Tag: 13b

Layer 2 networks hit $13B TVL, but challenges still remain

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Ethereum layer-2 networks reached a new milestone on Nov. 10, reaching $13 billion of total value locked (TVL) within their contracts, according to data from blockchain analytics platform L2Beat. According to industry experts, this trend of greater interest in layer 2s is likely to continue, although some challenges remain, especially in the realms of user experience and security. Ethereum layer 2 TVL. Source: L2Beat According to L2Beat, 32 different networks qualify as an Ethereum layer 2, including Arbitrum One, Optimism, Base, Polygon zkEVM, Metis and others. Prior to June 15, all…

‘We got overconfident and careless,’ claims $13B leverage

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Former FTX CEO Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion but closer to $13 billion. In a Nov. 16 Twitter thread, Bankman-Fried said leverage at FTX built up to roughly $5 billion, backed by $20 billion in assets, which held value but also the potential for risk. According to the former CEO, the crypto market crash “with no bid side liquidity” alongside a bank run resulted in roughly $4 billion being withdrawn daily —…

Blockchain games and metaverse projects raised $1.3B in Q3: DappRadar

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Venture financing for the blockchain industry remained robust in the third quarter, even as bearish conditions ravaged digital asset markets, a sign that venture capital firms were focused more on the long-term value proposition of the sector.  Blockchain games and metaverse projects raised a cumulative $1.3 billion in venture capital between July and September, according to DappRadar’s latest BGA Games Report. While this figure was down 48% compared to the second quarter, it was nearly double the total amount raised in 2021. DappRadar said that projects focused on Web3 metaverse…

Decentraland’s 38 Daily Active Users in a $1.3B Ecosystem

Sam Hamilton, Creative Director at Decentraland, told CoinDesk that while they report 8,000 users on average per day, this accounts for any individual who passively interacts with the metaverse. He noted that while they saw peak attendees in March, the number of “tourists and spectators” has since cooled down. Source

Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue

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Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.” In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.”  The group explains that the acquisition of Afterpay, a buy now pay later service, could explain the increasing costs. In total net Block’s revenues…

Talos raises $105M to become the latest crypto unicorn valued at $1.3B

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PayPal-backed cryptocurrency firm Talos is becoming the latest unicorn in the industry, reaching a $1.25 billion valuation following new funding. Talos has raised $105 million in Series B funding round led by a major global growth equity firm, General Atlantic, according to an announcement released on May 10. The funding will help Talos extend its institutional-grade digital asset platform as well as accelerate the firm’s expansion into the Asia-Pacific region and Europe. The raise featured major firms in both the traditional finance and the crypto industry, including Ken Fox’s private…

Ethereum Foundation Holds $1.3B in Ether, $300M in Non-Crypto Investments

Almost $1.29 billion was held in ether, the world’s second-largest cryptocurrency by market capitalization. That represented over 0.297% of the total ether supply as of March 31. Some $11 million was held in other cryptocurrencies. The treasury also included about $300 million in non-crypto investments. The foundation did not return requests for details on the makeup of these assets at writing time. “We also increase our non-crypto savings in response to rising ETH prices,” the foundation said in the report. “(This) provides a greater safety margin for our core budget…

Pantera to close Blockchain Fund soon after raising $1.3B — double the target

Crypto hedge fund giant Pantera Capital is set to close a blockchain fund next month that is backed by around $1.3 billion worth of capital. The Pantera Blockchain Fund was announced in May last year, with plans to raise $600 million to invest in early-stage tokens, venture equity, Web3 firms and tokens with strong liquidity. It has since surpassed that target significantly, with the firm revealing last month that the fund had topped $1 billion. The latest $1.3 billion figure was noted during an April 12 investor conference call regarding…