Please enter CoinGecko Free Api Key to get this plugin works.

Alchemy raises $200 million, and Bunny becomes a DAO, Feb. 4–11.

In this week’s Finance Redefined, Alchemy raises $200 million in a Series C round, Hashstack debuts a collateral protocol on Harmony, and Bunny Finance forms a DAO following a hack.

Essential news on finance, innovation, and DAOs continues to fuel acceptance in what remains a small market as the DeFi area continues its technical rebirth.

Alchemy obtains $200 million in new funding, and the ACH coin surges 77%.

Alchemy, a Web3 platform, announced a $200 million Series C fundraising round this week, elevating the firm to decacorn status and valuing it at $10.2 billion.

The seven-investor round was led by two California-based venture companies, Lightspeed Venture Partners and Silver Lake, which were both investors in FTX’s recent tertiary funding round, with participation from Pantera Capital and former lead investor Andreessen Horowitz’s a16z, among others.

Alchemy provides the basic infrastructure for Web3 apps, similar to how Amazon Web Services provides infrastructure for websites, and has collaborated with companies such as OpenSea, Adobe, Dapper Labs, and “CryptoPunks” to help the Web3 ecosystem evolve into the mainstream.

Alchemy has launched several initiatives since its October funding round led by a16z, including an open Web3 University to foster education in the space, a startup programme called Alchemy Ventures to support emerging businesses, and a nonfungible token (NFT) application programming interface for website developers.

NFT markets established on the Alchemy platform, according to the business, have generated more than $1.5 billion in artist royalties in the last year, a critical community-oriented measure among Web3 players.

Nikil Viswanathan, co-founder and CEO of Alchemy, gave his appraisal of the previous year in the industry, as well as his forecasts for the future year, saying:

 

“Developers made Web3 mainstream in 2021, launching firms that are changing the lives of millions.” In 2022, we’ll double down on our commitment to addressing developer demands in more areas, making Web3’s potential more accessible than ever.”

Following a $80-million hack, Bunny and Qubit have shifted their focus to DAO.

The DeFi protocol is a protocol that allows you to connect Bunny Finance announced that the project’s future in its current form is untenable as a result of a seismic $80-million bridge exploit on Qubit, and that the team has pledged to hand over governance control of the protocol to community members in the form of a decentralised autonomous organisation, or DAO.

 

The event, occurred when an unknown hacker took advantage of a so-called “logical mistake” in the Qubit X-bridge, allowing them to withdraw tokens from the Binance Smart Chain (BSC) without having to deposit any Ether (ETH), as is customary.

Overall, the hacker stole $185 million worth of Qubit xETH (qXETH) from the protocol and used it as a collateral mechanism to borrow a number of assets worth $80 million from the lending pools.

According to on-chain data analysis, the hacker took 15,688 Wrapped Ether (wETH) tokens worth $37.6 million, 767 Bitcoin BEP2 (BTCB) tokens worth $28.5 million, $9.5 million in stablecoins, and $5 million in PancakeSwap (CAKE), Pancake Bunny (BUNNY), and MDEX (MDX) tokens.

 

Following that, the team stated that the community DAO participants would be in charge of key protocol advancements, such as contract upgrades and fee structure changes, among other things.

 

Hashstack launches an Open Protocol Testnet that allows users to take out loans with little or no collateral.

Hashstack Finance, a decentralised finance platform, launched a limited testnet version of its crypto lending protocol, Open, this week. Hashstack’s Open protocol, which was born out of Harmony’s $300 million Ecosystem Fund, aims to reconcile the requirements for collateral loan sums in traditional DeFi protocols.

 

Hashstack’s Open protocol, which is built on the Harmony blockchain, claims to let borrowers to acquire a loan with a collateral-to-loan ratio of up to 1:3, allowing them to borrow up to $300 in crypto in exchange for $100 in collateral.

Following that, customers can withdraw 70% of the collateral, or $70 in this scenario, while trading with $230 in-platform trading money. Hashstack commented on the matter, claiming that lending in the DeFi market is frequently over collateralized, with borrowers providing an average of 42 percent additional collateral against the loan they seek to borrow.

 

“Today, if you want to borrow $100 on Compound, or Aave, or even MakerDAO, you are asked to give collateral of at least $142, according to Vinay, the founder of Hashstack Finance.” This defeats the basic purpose of loan procurement and limits the borrower’s options.”

Performances that are only symbolic

According to analytical data, DeFi’s total value locked climbed by 11.97 percent this week to $123.08 billion, successfully recovering from the recent market dip.

Over the last seven days, Secret (SCRT) has risen by 30.4 percent. Avalanche (AVAX) increased by 36.7 percent after gaining 25.54 percent the previous week, while Loopring (LRC) increased by 19.5 percent. Wrapped Bitcoin (wBTC) and THORchain (RUNE), respectively, gained 14.5 percent and 13.2 percent.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Leave a Comment

Your email address will not be published. Required fields are marked *

Facebook
Twitter
Telegram

Recent Posts

Follow Us