Autor Cointelegraph By Sam Bourgi

Polygon launches ‘Supernet’ chains, pledges $100M to Web3 developers

Polygon launches ‘Supernet’ chains, pledges $100M to Web3 developers

Uverejnil používateľ | apr 22, 2022 |

Ethereum scaling solution Polygon has launched a new network for Web3 development, pledging $100 million to early users who can help fast-track adoption. The Polygon Supernet chain gives developers the ability to build their projects in a customizable environment without hosting or operational costs, the company announced Friday. Developers will be able to deploy their projects on either a Supernet Sovereign Chain or Supernet Shared Security Chain — the former is managed by a single validator, which reduces maintenance costs, whereas the latter offers an easier path to decentralization with professional validators staking MATIC tokens to validate the network. Although supernets rely on Polygon Edge, a development framework for projects that want to create and deploy their own blockchains, they go beyond the platform’s initial scope by offering more security and decentralization features. To further the adoption of supernets, Polygon plans to allocate $100 million to developers who want to build on the network. Polygon co-founder Sandeep Nailwal said supernets will help advance his protocol’s goal of bringing “mass adoption to Web3,” adding that such developments are key to achieving widescale blockchain adoption. Web3 participants need to recognize its potential to revolutionize participation in various fields. https://t.co/pf6seKA2hc— Cointelegraph (@Cointelegraph) March 14, 2022Polygon’s Web3 ambitions were behind its recent $450 million funding round, which attracted major investors such as Sequoia Capital India, SoftBank Vision Fund 2, Galaxy Digital and Tiger Global. Polygon was also behind a $200 million Web3 social media initiative with Reddit co-founder Alexis Ohanian. Related: Polygon commits to going carbon neutral in 2022After investing over $25 billion into blockchain startups in 2021, venture firms have turned their attention to Web3 projects in 2022. Earlier this week, Framework Ventures announced it was allocating half of its newly raised $400 million fund to Web3 gaming. Meanwhile, crypto exchanges KuCoin and CoinDCX have each launched Web3 developer funds worth $100 million and $135 million, respectively.

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SoftBank leads $60M CertiK raise as demand for Web3 security grows

SoftBank leads $60M CertiK raise as demand for Web3 security grows

Uverejnil používateľ | apr 22, 2022 |

Blockchain security firm CertiK has raised $60 million in funding from SoftBank Vision Fund II and Tiger Global, further cementing its unicorn status after raising a combined $290 million over nine months.The raise comes at a time when the blockchain community is leading growth around Web3 application development and creating new use cases for virtual ecosystems, especially in gaming, nonfungible tokens (NFTs) and decentralized finance (DeFi). “When development moves at breakneck speed, mistakes happen,” CertiK’s VP of marketing Monier Jalal explained to Cointelegraph in a written statement. He continued:“With current Web3 development, security most often is an afterthought — and this is the danger. Early-stage maturity around new infrastructure, e.g., cross-chain bridges or DeFi lending schemes, e.g. flash loans, are targets for hackers.”Jalal said the “financial nature” of digital assets and DeFi protocols make their rewards much greater than anything we’ve seen in the Web2 era. “The magnitude of impact coupled with increasing trends around Web3 development and resulting hacks is what’s driving the demand for Web3 security,” he said.Related: The future of the internet: Inside the race for Web3’s infrastructureBlockchain security firm @certik_iosays DeFi attacks could root from lack of decentralization. https://t.co/B32qTEWU8c— Cointelegraph (@Cointelegraph) January 11, 2022Venture funds have placed a strong emphasis on blockchain security services. Earlier this month, CertiK raised $88 million in Series B3 funding, doubling its valuation to $2 billion, in a raise that was led by Insight Partners, Tiger Global and Advent International. In December 2021, the company raised $80 million in a Sequoia-led funding round.Security vulnerabilities make for routine headlines in the crypto industry. In January, research from bug bounty service ImmuneFi revealed that DeFi hacks drained over $10.2 billion worth of funds in 2021 alone. Earlier this month, Axie Infinity’s Ronin bridge was hacked for over $600 million after the attackers were able to gain access to the private keys of validator nodes.

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Public blockchain Kadena launches $100M Web3 grant program

Public blockchain Kadena launches $100M Web3 grant program

Uverejnil používateľ | apr 21, 2022 |

Proof-of-work (PoW) blockchain Kadena has launched a $100 million grant program to encourage Web3 development on its platform, potentially opening the door to more use cases for the layer-one protocol. The grant program is an extension of Kadena Eco, an initiative designed to grow the Kadena ecosystem through the development of gaming, metaverse, nonfungible token (NFT), decentralized finance (DeFi) and Web3 projects. Stuart Popejoy, Kadena’s founder and CEO, said his firm will be deploying “treasury resources” to strengthen the long-term sustainability of the protocol. Web3 participants need to recognize its potential to revolutionize participation in various fields. https://t.co/pf6seKA2hc— Cointelegraph (@Cointelegraph) March 14, 2022Web3, which has become a sort of catch-all phrase for the next iteration of the blockchain-powered internet, has received considerable attention from venture capitalists. Cointelegraph recently reported on the launch of two Web3 developer funds from crypto exchanges KuCoin and CoinDCX valued at $100 million ar $135 million, respectively. Meanwhile, decentralized node providers are stepping up to provide the infrastructure needed to advance Web3 functionalities. However, the competition is steep as legacy Web2 providers, including Amazon Web Services, Azure and Infura, have emerged as the early infrastructure players in the Web3 economy. Related: Kadena price soars by 40% after new protocol launches and a major exchange listingTo support Web3 development on its platform, Kadena offers scalable architecture and smart contracts backed by a PoW consensus mechanism called Chainweb. Theoretically, Chainweb is said to support high transaction throughput without having to deploy layer-two scaling solutions. Kadena’s native cryptocurrency, KDA, is ranked in the top 100 on CoinMarketCap with a total capitalization of roughly $925 million at the time of writing. KDA rallied sharply earlier this month following the launch of a new interoperability protocol and a Binance listing. 

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Framework Ventures allocates half of $400M fund to Web3 gaming

Framework Ventures allocates half of $400M fund to Web3 gaming

Uverejnil používateľ | apr 19, 2022 |

Crypto-focused venture firm Framework Ventures has raised $400 million in new funding to invest in early-stage companies across the Web3, blockchain gaming and decentralized finance (DeFi) industries. The completed raise will go towards “FVIII,” an oversubscribed fund worth $400 million, the company announced Tuesday. Approximately $200 million of that total will be allocated to the emerging blockchain gaming industry. The venture firm, which had early exposure to DeFi, now has over $1.4 billion in assets under management. Framework Ventures was an early investor in projects such as Chainlink, Aave and The Graph. Like DeFi in 2020, gaming and Web3 have been identified as the next major growth plays for the blockchain industry. Axie Infinity — a popular play-to-earn game constructed around collecting digital pet avatars called Axies —has provided a solid use case for this emerging paradigm. According to blockchain analytics platform Nansen, there are currently 2.8 million unique addresses holding 11.1 million Axies. Web3 and NFTs stole the show at SXSW 2022, while BTC and cryptocurrency enjoyed very little focus. https://t.co/e38F0Hifon— Cointelegraph (@Cointelegraph) March 21, 2022As Cointelegraph reported, Web3 is also fostering the continued growth of the nonfungible token market by giving creators the ability to create NFTs with actual use cases inside virtual ecosystems.Related: An open invitation for women to join the Web3 movementVenture funds and other smart money investors have been keen to back Web3 development companies. On Tuesday, Cointelegraph reported that KuCoin ecosystem companies had launched a $100 million Web3 developer fund focusing on NFT projects. Separately, crypto exchange CoinDCX has raised $135 million to support India-based Web3 projects.Beyond the blockchain industry, it’s believed that the play-to-earn model could have a significant impact on the future of gaming. Myspace co-founder and former CEO Chris DeWolfe told Cointelgraph that the business model of play-to-earn gives players more control over their in-game experiences.  

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KuCoin-backed companies launch $100M Web3 developer fund

KuCoin-backed companies launch $100M Web3 developer fund

Uverejnil používateľ | apr 19, 2022 |

Crypto exchange KuCoin’s venture capital arm and nonfungible token (NFT) marketplace have launched a $100 million “Creators Fund” to help bootstrap early-stage NFT projects at the intersection of art, sports and GameFi.KuCoin Ventures and the Windvane NFT marketplace have created the fund to help artists and creators showcase their work and scale their business to wider audiences, the companies announced Tuesday. The fund’s mandate is to support promising NFT projects that are contributing to the development of Web3, which refers to the next iteration of the internet powered by blockchain technology. Windvane is a new NFT marketplace from KuCoin that aims to tap into the crypto exchange’s large user base. At the time of writing, KuCoin was the fifth largest crypto exchange by volume, according to CoinMarketCap. The rise of Web3 has given creators a new venue to mint NFTs that have real utility inside virtual worlds. Yet Siu, the co-founder and chairman of venture capital firm Animoca Brands, recently told Cointelegraph that Web3 provides an efficient way for creators to work collaboratively for both name recognition and economic benefit. Related: The future of the internet: Inside the race for Web3’s infrastructure‘This is the Mona Lisa of the digital world’, This is what Sina Estavi who bought the NFT in March 2021 told then Jack Dorsey’s first tweet was con­verted to a NFT last yr & sold for $2.9 mil­lion. Now, it may be resold for less than $14,000. pic.twitter.com/fvDU37lgmV— Naresh Nambisan ‍♂️ (@nareshbahrain) April 17, 2022While the nonfungible token market has slowed recently, as evidenced by the plunging resale value of Jack Dorsey’s genesis tweet NFT, the industry’s builders continue to attract significant interest from venture capital. As Cointelegraph reported, NFT avatar startup Genies recently closed a $150 million Series C funding round at a valuation of $1 billion. In January of this year, NFT-focused holding company Metaversal raised $50 million to expand its investment capacity in the digital collectible and metaverse sectors.

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