Thursday, Apr 28th 2022

Crypto Three Things (4/28)

Commentary

“The greatest wealth is to live content with little.” — Plato

The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.

1) Dragonfly Capital raises $650M as VC funds flowing into crypto projects show no signs of stopping

  • The new venture fund is the company’s third crypto investment vehicle and will focus on maturing firms in the DeFi and Web3 space.
  • Tiger Global, Sequoia China, Invesco, KKR, and others are backing the fund, which was originally aiming for $500M in commitments.
  • Founded in 2018, Dragonfly has invested more than $700M in various crypto projects, including Avalanche, NEAR Protocol, and MakerDAO.

Titan’s Takeaway: Crypto-centric capital has been moving at breakneck speeds this year and Dragonfly’s fresh funding is another vote of confidence for the projected growth of the digital asset industry. Just last month, Haun Ventures opened up with $1.5B to go into Web3 initiatives, and in January, FTX launched a $2B fund for crypto investments.

2) Central African Republic adopts Bitcoin as legal tender, becoming the second country to embrace the risk asset

  • In a bold move, Central African Republic President Faustin-Archange Touadéra has signed a bill into law giving BTC the status of legal currency.
  • The small African country believes Bitcoin will help its struggling economy to gain more traction into a brighter future.
  • This decision places the Central African Republic second on a short list of BTC-adopting nations, joining El Salvador.

Titan’s Takeaway: Not much is known about the CAR’s plans for cryptocurrency use, and the country is yet to provide a clear infrastructure or regulations around BTC as legal tender. Still, embracing crypto on a state-level is likely to bring financial inclusion for citizens but also carries economic risks due to the volatile nature of the asset.

3) Solana’s Okay Bears set new record for the biggest NFT sellout, beating Ethereum-based rivals

  • The new project brought in $18M in sales in one day, scoring the biggest NFT trading volume to date.
  • Okay Bears, a Solana-based 10,000-piece NFT collection launched at a mint price of 1.5 SOL ($145), but quickly surged to over 50 SOL.
  • Volume during the trading debut eclipsed Gary Vee’s VeeFriends V2 with $12.5M of sales and Yuga Lab’s Meebits with $11.9M.

Titan’s Takeaway: Although Ethereum is the current leader in NFT sales, Solana is quickly shaking the foundations of the NFT scene, positioning its network as a worthy rival and attracting fresh capital. With this being the first time a Solana NFT project has beaten Ethereum projects, we expect to see more examples as a new era of growth for Solana unfolds.

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