Flipside Crypto Pulls $50m from Investors, Led by Republic Capital

Flipside crypto, blockchain analytics, and business intelligence startup have raised $50 million in new funding round to increase its valuation tenfold to $350 million.

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Through the new funding, Flipside wants to increase its workforce from the current 66 people to more than 85 by the end of the year while also scaling its abilities to conduct more bounties to hundreds of thousands in the coming months. The startup said it enlisted as many as 19,000 analysts in March and paid out over $2 million in bounty rewards last year.

Flipside plans to continue “to build solutions to scale and process bounties into the many hundreds of thousands each month,” said Dave Balter, CEO of Flipside Crypto.

The funding round was led by Republic Capital with participation from True Ventures, Galaxy, Terra, Dapper Labs, M13, and Blockchain Coinvestors.

Flipside crypto occupies a unique position in the blockchain ecosystem and offers a unique solution that helps startups organise bounties to foster protocol efficiency. Flipside Crypto’s solution encompasses both Layer-1 and Layer-2 blockchain networks, and its ultimate goal remains to continually deploy its products on both types of networks.

Through its uniquely designed process called Chainwalking, Flipside analyses blockchain protocols to gain insights into the actions of off-chain and on-chain transactions related to coin holders, voters in a Decentralized Autonomous Organization (DAO), and miners amongst others. It makes these data freely available to ‘analysts’.

These analysts help in the bounty program that Flipside organises for protocols in the space. In one of such bounties, these analysts pre-onboarded on the platform were asked to track the top 20 wallets in terms of sales volume on Magic Eden since March. Each of these analysts was paid 1.29 SOL as a reward for their efforts.

The metrics for blockchain fundraising continue to grow and are on track to surpass the more than the $33 billion pulled in 2021.

Image source: Shutterstock


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Uniswap Community Reacts Against The New Proposal, Here is Why

The Uniswap community is debating against a new proposal that favors Flipside Crypto to the tune of $25 million in funding. The funding is for two years, but the arguments against it are numerous.

Many DeFi protocols such as Uniswap provide governance tokens for people to participate in core decisions on their network.

The recent proposal also passed through the votes of the community. Although, before the vote for the proposal could be concluded, Dune Analytics raised the alarm against it.

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The Flipside Proposal

The proposal states that holders of UNI will get funds from the project’s treasury to give it $15 million in grants. If the whole program succeeds, an additional $10 million will also go to Flipside next year.

Accordingly, Flipside will channel half of the grant to bounties for new Uniswap users who want to learn everything about analytics and DeFi as a whole.

Related Reading | SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How

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The bounties aim at attracting new users and holding them. Flipside anticipates that such a program would raise 900 new members who won’t cash out the bounties but remain in the network.

This is not the first of such programs that Flipside is funding. It is funding others such as yearn, Aave, Uniswap. Another thing is that this proposal would enable people to fund the service. Also, some other analytics providers who will be eligible include The Graph and Dune.

Flipside To Use Uniswap Governance For Educational Services

According to the proposal, Flipside will use half of the grant to run the program. They will pay up to seven staff members full salaries and seven other half salaries from the grant. Then the yield from the program will go into its funding.

Also, Flipside aims to use Uniswap’s governance process to become an official provider of continuing education services. It also expects payments for the services. Also, the seven members of the committee will generate 30% of the funds they receive.

Uniswap Community Is Reacting Against the New Proposal, Here is Why

Uniswap Community Is Reacting Against the New Proposal, Here is Why

The daily chart shows Uniswap is falling by 2% as the community criticizes the new proposal | Source: UNIUSD on TradingView.com

Another three-member committee will vote for the continuation of the program to another year. All the committees are from Flipside, giving it total power.  With such a structure, a lot of people have raised concerns about the proposal.

Before this controversy, one has occurred in July and caused a lot of commotion in the community. The “DeFi Education Fund” proposal and its controversy led another group to launch a new initiative called “Builder-First Legal Activism DAO” by LeXpunK.

Related Reading | Why Chinese Banks Are Adding Digital Yuan To Apps? Here’s What You Need To Know

Many people voted against this proposal after Dune Analytics raised the alarm. Many people agreed that the proposal wasn’t okay, including Compound CEO John Palmer of PartyDAO and Dharma & Argent wallet teams.

However, it seems that it won’t be so easy to cancel the proposal. The people supporting it more are the university blockchain organization since it is about continuing education.

In addition, many of the top organizations in Standford, UC Berkeley, Michigan, and Penn have thrown in their support. So, there’s going to be a huge difficulty canceling.

Featured image from Pixabay, chart from TradingView.com


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