such a way that users can buy but not sell their holdings, creating a “honeypot” scenario. Tokens that employ a honeypot mechanism typically rise in value as more investors buy in before they find out that they cannot liquidate their positions. The token creator can then pull the rug and run off with the funds. Several scam projects have adopted a honeypot strategy to steal investors’ funds in recent weeks. In one high-profile case, a project styling itself on the hit Netflix show Squid Game launched a token called SQUID on Binance Smart Chain. It rallied thousands of percent in a few days before plummeting to zero when the team pulled the rug, making off with about $12 million.
PeckShield told Crypto Briefing that it “decided to warn the community earlier rather than later” following a discussion with the team at Binance Smart Chain. Discussing how the listed tokens share common issues, PeckShield explained:
“Each token owner’s authority is too large and most of these tokens have too few sellers. Moreover, when interacting with PancakeSwap, the selling may be restricted.”
The good news is that 54 of the 55 flagged projects do not have active users or value locked on them. One token using the ticker symbol TRUMP has some on-chain activity and about $29,500 in liquidity on PancakeSwap. The TRUMP token has about 271 holders and has recorded a trading volume of $144,860 over the course of last week.
In a separate tweet, PeckShield warned Binance Smart Chain users against trading TRUMP. The post described it as a “high-risk token” because it lets the owner mint unlimited tokens. Crypto Briefing investigated the project and could not source the team’s team, website, or social media channels.
Rug pulls have been a recurring problem for Binance Smart Chain users in recent months. In addition to Squid Game, several other scam projects launched on the network in 2021, resulting in users losing millions of dollars worth of funds. Among the biggest attacks involved TurtleDex and MetaDAO, which respectively stole $2.4 million and $3.2 million from their users.
The trend has continued into 2022, too. The security firm RugDoc reported Wednesday that multiple Binance Smart Chain tokens had “rugged” users after launching Initial DEX Offerings on the network. While Binance Smart Chain has hosted many malicious crypto teams, it’s not the only network that’s seen a wave of rug pulls. As the crypto space has grown, Ethereum has become a hub for similar incidents. Most recently, an anonymous team called EtherWrapped lured Ethereum users in with a fake New Year’s Eve airdrop then pulled the rug. They made off with 30 ETH.
Disclosure: At the time of writing, the author of this piece owned ETH, and other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Ethereum Project Airdrops Scam Token, Then Pulls the Rug
A new project called EtherWrapped airdropped a token then executed a rug pull on its community earlier today. EtherWrapped Scams Community Following Airdrop Another rug pull has hit Ethereum’s DeFi…
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Analysts at global banking giant JPMorgan say that Ethereum (ETH) competitors will challenge the top altcoin’s decentralized finance (DeFi) dominance of the crypto markets this year.
In a recent report, analysts led by JPMorgan managing director Nikolaos Panigirtzoglou say that ETH’s 70% market share of the DeFi space will continue to drop because the blockchain’s sharding upgrade is still at least a year away.
Ethereum’s market share of the DeFi space is already down 30% since January 2021.
“In our mind, this optimistic view about ETH’s dominance is at risk.
This is because the scaling of the Ethereum network, which is necessary for the Ethereum network to maintain its dominance, might arrive too late.”
According to Panigirtzoglou, Ethereum competitors such as Terra (LUNA), Solana (SOL), Avalanche (AVAX), Fantom (FTM), Tron (TRX), layer-2 scaling solution Polygon (MATIC), and the Binance Smart Chain (BSC), powered by Binance Coin (BNB), are gaining ground on the second-largest crypto by market cap in terms of growth via adoption.
Furthermore, some developers may not ever return to ETH after its sharding upgrade is complete, according to the report.
“The relative valuation of Ethereum vs. its competitors has been echoing its declining DeFi share.
The risk for ETH is that by the time sharding is implemented in 2023, competitors’ ecosystems would have grown by so much that activity won’t return en masse to the Ethereum network.
In other words, Ethereum is currently in an intense race to maintain its dominance in the application space with the outcome of that race far from given, in our opinion.”
Ethereum is exchanging hands at $3,111 at time of writing, a 30% decrease from its 30-day high of $4,439.
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The Ethereum ecosystem still has far more developers than rival networks, but they are catching up with a faster rate of growth.
Ethereum competitors such as Polkadot, Solana, and Binance Smart Chain are growing faster in terms of development activity according to crypto research firm Electric Capital which released its findings on the blockchain development ecosystem in a new report on Jan. 6.
It revealed that more than 4,000 monthly active open-source developers work on Ethereum — considerably more than the 680 who work on the Bitcoin network. Across all chains, the total monthly active developers measured was more than 18,400 and the record was broken for the number of code commits by new developers in 2021 with more than 34,000.
The measurements were gleaned by analyzing around 500,000 code repositories and 160 million code commits, which are changes or updates to the code. The report noted that Ethereum, Polkadot, Cosmos, Solana, and Bitcoin are the five largest developer ecosystems overall.
According to the report, Polkadot has around 1,500 developers in total, while Cosmos and Solana are around a thousand each.
Other active ecosystems in terms of monthly developers were Cosmos, NEAR which launched an $800 million developer fund in October, Tezos, Polygon, and Cardano each with more than 250 active monthly developers.
While Ethereum is still dominant — more than 20% of new Web3 developers joined its ecosystem — rival networks have seen greater growth.
“Polkadot, Solana, NEAR, BSC, Avalanche, and Terra are growing faster than Ethereum did at similar points in its history.”
Ecosystem dev growth since first commit – Electric Capital
The report compared the average monthly active developers between Dec. 2020 and Dec. 2021, noting that Solana grew by 4.9 times, NEAR had a 4X growth rate, and Polygon’s monthly developers more than doubled. Cosmos had a 70% increase in average monthly active developers and BSC 80% over the course of 2021.
While the development growth figures are impressive for more early-stage projects, Ethereum is still the king. The ecosystem continues to retain the largest network of tools, dapps, and protocols and is 2.8 times larger than its closest rival, Polkadot.
Related:‘We are 50% of the way there,’ says Vitalik on Ethereum’s development
Solana, Avalanche, BSC, NEAR, and Terra have emerged as DeFi hubs over the past year or so, attracting more developers as adoption increases. DeFi full-time monthly active contributors grew by 64%, and more than 500 new developers contributed code to a DeFi project every month last year aside from January, it reported.
Decentralized finance (DeFi) liquidity provider WOO Network has secured additional funds in a Series A funding round.
Incubated by quantitative trading heavyweight Kronos Research, WOO Network has pocketed an additional $12 million strategic investment in a a Series A+ funding round led by Binance Labs. The fresh funding, announced by Binance Labs on Tuesday, builds upon WOO Network’s $30 million Series A funding round.
WOO Network is known for adding liquidity to tens of institutions, exchanges, trading teams, wallets and decentralized applications. DYDX, Matcha, ParaSwap, 1inch and DODO are the primary protocols supported by the DeFi platform. WOO claims to provide cheap liquidity thanks to algorithmic aggregation and trading techniques. Clients who want to facilitate the liquidity can use the API or the network’s own trading interface, WOO X.
The announcement highlights that WOO Network started providing liquidity on the Binance Smart Chain (BSC) last year.
WOO Network chief of ecosystem development Ran Yi pointed out that Binance has the highest concentration of volume and users. “Getting the opportunity to formalize our relationship with Binance will allow us to rapidly accelerate our growth by working closer with Binance across all their industry verticals,” he added.
Binance Labs investment director Peter Huo said that the new partnership would expand future collaborations on BSC.
Binance Labs, the venture capital and incubation arm of the largest crypto exchange by volume, led a number of investment deals in the DeFi ecosystem in 2021, including a $2.4 million funding round for Polkadot-based smart contract platform Plasm Network and $60 million in financing for cross-chain protocol Multichain.
Binance Labs, the venture capital and incubation arm of Binance cryptocurrency exchange, has led a financing round for the cross-chain protocol Multichain, previously known as Anyswap.
Shortly after rebranding from Anyswap last week, Multichain has raised $60 million in a seed funding round led by Binance Labs, the firm officially announced on Dec. 21.
Other participants in the raise included major VC firms and industry investors like Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures, DeFiance Capital, Circle Ventures, Hypersphere Ventures, HashKey and Magic Ventures.
Apart from providing capital investment for Multichain, Binance is also building a stronger relationship with the cross-chain protocol. On Dec. 20, Multichain announced that it is now officially recommended as a tool to bridge bToken across chains through Binance’s smart contract platform, the Binance Smart Chain (BSC).
BSC said that Multichain is “one of the biggest routers on BSC,” providing “non-custodial plus multi-party computation model to guarantee the security of on-chain assets.”
Thanks Binance Smart Chain @BinanceChain for promoting #Multichain as officially recommended bridge#Multichain’s top priority is to guarantee the security of on-chain assets https://t.co/CEocRygXzq
— Multichain (Previously Anyswap) (@AnyswapNetwork) December 20, 2021
Founded in July 2020, Anyswap was originally positioned as a cross-chain decentralized exchange. The platform gradually evolved into Multichain, a cross-chain router protocol (CRP) providing a mature real-time CRP system, enabling interoperability on multiple networks including Ethereum, Binance Smart Chain, Avalanche, Moonriver and others.
According to the announcement, the total value locked on Multichain now amounts to more than $5 billion, with the number of users exceeding 300,000. Multichain co-founder Zhaojun said that the protocol connects “more public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels.”
The funds raised in the seed round will be used in the growth of the team and ecosystem, including the research and development teams focused on crypto algorithms, audits and security, the firm said.
Related:Binance to launch $1B fund to develop BSC ecosystem
Officially launched in September 2020, BSC is a decentralized finance solution to bring programmability and interoperability to the Binance Chain, relying on a system of 21 validators with Proof of Staked Authority consensus. BSC has been growing increasingly popular this year, with the network hitting a historical high of over 16 million daily transactions on Nov. 25.
Crypto trading platform AscendEX suffered a loss of $77.7 million in a hot wallet compromise that allowed hackers to access and transfer tokens hosted over the Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (POLY) blockchains.
Soon after realization, AscendEX proactively warned its users about the stolen funds, confirming that the hackers were not able to access the company’s cold wallet reserves.
22:00 UTC 12/11, We have detected a number of ERC-20, BSC, and Polygon tokens transferred from our hot wallet. Cold Wallet is NOT affected. Investigation underway. If any user’s funds are affected by the incident, they will be covered completely by AscendEX.
— AscendEX (@AscendEX_Global) December 12, 2021
According to PeckShield, a blockchain security and data analytics company, around $60 million worth of tokens were transferred over the Ethereum blockchain. Tokens stolen from the Binance Smart Chain and Polygon are worth $9.2 million and $8.5 million respectively, as evidenced by EtherScan data.
Estimated loss @AscendEX_Global: $77.7M in total ($60M on @ethereum $9.2M @BinanceChain $8.5M @0xPolygon). Here is the list of the transferred-out assets and their amounts on @ethereum pic.twitter.com/VC4DKOwu4f
— PeckShield Inc. (@peckshield) December 12, 2021
Some of the popular tokens stolen in this hack include USD Coin (USDC), Tether (USDT), and Shiba Inu (SHIB). However, AscendEX is yet to officially confirm the exact worth of the tokens taken away by the hackers.
The company also announced to help the affected users by covering up their losses due to this attack.
Related:Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploit
Just last week on Dec. 05, a similar attack on crypto exchange BitMart resulted in a loss of nearly $200 million due to a hot wallet compromise hosted over the Ethereum and Binance Smart Chain blockchains.
As reported by Cointelegraph, the hack was a straightforward case of transfer-out, swap, and wash:
Transfer of stolen tokens on Bitmart. Source: PeckShield
While BitMart CEO Sheldon Xia confirmed the losses over Twitter, he announced a temporary stop on all withdrawals and deposits while further investigations were underway.
The deposit and withdrawal function of all tokens will be resumed step by step, along with the recovery progress of security testing and public chain development. No worries, we are marching forward, security will be always the first priority.
Bitcoin’s (BTC) return to sub-$50,000 levels has many market participants fretting over the legitimacy of their favorite price models. For venture capitalists and other smart money investors, the latest decline is nothing but noise. Instead, they see the emergence of an entirely new economy that is transforming business, redefining monetary value and pushing the internet to a new frontier.
This week’s Crypto Biz newsletter highlights four major funding deals from the world of blockchain. Below is a concise version of the Thursday edition of our newsletter.
10T Holdings plans $500M crypto fund
Earlier this week, equity fund 10T Holdings filed a notice with the United States Securities and Exchange Commission to launch a new $500 million crypto-focused investment fund. The 10T DAE Fund 3.0 has been designed to support mid-to-late-stage companies in the digital asset space. 10T has an excellent track record identifying promising crypto plays, with the likes of Kraken, eToro, Huobi and Ledger already a part of its portfolio.
Binance Smart Chain and Animoca Brands launch $200M GameFi fund
Binance Smart Chain and Animoca Brands have each allocated $100 million to a new development fund focused on the fast-growing GameFi ecosystem. GameFi, which refers to the financialization of gaming, is expected to be one of the biggest trends in crypto in 2022 and beyond. The new fund will focus specifically on projects building on the Binance Smart Chain.
Former Facebook engineers at Mysten Labs raise $36M
Mysten Labs, the research and development firm founded by former Facebook engineers, has raised $36 million from some of crypto’s biggest venture funds, including Andreessen Horowitz, Lightspeed, Coinbase Ventures and Samsung NEXT. If you haven’t heard of Mysten Labs, the infrastructure developer is working on building a Web 3.0 interface, which includes a “next-generation NFT platform for the Metaverse.”
Related:Hong Kong-based Chiron Partners launches $50M Terra fund
Fintech startup Lydia raises $100 million in Series C
Speaking of major funding news, crypto-friendly fintech startup Lydia has concluded a $100-million funding round, bringing its total valuation to over $1 billion. You can think of Lydia as an alternative to the popular Cash App and Venmo peer-to-peer payment services. And much like those platforms, Lydia provides another mobile payment gateway to the cryptocurrency market.
Crypto Biz is a weekly newsletter that provides readers with the latest scoop on the business behind crypto and blockchain. The newsletter is delivered to your inbox every Thursday. Stay informed by subscribing below.
