Cautiously Bearish

THIS WEEK IN WEB3

FUNDING

• Amber Group, an embattled crypto lender, raises $300M series C in down round 
• Aztec Network, builders of privacy/zk scaling solutions and zk.money, raises $100M 
• Nillion, decentralized data network, raises $20M+ 
• Blocknative, crypto infra company and ETH block builder, raises $15M series A 
• Evertas, crypto insurance provider, raises $14M series A 
• Frontrunner, decentralized sports prediction markets, raises $4.75M seed 
• Soohoo.io, cross-chain DeFi infra provider, raises $4.5M 
• Spaceport, crypto-enabled monetization of IP protocol, raises $3.6M pre-seed 
• Decent, no-code NFT infra protocol for creator monetization, raises $3.5M seed 

NEWS

• Metamask integrates native PayPal log-in to enable users to buy and transfer ETH directly to their crypto wallet 
• WisdomTree launches nine new blockchain-enabled funds and still plans to launch its digital wallet in Q1 2023 
• Apple is planning to allow installation of iOS apps from external sources as a result of upcoming EU regulations, decision should boost mobile crypto payments, applications, and NFT apps as builders can now escape Apple’s 30% cut
• Binance US is acquiring Voyager for $1.022B 
• Canada enacts ban on margin and leverage trading for crypto assets 
• Hong Kong debuts first crypto ETFs that tracks BTC and ETH futures on CME
•  Magic Eden launches rewards system for discounts and perks; Magic Eden also adds support for MATIC NFT minting and trading 
• Coinbase announces an asset recovery tool that will eventually allow users to withdraw ~4k previously unsupported, “trapped” ERC-20 token 
• Trump sells out 45k NFTs as digital trading cards that were minted on MATIC 

TOKENS AND PROTOCOLS

• SUSHI — vote passes to direct 100% of SUSHI fees to the protocol treasury that will stay in place for “one year or until new tokenomics are implemented” 
• SUI — provides details on the SUI token allocation before upcoming launch 
• AVAX — Avalanche Summit II returning to Barcelona May 3rd-5th MPL — introduces Maple 2.0 with smart contract overhaul and new product features 
• REN — issuer of wrapped tokens and renBTC is imminently shutting down after Alameda acquired the project in February 2021 
• zkSync — updates their ongoing launch of zkEVM with Fair Onboarding Alpha partners entering Q1 2023 and users for the Full Launch Alpha in Q2 
• BTRFLY — Redacted Cartel outlines their protocol plans for 2023 
• ConsenSys zkEVM — ConsenSys announces they’re building a zkEVM that is now available in a private beta testnet 
• Intmax — building a zkRollup launches testnet v1 for developers, public in Q1 
• CRV/zkSync — CRV to launch on zkSync in 2023 boosting the zkEVM’s outlook
• BendDAO — Increased collateral ratio of BAYC, MAYC and Cryptopunks. Voting result of BIP#15 has led to BAYC and Cryptopunks collateral ratio increase from 40% to 60% and MAYC’s from 30% to 50%

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NEXT WEEK

I will give some deeper thoughts on how to manage your portfolio in the new year and the major risks I am looking at for mid to end of 2023.