A Big Day for... Bankruptcies? 🤨

In today's edition: 🚀 OPNX is launched, ❌ Paxful shuts down, 📈 ETH rockets, and more!

April 05, 2023

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On the Pod…

What’s Poppin’?

by Samyuktha Sriram

The failure of a $10 billion crypto hedge fund and Twitter-served subpoenas hasn’t stopped 3AC founders Kylie Davies and Su Zhu from launching a new exchange.

Peer-to-peer Bitcoin marketplace Paxful has shut down after key staff departed following a lawsuit filed by the company’s co-founder.

Tether directed its crypto clients to use Signature Bank’s payments platform as a pathway to exchange U.S. dollars for USDT.

On-chain analysts at Glassnode observed a stablecoin shuffle at Binance, but no widespread market concern about the crypto exchange’s standing.

Daily Bits…✍️✍️✍️

  • The SEC is reportedly close to reaching a settlement with ex-Coinbase product manager Ishan Wahi and his brother Nikhil over insider trading charges against them, according to a joint motion filed in court.

  • Marathon Digital Holdings mined a record 825 bitcoins in March and 2,195 bitcoins in Q1, driven by a 64% increase in its operational hash rate since the start of the year.

  • Uniswap V3 has been forked by developers after its Business Source License (BSL) expired, and the fork has already attracted $123 million in total value locked (TVL), with the majority of the capital locked on the Binance Smart Chain (BSC).

  • OpenSea launched OpenSea Pro, a marketplace that offers more robust trading tools, zero marketplace fees, and NFT-based trading rewards.

The $$$ Corner…

  • LayerZero Labs, a blockchain infrastructure provider, closed a $120 million Series B funding round at a $3 billion valuation.

  • Polyhedra Network, a Web3 infrastructure provider powered by zero-knowledge (ZK) proofs, raised $15 million in a pre-Series A funding round led by Polychain Capital.

  • P2P led a $13.5 million investment round for Delphi Labs, the incubation arm of crypto research firm Delphi Digital.

  • DeFi hub Nibiru Chain raised $8.5 million in seed funding at a $100 million valuation, with plans to launch its testnet and stablecoin this summer.

  • Astria, a modular blockchain company, garnered $5.5 million in a funding round aimed at creating a shared sequencer network for the deployment of censorship-resistant rollups.

  • Franklin secured $2.9 million in a seed funding round led by gumi Cryptos Capital and CMT Digital, among other investors, to expand its tax-compliant cash and crypto payroll services for startups and businesses.

🤓 Learn

Wash trading is a method for artificially inflating trading volumes. Some see it rearing its head in the NFT space.

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📈 Your Market Update 📉

  • BTC is up .5%, trading at $28,495

  • ETH is up 2.7%, trading at $1,912

  • BTC dominance: 45.56%

  • Crypto market cap: $1.25 trillion

*All data as of today, 7 am ET

Recommended Reads

  1. Kofi on vector embeddings:

  2. Alex on the game theory of airdrops:

  3. Decrypt: End of Zero-Fee Program Hit Binance Market Share Harder Than CFTC Action: Research

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