Web3: 3AC creditors list, including $2B+ to Genesis; leaked StarkWare token; Gnosis Safe raises $100MM; Multicoin $430MM fund for proof of physical work and DataDAOs
Gm Fintech Futurists —
Welcome to our Web3 newsletter, focused on covering the overall progress in the metaverse, NFTs, and DeFi. This content is premium only — give it a share, and leave suggestions in the comments!
DeFi Protocols and Digital Assets
⭐ Gnosis Safe Raises $100 Million Led By 1kx To Unlock Digital Asset Management Announces Rebrand To Safe - Gnosis Safe
Gnosis Safe is a digital asset management platform that runs as a multi-signature wallet on multiple blockchains. It differs from externally owned accounts (EOAs), which are controlled by a single private key, which could be lost or compromised. Safe — the rebranded name for the platform — uses smart contracts to define access control of multiple private keys for recovery and authentication. This provides greater protection against hackers and enables multiple parties to authorise transactions, and is used by most DAO treasuries.
Users pay a network fee for creating a Safe account. These accounts can be configured to suit the custody needs of various user groups, for example enabling escrow transactions where a mutually-trusted third party can authorise a transaction in a legal arrangement between two other parties. The account protocol secures digital assets in excess of $40B, large for Web3, small relative to the $40 trillion in custody held by BNY Mellon.
With over 30 teams building on Safe, the $100MM fund will be used to build out their ecosystem of Dapps using Safe accounts. This already includes Aave and Metamask. Potentially the ecosystem expansion could incentivise large institutional players to engage more deeply with DeFi as well.
⭐Bankrupt Three Arrows Capital Owes $3.5B to Creditors, Including $2.3B to Genesis — Decrypt, and BVI-Liquidation-Recognition-1st-Affidavit-of-Russell-Crumpler-Filed.pdf — list of 3AC creditors if you’re interested
DeFi’s Downturn Deepens, But Protocols With Revenue and Fee Sharing Could Thrive - Cointelegraph
a16z and Variant Lead $18MM Round into DeFi Lending Protocol Morpho - The Block
Cryptoeconomics and Blockchain Protocols
⭐ StarkWare Confirms Launch of StarkNet Token — With No Airdrops Until Next Year - The Block
StarkWare has had a turbulent few months — a recent raise that values the company at $8B, followed by losing dYdX, one of their largest clients. Now we also know that the layer-2 scaling solution plans to launch a token next year. This was announced after Three Arrows Capital founder Zhu Su leaked emails referencing the token release and purchase agreements between 3AC and StarkWare. Spicy!