White Star Capital Digital Asset Fund - newsletter #79
Near Protocol is set to launch a stablecoin called USN
Near Protocol is set to launch a stablecoin called USN
White Star Capital Digital Asset Fund - newsletter #79
The rise of Stablecoins
Stablecoin adoption has exploded over the last couple years. Decentralized finance (DeFi) relies heavily on stablecoins, and investors now stake and farm stablecoins to earn yields. Last year, the Terra ecosystem and its UST algo stablecoin rose to prominence, due in large part to Anchor Protocol offering ~20% yields on UST. This year, Terra has the second highest total value locked (TVL) among all DeFi blockchains, at $19B. Anchor represents 78% of Terra's total TVL.
What is Near Protocol?
Near Protocol is a scalable blockchain that recently raised $350 million in a funding round led by Tiger Global, with participation from Republic Capital, Hashed, FTX Ventures, Dragonfly Capital, and others.
It is a Proof of Stake layer-1 blockchain that can process around 3,000 transactions per second with sub-2 second finality. Among Ethereum competitors, NEAR Protocol is similar to Solana. Notably, NEAR Protocol is software that aims to incentivize a network of computers to operate a platform for developers to create and launch decentralized applications.
The USN’s announcement
In a blog post, “The Future is NEAR,” the founder of the popular Telegram group ‘Crypto Insiders,’ Zoran Kole, revealed that Near Protocol is going to announce the launch of its stablecoin USN soon. Also, it is announced that USN will offer 20% yield.
Sleuths on Twitter further noticed that a testnet version of Ref Finance — the second-largest decentralized exchange on Near — showed the stablecoin. The user interface on Ref Finance’s testnet website displays USN under its stableswap section along with other popular stablecoins like USDC, USDT and DAI. This implied that the stablecoin was being tested out, but was not necessarily indicative of the official team.
What about the future of USN?
Kole believes that the solid modeling and design of the stablecoin will siphon the Near ecosystem’s total value locked from other alternative layer-one protocols.
Moreover, he also revealed that Near would soon be listed on exchange giant Coinbase, which will boost its retail visibility. Kole connected this with the possibility of Near NFTs getting integrated into Coinbase’s upcoming NFT marketplace.
Kole also outlined a report by Messari, which claims that Near is the third-most commonly held asset by crypto funds as of the third quarter of last year.
🔦 White Star & Portfolio Spotlight
Dfns Raises $13.5M to Build Out Password Protection for Crypto Wallets
The French company's service splits a wallet's private key, or password, and distributes the pieces so it no longer exists in a single place.
$wETH bonds by Paraswap are now live on OlympusPro Polygon
More Protocol Owned Liquidity projects upcoming, thanks to OlympusDAO community.
DeFi and the Metaverse: what does a decentralised future look like?
Haruko CPO Omer Suleman will be joining an esteemed group of speakers.
🏦 Enterprises & Institutions
Louis Vuitton Launches a New PFP Avatar NFT Collection
Renowned fashion house Louis Vuitton is adding a new PFP NFT collection to its Louis: The Game app, featuring the game's character, Vivienne.
Amazon CEO Andy Jassy says Amazon could sell NFTs in the future
Jassy adds that he doesn’t own bitcoin or NFTs, and doesn’t think Amazon is close to adding crypto payment options in the future.
BlackRock is studying cryptocurrencies, stablecoins and more, says CEO Larry Fink
Crypto payments company Circle, which manages the USD Coin stablecoin, announced partnering with BlackRock as a strategic advisor after a $400M funding round.
WonderFi set to buy another licensed Canadian crypto exchange
WonderFi Technologies, backed by venture capitalist Kevin O’Leary, has announced that it will acquire Coinberry, one of the largest crypto exchanges in Canada, for a reported fee of 38 million Canadian dollars ($30 million) in an all-share deal.
Nexo offers payment card allowing users to retain their crypto
Crypto lender Nexo said it is working with Mastercard to offer a crypto-backed payment card.
Messaging App LINE Launches NFT Marketplace In Japan
Popular messaging app LINE has launched a non-fungible token marketplace called “LINE NFT,” only available for users in Japan.
⚖️ Government & Regulation
Ukraine minister Fedorov tweets thanks for crypto donations on Easter
“Crypto for good. Aid for Ukraine continues its work for the frontline heroes: 200 sets of ballistic plates of 4 class for bulletproof vests have been sent. The better equipped soldiers — the sooner day of Ukrainian victory.”
UK Crypto Industry Hopes for More Clarity From Planned Stablecoin Rule
A new regulatory package for crypto could clear up some gray areas for digital asset companies around which regulations they should comply with.
Biden Nominates Former Ripple Adviser Barr as Top US Fed Regulator
Obama-era Treasury veteran Michael Barr must still win a difficult Senate confirmation.
Oregon Democrat Pitches Campaign NFTs in Crowded House Primary
DeFi developer Matt West says he's staying true to his roots with the Ethereum-based "Crypto Beavers" collection.
💰 Funding & Exits
Crypto exchange CoinDCX raises $135M in funding as valuation tops $2B
Indian crypto exchange CoinDCX has raised $135M in its Series D funding round, with a valuation of over $2B. The round was led by Pantera and Steadview and saw participation from prominent investors like Kingsway, DraperDragon, Republic, and Kindred.
Web3 'follow' app Context announces $19.5 million seed round
The round was led by Variant Fund and OpenAI CEO Sam Altman. The firm’s app lets users track on-chain activity from followed wallets.
Animoca Brands to Acquire Majority of Darewise Entertainment
Blockchain gaming company Animoca Brands has entered an agreement to acquire 70% of game developer Darewise Entertainment.
The Sandbox Looks to Raise $400M at $4B Valuation
The platform is in talks with new and existing investors, the report said, citing people familiar with the matter.
Ava Labs Set to Raise $350M at $5B Valuation
A $5.25 billion valuation would place Ava Labs in the upper echelons of most valuable crypto startups in the world.
Toncoin, TON L1 PoS blockchain endorsed by Telegram, raises $250M
The fund will support developers building on The Open Network (TON) blockchain through incubation, investments and grants.
Genies, metaverse NFT avatar company, raises $150M valuation @ $1B
Private equity firm Silver Lake is leading a $150 million funding round for Genies, according to a report by the New York Times's DealBook. This latest funding round values the company at $1 billion, minting its status as a unicorn startup.
🚀 Project Launches & Updates
Pantera Says It's Raised $1.3 Billion for Blockchain Fund, Plans to Raise More in 2023
Pantera Capital, a venture capital firm focused on the crypto space, announced during an investor call that it has raised $1.3 billion for its Blockchain Fund, which will invest in Web3 startups, early-stage tokens and digital tokens with established liquidity levels.
Fabric Ventures completing $245M raise for two separate crypto funds
Fabric Ventures is in the final stages of completing an early-stage web3 fund and on track to close another focused on later-stage investments.
Uniswap Labs launches venture unit to invest in web3 projects
Investments will be made directly from the Uniswap Labs balance sheet.
🔥 Other Bits We're Excited About
Blockchain.com aims to go public this year
Crypto exchange and wallet service Blockchain.com is looking to go public this year and is having conversations with banks on the matter, according to a Bloomberg report citing people familiar with the matter.