March 8, 2023
By Murtuza Merchant
In recent years, the cryptocurrency industry has become a hotbed of activity, with investors flocking to the market in search of opportunities to profit from the growing sector. Despite the volatility and unpredictability of the market, venture capital (VC) funding and investments in the industry have remained strong. This trend has continued even in the face of high-interest rates and uncertain market conditions.
While the rate of investment has slowed compared to previous years, there are still many projects that are able to secure funding with relative ease. DeFiLlama, a popular source of information on crypto investments, offers valuable insights into the industry and the various projects that are being funded.
One such project is Renegade, which promises “complete anonymity during the entire lifecycle of a trade.” This comes at a time when centralized finance has been proven to be untrustworthy, and governments are becoming more hostile towards cryptocurrencies. Renegade offers advanced security, privacy, and protection against malicious attacks, such as MEV (miner-extractable value) manipulation. The project has been backed by notable figures in the crypto space and has the potential to disrupt the industry with its innovative approach to trading.
Another project that has attracted attention is Alongside, which offers a financial service that enables investors to invest in cryptocurrencies through indexes, much like traditional finance through the S&P 500 or Nasdaq. While previous attempts to create crypto indexes have failed due to the unpredictable nature of the market, the recent downfall of Alameda has renewed interest in the idea. Alongside is an example of a new approach to investing in crypto, which seeks to provide a more structured and stable investment option for those looking to get involved in the market.
OPNX is a new exchange that has been backed by Su Zhu, who has been involved in several notable crypto projects in the past. Despite the bankruptcy of one of Su Zhu’s previous projects, OPNX has launched and has raised an unknown amount of funding. The platform makes locked funds tradable, allowing them to be used as collateral when trading. While some are skeptical about the idea due to Su Zhu’s reputation, there is potential for the platform to succeed, especially with the growing interest in DeFi (decentralized finance) and its various applications.
Superplastic is an NFT (non-fungible token) project that has been backed by some of the biggest names in tech, including Amazon, Google Ventures, Sony Japan, and Animoca. The project offers NFT-ed characters that could potentially be used for TV shows, movies, and other entertainment purposes. While it may seem like a niche market, the involvement of these big-name companies suggests that there is significant potential for Superplastic and similar projects in the future.
Monad is a new layer 1 blockchain that boasts of being the fastest, cheapest, and most censorship-resistant EVM (Ethereum Virtual Machine) L1. Despite not having a unique selling point in terms of its technology, the project has been backed by notable investors in the crypto space, indicating the potential for significant excitement and buzz in the community. Monad is an example of the ongoing innovation and development that is taking place in the crypto industry.
Phi is a crypto gaming project that has attracted VC investment, despite doubts about the potential for the crypto gaming market. However, the willingness of investors to throw money at Phi suggests that they see potential in the project and that there is still room for growth and development in the intersection between gaming and crypto.
Finally, Space ID is a crypto project that aims to simplify the web3 experience for users. The platform enables users to register web3 domains in a single location, making it easier to navigate the complex and often confusing world of cryptocurrency. Currently, Space ID supports three blockchains, namely Ethereum, Binance Smart Chain (BSC), and Arbitrum.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.