Crypto Three Things (6/9)
Jun 9, 2022
1) Ropsten network merges: Ethereum's oldest test network transitioned from proof of work to proof of stake yesterday. Ropsten shares the most similarities to the main Ethereum network, so many developers believe is the most important test ahead of “The Merge” slated for this summer.
Titan’s Takeaway: This test was really designed to ensure client software using Ethereum nodes performs as expected, and its been smooth sailing thus far. We'll be monitoring if any issues manifest around maximal extractable value, staking centralization and Denial-of-Service attacks.
2) Solana raises $100M to invest in South Korean projects: The new fund, launched by Solana Ventures and the Solana Foundation, will focus on virtual gaming, NFT, and DeFi startups in South Korea. Outside of supporting projects based on Solana’s blockchain, the fund will seek to invest in beaten-down Terra-based projects left stranded after the collapse of the UST stablecoin.
Titan’s Takeaway: Despite brutal recent price action, Solana appears committed to investing in future growth of its ecosystem. South Korea has long attracted top game developers, and we expect this experience will lend itself nicely to the growth of crypto-based games.
3) Entropy closes $25M seed round led by a16z: The company will use the funds to develop its decentralized self-custody solution for storing cryptocurrencies. Coinbase Ventures, Dragonfly Capital, and Ethereal Ventures joined a16z in the round. This fundraise follows Entropy’s $1.95M pre-seed round in January.
Titan’s Takeaway: Entropy aims to do away with the hassle of waiting for a centralized custodian to move your crypto funds, allowing users to deposit and transfer crypto assets across the blockchain at any time without a central permission. Time will tell if Entropy’s model can beat out centralized custodians like Coinbase and Fireblocks.
Cash Management
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