As the Crypto market has fallen sharply, investor interest in NFT has also declined significantly. From this week’s statistics (19 projects in total), the number of pitches for NFT (2) and DeFi (2) projects has dropped sharply. web3 infrastructure (8) remains the focus of pitches, GameFi (4) is starting to see an uptick in pitches and DAO (1) projects are starting to see an increase in pitches. cgv, in association with CTC, has put together a week of notable pitches in the global crypto market. The following is a roundup of the global crypto market’s notable pitches from 30 May — 5 June 2022. 【Infrastructure】 Cloudwall｜Seed round funding of $6.3 million｜Led by LocalGlobe On June 1, Cloudwall Capital, a digital asset risk management platform, announced the closing of a $6.3 million seed round led by LocalGlobe and Illuminate Financial, with participation from IA Capital Partners, Eberg Capital and Nemo Ventures, as well as a group of angel investors from the DeFi and traditional finance sectors. Link to original article:https://www.techinasia.com/sg-crypto-firm-cloudwall-bags-63m-seed 2. FinTron｜Series A financing of $6.5 million｜Webster Bank and others participated On June 1, FinTron, a crypto investment and finance app, announced the closing of a $6.5 million Series A round of funding with participation from AUA Capital Management, Connecticut Innovations, Sage Venture Partners and Webster Bank. FinTron provides personal finance services to the Z-generation and millennial audiences. Link to original article:https://www.benzinga.com/pressreleases/22/06/n27495342/fintron-raises-6-5m-in-series-a-funding-round-to-bring-greater-financial-freedom-to-the-mobile-fir 3. Dework｜Seed round funding of $5 million｜Led by Paradigm On June 1st, coworking tool Dework closed a $5 million seed funding round led by Paradigm and Pace Capital, with participation from former Coinbase CTO Balaji Srinivasan and Polygon founder Sandeep Nailwal. Link to original article:https://www.coindesk.com/business/2022/06/01/paradigm-backs-5m-round-in-dao-management-platform-dework/ 4. Big Whale Labs｜Seed round funding of $3.8 million｜Led by M13 On June 1, Big Whale Labs, a privacy protocol development company, announced a $3.8 million seed round led by M13 and Road, with participation from Slow Ventures, C2, Goodwater, Panache, NFR, former Coinbase CTO Balaji Srinivasan, and Roman, founder of Tornado Cash. Link to original article:https://www.theblockcrypto.com/post/149180/pseudonymity-startup-big-whale-labs-raises-3-8-million-seed-round 5.SIZE｜Seed round funding of $6 million｜Led by Three Arrows Capital and others On June 1st, on-chain OTC platform SIZE closed a $6 million seed funding round led by Three Arrows Capital, Wintermute and Mgnr, with participation from Alameda Research, D1 Ventures and Genblock Capital. SIZE makes it easy for users to participate in sealed bid auctions for vested and unvested Tokens, and is currently working on an MVB version of the product. Link to original article:https://www.theblockcrypto.com/linked/149625/size-raises-6-million-backed-by-three-arrows-wintermute-mgnr-and-more?utm_source=twitter&utm_medium=social 6. GoSats｜Pre-A round of funding of $4 million｜Y Combinator and others participate On June 1st, Bitcoin rewards platform GoSats closed a $4 million Pre-A round of funding with participation from Y Combinator, Accel and Gossamer Capital, among others. GoSats allows customers to earn bitcoins as cash back from transactions through its platform. Link to original article:https://www.techinasia.com/indian-bitcoin-rewards-firm-earns-4m-preseries-money 7. Laevitas｜Seed round funding of $2.5 million｜Led by Three Arrows Capital On June 2, Laevitas, a crypto derivatives data analytics platform, announced the closing of a $2.5 million seed funding round led by Three Arrows Capital and DeFiance Capital, with participation from CMS, Astronaut Capital and others. Laevitas launched in early 2021 and currently provides data analytics on crypto futures and options markets for users as well as several hedge funds, market makers and trading firms. Link to original article:https://medium.com/laevitas/announcing-our-2-5m-seed-round-a58d349282f2 8. Anmol Network｜Seed round funding of US$1 million｜Led by AU21 Capital On June 3, Web3 infrastructure startup Anmol Network announced the closing of a $1 million seed round led by AU21 Capital with participation from MEXC Global Exchange, YBB Foundation, Lotus Capital, Danish Chaudhry, HG Ventures and Rob Hanneman. Link to original article:https://nation.com.pk/2022/06/03/pakistan-based-startup-raises-1m-to-make-blockchain-more-accessible/ 【DeFi】 9. Smart Chain DeFi｜Series A funding of US$16 million｜Led by Binance Labs On 31 May, Smart Chain DeFi, the DeFi protocol, announced the completion of a $16 million Series A funding round led by Binance Labs, with participation from Adrian Kolody, founder of unmanaged DEX Domination Finance, and others. Smart Chain DeFi is a one-stop Liquidity-as-a-Service (LaaS) DeFi protocol based on BNB Chain, which was invested in an angel round by Binance’s $1 billion Growth Fund. Link to original article:https://www.digitaljournal.com/pr/smartchain-defi-announces-a-16-million-series-a-round-led-by-binance-labs-to-build-a-one-stop-infrastructure-for-its-web3 10. Alloy｜Pre-seed round raises $3 million｜Led by Headline Ventures On May 31st, DeFi platform Alloy announced the closing of a $3 million pre-seed round led by Headline Ventures with participation from Guillaume Pousaz, founder of Checkout.com, Nicolas Julia, founder of Sorare and Seedcamp. Alloy aims to build a DeFi platform for institutional investors, which will be launched in the second half of 2022. Link to original article:https://www.theblockcrypto.com/linked/149384/checkout-com-founder-backs-defi-platform-alloy-in-3-million-pre-seed-round 【GameFi】 11. Village Studio｜Pre-seed round funding of €2.1 million｜Led by Animoca Brands On May 30th, gaming platform Village Studio announced the closing of a €2.1 million pre-seed funding round led by Animoca Brands, with participation from Venrex, AngelHub, K3, WinZO and others. Village Studio hopes to help Web3 games improve interoperability and provide value to players and developers, and to expand its team and develop its game platform with the support of this round of funding. Link to original article:https://www.pocketgamer.biz/news/78896/founded-rovio-zynga-veterans-village-studio-raised-21-million/ 12. Chibi Clash｜Raised $3 million in a private placement round｜Jump Capital and others participated On May 31, Web3 game Chibi Clash announced the closing of a $3 million private funding round with participation from Alliance, Genblock Capital, Jump Capital, C² Ventures, Kyros Ventures, NGC Fund, PetRock Capital, Polygon Ventures, Shima Capital, Avocado DAO, Rainmaker Games and others. Polygon Ventures, Shima Capital, Avocado DAO, Rainmaker Games, and others. Chibi Clash is building a Web3 game world centered around its flagship car fighting game, where players can unlock weapon upgrades using NFT. Link to original article:https://u.today/chibi-clash-next-gen-metaverse-game-secures-3-million-announces-ido 13. Walken｜Raised $4.7 million｜Led by Infinity Ventures Crypto On June 2, Walken, a Solana-based Move to Earn chain game, announced a $4.7 million funding round led by Infinity Ventures Crypto and Shima Capital, with participation from Morningstar Ventures, Ghaf Capital Partners, Huobi Ventures, and Dex Ventures. Huobi Ventures, Dex Ventures, and others. The funding will be used to rapidly scale up game development and further improve the product on a sustainable economic basis. Link to original article:https://cointelegraph.com/press-releases/move-to-earn-wellness-project-walken-seals-47m-funding-round 14. Red Village｜Seed round funding of $6.5 million｜Led by Animoca Brands On June 3, Red Village, a P2E game, announced the closing of a $6.5 million seed funding round led by Animoca Brands and GameFi Ventures Fund, with participation from Kucoin Ventures and JellyC. Red Village is the first blockchain dark fantasy game platform with two game modes to choose from, a beta test mode and a tournament mode that brings traditional gamers together with a virtual world through an engaging game storyline and a vibrant community. Link to original article:https://cfxmagazine.com/the-red-village-announces-6-5m-seed-round-led-by-animoca-brands-and-gamefi-ventures-fund-press-release-bitcoin-news/ 【NFT】 15. Ayoken｜Pre-seed round raises $1.4 million｜Kon Ventures and others participed On May 30, NFT project Ayoken closed a $1.4 million pre-seed round of funding with participation from Founders Factory Africa, Kon Ventures, Crypto League, R9C Ventures and Maximus Ventures. The funding will be used to purchase exclusive rights and build a technical team. Link to original article:https://techcrunch.com/2022/05/30/ayoken-raises-1-4m-to-grow-its-nft-marketplace-for-creatives/?tpcc=tcplustwitter 16. Playdex｜Seed round funding of $2 million｜OrangeDAO and others participed On June 2, NFT rental marketplace Playdex raised a $2 million seed round of funding led by PDAX, Orange DAO and BukoVentures, with participation from Tinder co-founder Justin Mateen, Magic co-founder Aaron Kemmer, CSVE Ventures managing Partner NinaTeng, YawYeo of XA Network, Ray Alimurung, Chairman of Lazada PH, and Wing Vasiksiri. Playdex is an online marketplace that allows gamers and guilds to rent game assets from NFT holders. Link to original article:https://e27.co/coins-ph-founder-ron-hoses-new-nft-rental-marketplace-playdex-nets-us2m-20220602/ 【DAO】 17. Utopia｜Series A financing of $23 million｜Led by Paradigm On June 1, Utopia, a DAO payroll system, announced the closing of a $23 million Series A round of funding led by Paradigm, with participation from Kindred Ventures, Circle Ventures, Gusto, Coinbase Ventures, Infinity Ventures Crypto, and Fourth Revolution Capital. Distributed Global and Fourth Revolution Capital, among others. The new funding will be used to grow and expand the team and further improve DAO’s functionality, including Token attribution, ledger design and personnel management. Link to original article:https://mirror.xyz/utopialabs.eth/H1-KPA2HxHzow0WQt35afJl-uQtTv2alTzFqRpRXeNU About CGV FoF: CGV FoF (Cryptogram Venture FoF)is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada

In the tide of encryption technology, Crypto Review came into being. Initiated by cryptogram venture (CGV)FoF, with the purpose of “providing in-depth value reference for global encryption practitioners”, crypto review is committed to providing meticulous industry insights, the best investment and research practice guidance to encryption professionals and enthusiasts all over the world, And expand the positive impact of encryption consensus on more institutions and the wider population. Crypto Review is not for profit and adopts the recommendation and invitation system. The content covers: 1. Encryption trends. Pay attention to the technology, management, industry and even macro factors that will affect the behavior of the encryption industry; 2. Overview of the track. Share the latest Overview Research and analysis based on a specific vertical field; 3. Project analysis. Comprehensively and deeply interpret the early dark horse project and star project, and systematically interpret their design concept and mode. The following is a selection of crypto review articles (May 2022) TRENDS Decentralized Society: Finding Web3’s Soul (Excerpt) initial public publication time: May 10, 2022 CR Recommendation Vitalik Buterin’s blueprint for the Web3 “Decentralized Society” (DeSoc) — a social relationship where souls and communities come together from below as a distinguishing feature of each other, creating multiple web objects and intelligences at multiple scales. The paper is noteworthy in that it is a collection of papers on the subject. Notably, this paper centers on the new humanistic possibilities surrounding the non-transferable “soul-bound” NFT. Perhaps reading it will remind you of how you felt when you first discovered ethereum, that is, hopeful for a better future and confident that we have the ideas and the means to really start making it happen. Embracing the “externality” of absurd Web3 is more important initial public publication time: May 7, 2022 CR Recommendation When we are discussing Web3, we are always concerned with the inner meaning of Web3, in fact, the externality of Web3 is also crucial. Since the birth of blockchain, externality markets have been expanding, and even externality markets will give birth to more externality markets, almost unstoppable. In the author’s view, these externality markets, too, are strengthening the platforms from which they were originally born, together building a value network. When there are multiple externality markets in a network, it becomes more immensely stronger and more powerful, providing greater externalities to the real world. Bear Market Returns Formula for Paradigm Change Finding Investment Opportunities initial public publication time: May 18, 2022 CR Recommendation In the crypto world, although there have been several rounds of bull and bear markets, new narratives, new models, and new levers have come together to open up a paradigm revolution of ups and downs each time. The authors look at the next wave of Crypto’s underlying paradigm revolution at a high level, using first-nature principles, and although they only point to ten directions, it is worth your attention and research at a high level. The next crypto wealth code may be in it. FIELDS How to make an open metaverse initial public publication time: April 15, 2022 CR Recommendation The world’s business giants seem keen to develop what they see as a ‘meta-universe’. For the revolutionaries from Web3 and the future, can they create an open meta-universe that truly belongs to the users and not the shareholders? The author gives his answer. What needs to be done next may just be to turn this blueprint plan into reality. The Future of Work is Not Corporate — — It’s DAOs and Crypto Networks initial public publication time: December 17, 2021 CR Recommendation Theoretically, blockchain-based crypto networks can break the monopoly of who controls information, who makes money, and how businesses operate, and the corporate system may no longer be applicable to the web3 era. the emergence of DAO will change the future of work, participants will share the value of the network, X-to-earn will become the future of work, people can work, create contributions, participate in the network People can earn income by working, creating contributions, participating in the network, playing games, learning, creating, investing, etc. More opportunities will be open to everyone fairly. However, the authors also point out that DAO is also in its early stages and needs professional coordination tools and a reputation system to support its continued development. How Brands Are Experimenting with Web3 initial public publication time: May 10, 2022 CR Recommendation With the Web3 boom, many companies are jumping on the bandwagon. The authors examine how three different approaches to Web3, namely: virtual products, hybrid products, and distributed ownership, will each be able to deliver immediate business value. By experimenting with each approach, brands can leverage this new Internet era to expand and enrich their digital footprint. As brands better understand the opportunities and challenges and optimize their methodologies, their early experiments may turn into long-term sustainable strategies. PROJECTS Delphi Digital: Hindsight on the Terra Crash initial public publication time: May 25, 2022 CR Recommendation The UST collapse that occurred in May 2022 was one of the most catastrophic major events in the cryptocurrency industry since Mt Gox in 2014. In the article, Delphi Digital is open and transparent about the involvement of its various divisions in Terra, and further explains their investment theories and problems, and what lessons should be learned from them. The crypto industry has been a bumpy ride, and although the Luna incident caused irreparable damage, Delphi Digital’s courageous attitude and scientific and rigorous analysis are worth learning from and acknowledging. Deep Dive on Avalanche and Subnets initial public publication time: May 5, 2022 CR Recommendation Nowadays, crypto projects, which are more and more interested in the stability and economy of development environment, are desperately looking for public chains with higher performance and lower cost, just like exploring “value pits”, and Avalanche is one of the leading ones. The innovative three-chain model of Avalanche network design, namely, X-chain (for on-chain transactions), P-chain (for coordination and governance), and C-chain (for smart contracts), can support various blockchain elements to be combined and customized by themselves, allowing anyone to deploy a blockchain that suits their application needs. This article provides an in-depth analysis of Avalanche and its subnets to give you a deeper understanding of how Avalanche differs from other L1 blockchains. Download:https://drive.google.com/file/d/1d-ub2U8zRoVXKZGvf4uLSqf2Yzh98RpR/view Website: https://www.cgv.fund/ Twitter: https://twitter.com/CGVFOF Medium:https://medium.com/@CGVFoF About CGV FoF: Cryptogram Venture FoF(CGV FoF) is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.

With the continued downturn in the market, project valuations in the crypto market have shrunk significantly compared to previous periods. From this week’s statistics (7 projects in total), web3 infrastructure projects (2) saw a significant decrease in the number of pitches, NFT (4) projects remained the market’s focus, and DeFi (1) projects saw a significant decrease in the number of pitches. CGV, in conjunction with Cointelegraph Chinese, has put together a roundup of the week’s notable pitches in the global crypto market. The following is a summary of the global crypto market’s noteworthy pitches for 20 June — 26 June. 【Infrastructure】 1. Finhay｜Series B funding of $25 million｜Led by Openspace Ventures On June 23rd, Finhay, a Vietnamese digital investment platform, announced the completion of a $25 million Series B funding round led by Openspace Ventures and VIG, with participation from Insignia, TVS, Headline, TNBAura and IVC.Investments. Link to original article:https://www.financemagnates.com/fintech/news/investment-platform-finhay-raises-25-million-in-series-b-round/ 2. Flowdesk｜Series A funding of $30 million｜Coinbase and others participed On June 24, crypto financial services company Flowdesk closed a $30 million Series A funding round with participation from Coinbase, Ledger, Eurazeo, Aglaé Ventures, ISAI, Speedinvest, Fabric.vc and some angel investors. Link to original article:https://www.coindesk.com/business/2022/06/24/flowdesk-raises-30m-to-expand-trading-and-market-making-services/ 【NFT】 3. Astaria｜Raising $8 million｜Genesis Trading and others participed On 20 June, NFT lending platform Astaria closed an $8 million funding round with participation from True Ventures, Arrington Capital, Ethereal Ventures, Wintermute, Genesis Trading, Ledger Prime, Hypersphere Ventures, TheLAO and others. Link to original article:https://www.coindesk.com/business/2022/06/20/ex-sushi-cto-raises-8m-for-nft-lending-platform-astaria/ 4. Magic Eden｜Series B financing of $130 million｜Led by Electric Capital On 21 June, Magic Eden, the Solana eco-NFT marketplace, announced the closing of a $130 million Series B round of funding led by Electric Capital and Greylock at a post-money valuation of $1.6 billion. magicEden plans to use the funding to expand its primary and secondary markets. Link to original article:https://www.coindesk.com/business/2022/06/21/solana-nft-marketplace-magic-eden-raises-130m-at-16b-valuation/ 5. Cyan｜Seed round funding of $2 million｜Led by Animoca Brands On 24 June, Cyan, the NFT financial services protocol, closed a $2 million seed round led by gumi Cryptos Capital (gCC) and Animoca Brands, with participation from OpenSea, Fabric Ventures, Bastion Tradingm and others. Cyan, the Buy Now, Pay Later service for the metaverse, is the first protocol to provide financing options for purchasing NFTs. Link to original article:https://medium.com/@usecyan/cyan-receives-2m-in-seed-round-investment-1d172f6e17a9 6. Cryptoys｜Series A financing of $23 million｜Led by a16z On June 24, Cryptoys, a digital toy NFT platform, closed a $23 million Series A round led by a16z with participation from Mattel, Dapper Labs, Draper & Associates, Acrew Capital, CoinFund, Animoca Brands and Sound Ventures. Link to original article:https://techcrunch.com/2022/06/23/cryptoys-banks-a16z-funding-to-build-nfts-for-kids/?tpcc=tcplustwitter 【DeFi】 7. Increment｜Seed round funding of $1.56 million｜Led by ParaFi Capital On June 20, Increment, a decentralized perpetual contract, announced a $1.56 million seed round led by ParaFi Capital with participation from Delphi Digital, Dialectic, AngelDAO, LedgerPrime and SkyVision Capital. Link to original article:https://medium.com/increment-newsletter/increment-raises-1-56m-to-bring-multi-currency-perpetual-swaps-to-zksync-2-0-adb12a6f9764 About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.

Due to the liquidity crisis, the crypto market has been falling recently, with the total market capitalisation of crypto assets having shrunk by nearly two-thirds compared to the high point in November last year, and the investment fever in the primary market is gradually decreasing. From this week’s statistics (9 projects in total), the number of investment and funding for web3 infrastructure projects (2) has significantly decreased, Game (4) projects are still the key investment target of the market, and the number of investment and funding for NFT (2) and DAO (1) projects has also decreased. CGV and CTC have put together a summary of the noteworthy investment and funding information of the global crypto market for the week, as follows Global crypto market investment and funding information from 13 June — 19 June 2022. 【Infrastructure】 1. ScienceMagic.Studios｜Pre-seed round raises $10 million｜Coinbase Ventures and others participed On June 13, ScienceMagic.Studios, a firm that advises brands and talent on implementing web3 technologies, completed a $10 million pre-seed round of financing, which was invested by Coinbase Ventures, Digital Currency Group (DCG) and others. Link to original article:https://www.theblock.co/linked/151724/web3-tech-advisory-firm-sciencemagic-studios-raises-10-million-pre-seed 2. zCloak Network｜Pre-A round of funding of $5.8 million｜Led by Coinbase Ventures On June 17, zCloak Network, which provides zero-knowledge proofs for public blockchains, closed a $5.8 million Pre-A round of funding led by Coinbase Ventures, with participation from Bixin Ventures, Matrixport Ventures, DFG, Sancus Ventures, KuCoin Ventures, Sanctor Capital, Hash Global and Jump Capital, among others. With the new funds, zCloak Network plans to expand its partnerships with identity data attestors, web3 applications and blockchain networks. Link to original article:https://www.theblock.co/post/152423/zero-knowledge-proof-startup-zcloak-network-raises-5-8-million?utm_source=rss&utm_medium=rss 【Game】 3. Nefta｜Raising $1 million｜Picus Capital participates On June 14th, Web3 gaming platform Nefta announced a $1 million round of funding from Picus Capital, which the company plans to use to partner with more game studios. Link to original article:https://www.animationxpress.com/technology/nefta-announces-1million-investment-from-picus-capital-to-accelerate-the-growth-of-web3-gaming/ 4. The Wildcard Alliance｜Series A financing of US$46 million｜Led by Paradigm On June 14th, The Wildcard Alliance, the Web3 Games subsidiary of indie game studio Playful Studios, announced the closing of a $46 million Series A round of funding led by Paradigm with participation from Griffin Gaming Partners, Polygon and others. The company is currently releasing a multiplayer online battle royale game. Link to original article:https://finance.yahoo.com/news/words-friends-co-founder-raises-131148207.html 5. Saga｜Raised $3.6 million｜Led by Animoca Brands On June 16, Saga, a decentralized gaming community, announced the closing of a $3.6 million funding round led by Animoca Brands, with investment from Delta Blockchain Fund, Genblock Capital, Moonchain Capital, Compute Ventures, NGC Ventures, Highstreet Ventures, M31 Capital, TsingTing Capital, Metal VC, PANONY, Rainmaker Games, Everest Ventures Group, vEmpire, SL2 Capital and AAG Ventures participated. Saga is a decentralized gaming community with a focus on expanding and enriching the metaverse through building chain-agnostic market tooling, championing emerging projects, and unlocking the power of metaverse owners, builders, and players across the globe. It can do so with cross-game non-fungible tokens (NFTs), which authenticate unique digital items using the blockchain. Link to original article:https://venturebeat.com/2022/06/15/saga-raises-3-6m-to-make-metaverse-middleware/ 6. Clockwork Labs｜Series A financing of US$22 million｜Led by a16z On June 17th, Clockwork Labs, a gaming company, announced the closing of a $22 million Series A round of funding led by a16z with participation from Supercell and others. The funding will be used to develop its community sandbox massively multiplayer online role-playing game BitCraft and to support new database technologies for games, web applications and Web3 APP. Link to original article:https://venturebeat.com/2022/06/16/clockwork-labs-raises-22m-for-community-sandbox-mmorpg-bitcraft/ 【NFT】 7. Castle｜Pre-Seed round raises $1.5 million｜Led by Dragonfly Capital On June 17, NFT Smart Wallet Castle closed a $1.5 million Pre-Seed round led by Dragonfly Capital, with participation from Palm Tree Crew, Lattice Capital, Whitestar, Framework and others, and individual investors including Andy ( Fractional), Gmoney, Jess Sloss (Seed Club), Trevor McFedries (FWB & Dapper Labs, Linda Xie, Cooper Turley, Hunter Horsely (Bitwise), Mariano Conti Jason Goldlist, John Barnett, Joshua Harris and others. Link to original article:https://mirror.xyz/castlelink.eth/RLwmbMc6Li7FUDO5B0BBJa34TaZioPwMxJHzoUWrqzI 8. Fika｜Raising $4 million｜Led by First Round Capital and others On June 19th, NFT startup Fika announced the closing of a $4 million funding round led by First Round Capital, XYZ Capital and Moment. Link to original article:https://decrypt.co/103239/silicon-valley-producers-tap-ethereum-nfts-for-user-generated-comedy 【DAO】 9. Molecule｜Seed round funding of $13 million｜Led by Northpond Ventures On June 13, Molecule, a platform where medical research projects can receive funding via decentralized autonomous organizations (DAOs), closed a $13 million seed round led by Northpond Ventures with participation from Backed VC, Shine Capital, Speedinvest and former Coinbase CTO Balaji Srinivasan. Link to original article:https://www.theblock.co/post/151539/decentralized-science-platform-molecule-raises-13-million-in-seed-funding About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.

The Federal Reserve’s policy has exacerbated the short-term risks in the Crypto market, although the investment fever in the Crypto primary market has not been doused for the time being. Looking at this week’s statistics (18 projects in total), the number of web3 infrastructure (8) pitches started to rise, while the number of pitches for NFT (3), GameFi (5) and DeFi (2) projects remained at average levels. CGV, in conjunction with CTC, has put together a roundup of the week’s noteworthy pitches in the global crypto market, as follows 16 May 2022 The following is a summary of the global crypto market’s noteworthy pitches for May 16 — May 22, 2022. 【Infrastructure】 1. Certora | Series B financing of $36 million｜Led by Jump Crypto On May 17, Certora, a blockchain smart contract security analytics company, announced the completion of a $36 million Series B funding round led by Jump Crypto, with participation from Tiger Global, Galaxy Digital, Electric Capital, ACapital, Framework Ventures, Coinfund, Lemniscap, Coinbase, VMware and others. Link to original article:https://www.theblockcrypto.com/post/147066/certora-announces-36-million-series-b-funding-round-led-by-jump-crypto 2. Metatheory | Series A financing of $24 million｜Led by a16z On May 17, Metatheory closed a $24 million Series A round led by a16z with participation from Pantera Capital, FTX Ventures, Breyer Capital, Merit Circle, Recharge Theme Ventures, Dragonfly Capital Partners, Daedalus, Sfermion and Global Coin Research, among others. Link to original article:https://www.businesswire.com/news/home/20220516005220/en/Twitch-Co-Founder-Kevin-Lin-Raises-24-Million-Series-A-for-New-Web3-Interactive-Media-Company-Metatheory 3. CyberConnect | Series A funding of $15 million｜Led by Animoca Brands On 17 May, CyberConnect, the Web3 social platform, closed a $15 million Series A round of funding led by Animoca Brands and Sky9 Capital. CyberConnect plans to use the funding to continue building its protocols, expand its team and launch new Web 3 projects. Link to original article:https://www.coindesk.com/business/2022/05/17/cyberconnect-raises-15m-to-expand-social-graph-protocol/ 4. Seed Club | Raising $15 million｜Multicoin and others participated On May 18, Web3 accelerator Seed Club will close a $15 million funding round at a $150 million valuation with participation from USV, Multicoin Capital, Placeholder and others, which will be used for ecological development. Link to original article:https://snapshot.org/#/club.eth/proposal/0x182878f44a586f112f1d6757e7267237e7d99c29ce1ebe1f630323a6502a49ef 5. BitKeep | Series A funding of $15 million｜Led by Dragonfly On May 18, BitKeep, a multi-chain crypto wallet, closed a $15 million Series A funding round at a $100 million valuation, led by Dragonfly, with participation from KuCoin Ventures, Foresight Ventures, A&T Capital, SevenX, Matrixport, Bixin Capital, Danhua Capital, Peak Capital, YM Capital and others. Link to original article:https://blog.bitkeep.com/en/?p=688 6. NodeReal | Series A funding of $16 million｜Led by Sky9 Capital On 19 May, infrastructure provider Nodereal closed a $16 million Series A round of funding led by Sky9 Capital. NodeReal was founded in 2021 and is based in Singapore. It aims to empower developers, innovative Web3 applications and large Web2 applications to explore blockchain with scalable solutions. Link to original article:https://www.digitaljournal.com/pr/nodereal-announces-16m-in-series-a-funding-led-by-sky9-capital-to-build-one-stop-infrastructure-for-web3 7. Coins.ph | Series C financing of $30 million｜Led by Ribbit Capital On May 19, Coins.ph, a provider of crypto-wallet services, announced the closing of a $30 million Series C round of funding led by Ribbit Capital. Link to original article:https://haxbyq.com/checking-browser?h=waWQiOjEwNTQwMzAsInNpZCI6MTE0Mzg3MCwid2lkIjozNDYxODMsInNyYyI6Mn0=eyJ&si1=&si2= 8. STG | Series A financing of $3 million｜Led by Blue Bay Ventures On May 19, STG (Security Token Group) closed a $3 million Series A round of funding led by Blue Bay Ventures with participation from Blizzard Fund (Avalanche Eco Ventures), Exodus and others. STG focuses on building financial infrastructure to support the development of the securities token industry, helping asset owners to tokenize their assets using blockchain technology. Link to original article:https://itsecuritywire.com/news/security-token-group-rakes-3-million-in-series-a-funding-round-as-a-strategic-investment-led-by-blizzard-fund-exodus-blue-bay-ventures/ 【DeFi】 9. iZUMi Finance | Raising $30 million｜Cobo and others participaded On 21 May, iZUMi Finance, the multi-chain DeFi protocol, announced the completion of a $30 million funding round, including institutional investors from Ivy Venture, Cobo and Mirana. Link to original article:https://www.coindesk.com/business/2022/05/20/defi-protocol-izumi-finance-raises-30m-launches-exchange/ 10. AFKDAO | Private placement round raising $3 million｜AC Capital and others participaded On May 21, AFKDAO, the NFT DeFi infrastructure, announced the closing of a private funding round of over $3 million, raised by AC Capital, YGGSEA, Hoo Labs, AvocadoDAO, Yunko Association, Youbi Capital, GEMS, Sharding Capital, CryptoVN, Keys Labs, Blokpact, Koi Capital, IOBC, Play It Forward DAO, Lead Capital, SilverFox Foundation, Hot DAO, FishDAO, NFV, WAGMI33, and GMC Capital. The funding round will be used to continue the expansion of AFKDAO’s presence in South East Asia. Link to original article:https://medium.com/@AFK_DAO/afkdao-private-sale-announcement-bae48f9eaf39 【GameFi】 11. FreshCut | Raising $15 million｜Animoca Brands and others lead On May 18, FreshCut, a Polygon-based Web3 game platform, announced a $15 million funding round co-led by Galaxy Interactive, Animoca Brands and Republic Crypto. Hashed, SkyVision Capital, Tamarack Global, C2X, Polygon and others participated. The funding round will be used to continue developing its short-form video content platform. Link to original article:https://decrypt.co/100719/polygon-gaming-platform-freshcut-raises-15m 12. Awkay Technologies | Raising $2.5 million｜Led by Vendetta Capital On 19 May, game development company Awkay Technologies closed a $2.5 million funding round. The round was led by Vendetta Capital and Icetea Labs, with funding from Animoca Brands, Morningstar Ventures, Bridge Mutual, Momentum6, FomoCraft, GAINS Associates, Paribu Ventures, Cryowar, AU21, ZBS Capital, Good Games Labs, BreederDAO, PolkaCity, RBL Labs, Tuzanye Game Guild, AvStar Capital, Parachain Ventures and Tehmoonwalker, among others. Link to original article:https://www.accesswire.com/701382/The-Unfettered-from-Awkay-Technologies-Raises-25M-in-Private-Investment-Round 13. Azra Games | Seed round funding of $15 million｜Led by a16z On May 19th, Azra Games, a chain game studio, announced the closing of a $15 million seed funding round led by a16z, with participation from NFX, Coinbase Ventures, Play Ventures and Franklin Templeton. The round will be used to launch its first combat RPG, Project Arcanas. Link to original article:https://www.coindesk.com/business/2022/05/19/a16z-leads-15m-round-for-p2e-studio-azra-games/ 14. Saga | Seed round funding of $6.5 million｜Polygon Studios and others participated On May 19th, Saga, a startup focused on developing a ‘proprietary’ blockchain for the gaming and entertainment industry, announced the closing of a $6.5 million seed funding round at a valuation of $130 million.This round was funded by Maven 11, Longhash Ventures, Hypersphere, Figment, Polygon Studios, Samsung NEXT, Chorus One, GSR, C2X, CRIT Ventures, Akash Network, Unanimous Capital, Strangelove Ventures, Tess Ventures, Merit Circle, Hustle Fund, Polymer, Zaki Manian, Jae Kwon, Garrette Furo, Alex Shin, Nick Tomaino and others participated. Saga can be customized for developers to meet their needs with a dedicated blockchain that can be used as an extension solution to Layer 1 and Layer 2. The company plans to release a test network in the next few months and launch the main network and Token in 2023. Link to original article:https://www.theblockcrypto.com/post/147770/saga-raises-6-5-million-to-build-scalable-chainlets-for-web3-developers 15. Voyage Finance | Pre-seed round raises $1 million｜Led by Delphi Ventures On May 20, Voyage Finance closed a $1 million pre-seed round led by Delphi Ventures, with participation from Darryl Wang, head of BlockchainSpace, PathDAO, DeFiance Capital, Gabby Dizon, co-founder of Yield Guild Games, and Sam Kazemian, founder of Frax Finance. Voyage Finance focuses on providing DeFi services to blockchain gaming guilds and gamers, with its first partner being Avalanche on-chain game Crabada. Link to original article:https://www.techinasia.com/sg-fintech-firm-bags-1m-offer-loans-guilds 【NFT】 16. Tally Labs | Raising $12 million｜Led by a16z Crypto On May 18th, Web3 media company Tally Labs closed a $12 million seed round led by a16z Crypto, with participation from Sterling VC, Dapper Ventures, Roham Gharegozlou (CEO of Dapper Ventures), Odell Beckham Jr, Allyson Felix and others. Link to original article:https://cointelegraph.com/news/tally-labs-strive-to-expand-decentralized-content-ecosystem-with-12m-funding 17. Pine Protocol | Seed round funding of $1.5 million｜Led by Amber Group On 18 May, Pine Protocol, a license-free NFT encrypted lending protocol, announced the completion of a $1.5 million seed funding round led by Sino Global Capital, Amber Group and Spartan Group, with participation from Alameda Research, Shima Capital, Impossible Finance and Gate Ventures. Alameda Research, Shima Capital, Impossible Finance and Gate Ventures. The new funding will be used to further develop the Pine platform and Pine Protocol, and add multi-chain support from Solana, BNB Chain, Avalanche and Fantom. Link to original article:https://twitter.com/PineLoans/status/1526902844942856193 18. UnicornDAO | Raising $4.5 million｜Yuga Labs and others participated On 20 May, NFT project UnicornDAO announced a $4.5 million funding round with participation from World of Women and the Moonbirds NFT series, MoonPay, Polygon and Yuga Labs. The project aims to empower female and LGBTQ NFT creators and the funding round will be used to advance the work of DAO, with initial investors gaining a seat on the board. Link to original article:https://www.coindesk.com/business/2022/05/19/unicorndao-raises-45m-to-empower-women-and-lgbtq-nft-creators/ About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Website: https://www.cgv.fund/ Twitter: https://twitter.com/CGVFOF Medium:https://medium.com/@CGVFoF

The crypto market is entering a new torrid time, with most investors leaving the market one by one, although the crypto primary investment market remains confident, with investment institutions focusing their resources on the infrastructure sector. CGV, in association with Cointelegraph Chinese, has put together a list of the notable pitches of the week in the global crypto market. The following is a summary of the global crypto market’s funding and investment news from 2 May — 8 May 2022. 【Infrastructure】 1. Decrypt | Raising $10 million｜ConsenSys and others participated On May 3rd, crypto news outlet Decrypt announced the closing of a $10 million funding round with participation from ConsenSys Inc, Hack.VC, Hashkey Capital, IOSG Ventures, Canvas Ventures, Protocol Labs, SK Group and others, valuing the investment at 50 million. At the same time, the media will be independent from ConsenSys Mesh. Link to original article:https://decrypt.co/99237/decrypt-raises-10m-in-funding-spins-out-from-consensys-mesh 2. Syndicate | Raising $6 million｜a16z and others participated On May 3, Syndicate, a decentralized investment platform, announced a $6 million funding round with participation from a16z, South Park Commons, Carta Ledger, OpenSea, Circle Ventures, Polygon, United Talent Agency, CoinList, FalconX and others. Link to original article:https://www.theblockcrypto.com/linked/144788/syndicate-raises-6-million-to-grow-decentralized-asset-management-platform?utm_source=cryptopanic&utm_medium=rss 3. Kevin | Series A financing of $65 million｜Led by Accel On May 3rd, Kevin, a fintech startup, announced the completion of a $65 million Series A funding round led by Accel, with participation from Eurazeo, OTB Ventures, Speedinvest, OpenOcean, Global Paytech Ventures and angel investors including 20VC founder Harry Stebbings, Ilkka Paananen, CEO and co-founder of Supercell, Amitabh Jhawar, former CEO of Venmo and others. Kevin provides users with an advanced account-to-account payment infrastructure solution designed to eliminate unnecessary intermediaries in the payment process. Link to original article:https://www.theblockcrypto.com/linked/144841/payments-startup-kevin-rakes-in-65-million-series-a?utm_source=twitter&utm_medium=social 4. Bundlr Network | Seed round funding of $5.2 million｜Led by Arweave and others On May 4, Bundlr Network announced the closing of a $5.2 million seed round led by Framework Ventures, Hypersphere Ventures, Arweave Team and Permanent Ventures, with participation from OpenSea and Race Capital. and others. Bundlr Network is a multi-chain extension solution based on Arweave, and the project team is currently building a set of tools designed to make it easier for users to upload and access files on the Arweave network. Link to original article:https://twitter.com/BundlrNetwork/status/1521872015673675779 5. Pangea Fund | Raised $85 million｜Alameda Research and others participated On May 4, crypto hedge fund Pangea Fund announced the official launch and closing of an $85 million funding round with participation from Bain Capital, ParaFi, Alameda Research, and angel investors including USV co-founder Brad Burnham, Apollo Global Management co-founder Josh Harris, Multicoin Capital partner Kyle Samani, and others. Link to original article:https://www.bloomberg.com/news/articles/2022-05-04/crypto-wunderkinds-secure-85-million-to-start-own-hedge-fund?srnd=cryptocurrencies-v2 6. Prisma | Series B funding of $40 million｜Led by Altimeter On May 4, Prisma, an open source data platform, announced the completion of a $40 million Series B funding round led by Altimeter, with participation from Amplify Partners and Kleiner Perkins, and angel investors including Vercel, PlanetScale, GitHub and SourceGraph, among others. Prisma is an open source data platform. Prisma is an open source data platform that aims to bring developers, data owners and infrastructure teams together to share data across organisations and teams, addressing barriers in the development process between front-end and back-end teams and between data engineers, developers and business analysts. Link to original article:https://www.prisma.io/blog/series-b-announcement-v8t12ksi6x 7. Copper | Series A financing of $29 million｜Led by Fiat Ventures On May 5th, Copper, a digital banking provider, closed a $29 million Series A round led by Fiat Ventures with participation from Panoramic Ventures, Insight Partners, Invesco Private Capital and others. copper aims to enable its customers to channel money from their accounts Copper aims to enable its customers to channel money from their accounts into a ‘wide range’ of investments — from equities to mutual funds to cryptocurrencies. Link to original article:https://techcrunch.com/2022/04/26/teen-focused-banking-and-investing-app-copper-raises-29m-grows-to-over-800000-users-in-less-than-a-year/?guccounter=1&guce_referrer=aHR0cHM6Ly9mb3Jlc2lnaHRuZXdzLnByby8&guce_referrer_sig=AQAAAI5FK2gkTlVR0ASmGJ2B6-L_MlaRofw 8. VirgoCX | Raised $7.8 million｜Led by Draper Dragon On May 6, VirgoCX, a Canadian digital asset trading platform, closed a C$10 million ($7.8 million) round of funding led by Draper Dragon, with participation from Cobo Labs, OKX Blockdream Ventures, Molecular Group, Sora Ventures, How Link Investment and others. The funding will be used to advance the internationalization process, product development and other areas. Link to original article:https://cointelegraphcn.com/press-releases/virgocx 【DeFi】 9. Masa Finance | Seed round funding of $3.5 million｜Unshackled Ventures and others participated On May 4, DeFi lending agreement Masa Finance announced the closing of a $3.5 million seed funding round with participation from Unshackled Ventures and Lateral Capital, GoldenTree Asset Management, Decentranet Intersect VC, Peer VC, Alves Ventures and others. Link to original article:https://techcrunch.com/2022/05/04/masa-finance-gets-3-5m-pre-seed-to-build-its-decentralized-credit-protocol/?tpcc=tcplustwitter 【GameFi】 10. Team DAO｜Series A financing of $5 million｜Led by Krust Universe On May 4th, crypto gaming guild Team DAO announced the completion of a $5 million Series A funding round at a valuation of $48.88 million. The round was co-led by Krust Universe and Animoca Brands, with participation from Great South Gate, Shima Capital, Anti Fund, Algorand, GSR Capital, NGC Ventures, Libra Ventures, Nexo Capital, EX Capital, Coinhako, Octava and others. The new funding will be used to further develop TEAM’s technical infrastructure and expand the team and player base. Link to original article:https://medium.com/teamdao/t-e-a-m-dao-raises-series-a-round-led-by-krust-universe-and-animoca-brands-ec8fd3dac839 11. LootRush｜Seed round financing US$12 million｜Led by Paradigm On May 5th, gaming platform LootRush closed a $12 million seed funding round led by Paradigm with participation from Andreessen Horowitz (a16z), Y Combinator and others. LootRush provides a quick launch platform for blockchain games and also offers NFT leasing for games, aiming to lower the barrier for new gamers and earn revenue for NFT owners. Link to original article:https://www.coindesk.com/business/2022/05/05/paradigm-a16z-back-12m-round-for-blockchain-game-platform-lootrush/ 12. InfiniGods｜Seed round funding of $9 million｜Led by Pantera Capital On May 5th, InfiniGods, a chain game development studio, closed a $9 million seed funding round led by Pantera Capital with participation from Framework Ventures, Jefferson Capital, Animoca Brands and Double Peak. The funding will be used to release three games in 2022, including an NFT with in-game utility. Link to original article:https://www.theblockbeats.info/flash/80387?search=1 13. Untamed Planet｜Raised $24.3 million｜Led by Animoca Brands On May 5th, Untamed Planet, a 3D immersive game based on the metaverse and NFT concept, closed a $24.3 million funding round led by Animoca Brands. As part of the partnership, Untamed Planet and Animoca Brands will reportedly develop and co-publish the metaverse chain game Untamed Metaverse, which will be developed by Animoca Brands subsidiary Nway. Link to original article:https://venturebeat.com/2022/05/05/untamed-planet-raises-24-3m-for-nature-oriented-nft-games/ 14. Cometh｜Raised $10 million｜Led by Ubisoft On May 5th, French chain game studio Cometh closed a $10 million seed funding round co-led by White Star Capital, Ubisoft and Stake Capital, with participation from Serena Capital, Shima Capital and IDEO Colab Ventures. Link to original article:https://www.theblockcrypto.com/linked/145206/french-blockchain-gaming-studio-bags-10-million-in-seed-funding 15. Ready Games｜Raised $3 million｜Led by BITKRAFT On May 6th, Web3 gaming infrastructure Ready Games announced a $3 million funding round through AURA Token sales, led by BITKRAFT and Hashed, with participation from Tribe, IOSG, Spartan, Mapleblock Capital, Polygon and others. The funding round will be used to develop the Web 3 mobile games division. Link to original article:https://www.coindesk.com/business/2022/05/06/ready-games-raises-3m-to-bring-web-2-gaming-to-the-web-3-world/ 【NFT】 16. Americana Technologies｜Seed round funding of $6.9 million｜Led by 776 Management On May 3rd, NFT startup Americana Technologies closed a $6.9 million seed round of funding led by leading venture capital firm 776 Management, with participation from NFT marketplace OpenSea and others, and angel investors including rapper Future. Founded in 2021, Americana Technologies helps brands and creators transform physical goods such as streetwear, collectibles, cars and artwork into NFTs. Its core product is an NFTA universal chip that connects to a physical object and links that object to the blockchain. Link to original article:https://techcrunch.com/2022/05/03/americana-chip-turns-objects-nfts-funding-ohanian/ 17. Immi｜Seed round funding of $50 million｜Paris Hilton and others participated On 5 May, the animation creation app Immi announced its official launch on the App Store and received investment from 11:11 Media, the media content company and platform created by Paris Hilton, Mark Cuban, Tony Robbins, Eric Yuan, founder of Zoom, singer Pitbull, one of the top 100 DJs in the world Steve Aoki (Master Tide) and NFT investor GMoney. According to sources cited by Reuters, the company’s seed funding round valued immi at $50 million. Immi allows creators to animate content using only their facial expressions after selecting NFT characters, and plans to launch its own NFT characters. Link to original article:https://www.nftgators.com/mark-cuban-paris-hilton-pitbull-back-metaverse-app-immi-at-50m-valuation/ 18. Zora｜Raising $50 million｜Led by Haun Ventures On 6 May, NFT trading marketplace Zora closed a $50 million round of funding at a $600 million valuation, led by Haun Ventures with participation from Coinbase Ventures, Kindred Ventures and others. Link to original article:https://www.theblockcrypto.com/linked/145358/nft-marketplace-zora-raises-50-million-in-round-led-by-haun-ventures About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Website: https://www.cgv.fund/ Twitter: https://twitter.com/CGVFOF Medium: https://medium.com/@CGVFoF

In the tide of encryption technology, Crypto Review came into being. Initiated by cryptogram venture (CGV)FoF, with the purpose of “providing in-depth value reference for global encryption practitioners”, crypto review is committed to providing meticulous industry insights, the best investment and research practice guidance to encryption professionals and enthusiasts all over the world, And expand the positive impact of encryption consensus on more institutions and the wider population. Crypto Review is not for profit and adopts the recommendation and invitation system. The content covers: 1. Encryption trends. Pay attention to the technology, management, industry and even macro factors that will affect the behavior of the encryption industry; 2. Overview of the track. Share the latest Overview Research and analysis based on a specific vertical field; 3. Project analysis. Comprehensively and deeply interpret the early dark horse project and star project, and systematically interpret their design concept and mode. The following is a selection of crypto review articles (Mar 2022) TRENDS Energy Cancelled CR Recommendation The author Hayes has worked in Deutsche Bank and Citibank for many years and founded the famous Bitmex exchange. He has a deep understanding of how to build and trade financial derivatives. Compared with other researchers, Hayes may be the crypto practitioner most sensitive to how the macro economy affects the crypto market. For the recent US sanctions against Russia and the freezing of foreign exchange reserves, Hayes believes that this will lead to the decline of fiat currencies such as the US dollar, which is good for gold and Bitcoin. His prediction is more radical: the value of a Bitcoin will reach millions of dollars, and an ounce of gold will be worth thousands of dollars. Web3’s Mobile Moment CR Recommendation Do we remember how mobile devices began to change the Internet and the economy as a whole? Maybe most people have forgotten. Many trends occur imperceptibly. If Web3 wants to have the same scale as the Internet, what scenarios will it break through first? The author lists geolocation NFT, augmented reality Web3 games, things involving augmented reality and NFT, social Web3 wallets, highly visual “lot bags” and NFT galleries. This may give you some inspiration. The Missing Link Between Web2 and Web3: Custody CR Recommendation Fully controlling your digital assets is one of the most attractive places of Web3, and it is also one of the biggest thresholds for new crypto users. Today, centralized exchanges like Coinbase have proved the effectiveness of the “custody” model in crypto token trading. The author believes that Web3 products cannot expect users to jump into the tide of decentralization from the familiar centralized experience in one step. Indeed, there may be a middle ground in the alternation of anything. 7 Potential Impacts of Ukraine War on Crypto CR Recommendation “The first crypto war in the world”, the Washington Post commented on the Russian Ukrainian war. In my opinion, the recent war in Ukraine will rewrite or accelerate the historical process of crypto to a certain extent. Another thing most people ignore is that Ukraine legalized cryptocurrency before the war with Russia. This time point seems a little subtle. The author comprehensively analyzes the seven impacts of the war in Ukraine on the crypto world. Perhaps we will encounter these predictions soon. In short, the market will continue to fluctuate in the short term, and crypto market will benefit in the long term. FIELDS Yield Farming for Serious People CR Recommendation In essence, DeFi investors are not much different from traditional investors. Both take risks, provide value and reap rewards. This article studies revenue farming from the perspective of basic principles to obtain compound returns from the operation of encrypted assets. It illustrates the most basic value exchange in the whole mining process. In the author’s opinion, DeFi investors passively provide five forms of value: operating the network, providing loans, providing liquidity, management agreements and promotion agreements, and the resulting rewards are jointly provided by the protocol owners, users and investors. On-chain identity landscape CR Recommendation The concept of DID (decentralized identity) has existed for several years. Some organizations such as DIF and W3C tried to establish DID standards, but the early definition mainly focused on establishing authentication systems through cryptography. With the rise of NFT, GameFi and more forms, users need to add more data on the chain to did to enrich their decentralized identity, which gave birth to a new identity track on the chain. With the further enrichment of crypto ecology, Web3 identity will also become an indispensable and important module of crypto ecology. NFT Index Methodology CR Recommendation Nansen is positioned as an “on chain analysis platform for encryption traders and investors”, its core competitiveness is mainly data analysis and processing capabilities. The launch of Nansen NFT index will become a new data vane in NFT market. How to use Nansen to find the most potential NFT projects in advance? This paper gives a detailed description. Through these six indexes, all users can explore and diversify into different areas of NFT market. It can be said that the password of NFT investment is among them, which is worth collecting and studying. Play-to-Earn Guilds: A breakdown by Impossible Finance (Excerpt) CR Recommendation There is a saying that P2E guild is the real promoter of the fire of Play-to-Earn (P2E) games. The P2E guild has achieved great success in helping Axie Infinity and other P2E games expand, enabling them to accumulate token assets for reinvestment and expansion. Nowadays, P2E track is not only in the white hot competition of the game, but also faces great competition from P2E guilds. Impossible research has conducted a comprehensive analysis of eight P2E guilds such as YGG, which has a good guiding significance in terms of investment, cooperation and even choosing P2E games in the future. PROJECTS Common pitfalls for Web3 founders CR Recommendation This article is a “Step-By-Step Guide” written by the author to the founder of Web3 project. Whether it’s obsessed with marketing, expanding too fast or too early, or how to recruit the right talents to join the team, Qiao Wang almost gives the standard reference answer with practical experience. As the author’s original intention of writing this article is “open source it, because it may benefit thousands of aspiring new Web3 founders”. I believe you will gain something after reading it. Even if you are not the founder of the project, a lot of methodological thinking is also very valuable. How to run a diligence process for an early-stage crypto investment CR Recommendation Compared with Web2, the early investment of Web3 requires new thinking patterns and standards. At present, the author’s organization paradigm has established the world’s largest crypto fund. Combined with his own industry experience, the author lists the realizable paths to investigate and study early encryption projects. Each seems simple and concise, but it really takes a lot of effort to achieve it, such as talking with users; Why publish now and so on. In short, only through better investigation and research can help us to find more valuable projects at an earlier time. For more information, please refer to Crypto Review (Mar, 2022). Just click: Crypto Review (March2022) About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.

by Shigeru, CGV FoF Research Fellow The most fascinating thing about the encryption industry is that it is never short of innovative narratives. In the first quarter of 2022, although the encryption industry had been affected by uncertainties such as the Ukraine-Russia war and the Fed’s interest rate hike expectations, the continued popularity of “Move-to-Earn” projects such as STEPN and Genopets gave a boost to the entire industry. The “Move-to-Earn” mode was quickly recognized by users and well received by the market. Move-to-Earn is similar to Play-to-Earn. Put simply, real physical movement data is tracked through a smartphone or wearable device and mapped into the project. If certain task requirements are met, players can obtain corresponding rewards. For example, in a running application, users can obtain token rewards if they meet task requirement of, say, 5,000 steps. CGV Research has conducted in-depth analysis and discussion on the “Move-to-Earn” mode and representative projects. We are very excited about the bold exploration and practice of STEPN and other projects in the fields of Web3, encryption, and traditional markets. We firmly believe that the Move-to-Earn track is a brand-new track that is different from other X-to-Earn tracks. It has just started and will become a huge blue ocean market in the future. Fitness: An Excellent Scenario for Web3 Encrypted Applications to Reach Beyond the Circle For practitioners in the encryption industry, how to apply encryption technology to Web3 so that more users can access encrypted applications and encrypted digital assets is one of the difficult problems they have been trying to solve. After all, only when new users enter the encryption industry and take up business of new market can the encryption market grow bigger. Many fields such as education, socializing, and entertainment have been trying to adopt the combination of Web3 and encryption technology. But in the view of CGV, fitness market that Move-to-Earn relies on has a broader user base and room for development. Fitness may be an excellent scenario for Web3 encrypted applications to reach beyond the circle at this stage. Fitness is a form of communication across borders, races, religions and cultures. Just as the Olympic spirit “faster, higher and stronger” advocates, fitness is the universal value of human society. In terms of statistics, the people engaged in fitness constitute a huge user group: more than 1 billion people choose walking, jogging or running as a form of exercise; the number of users of running applications worldwide reaches 400 million; and in 2021, the number of people engaged in fitness in China exceeds 3 billion, etc. If Move-to-Earn can turn people engaged in fitness into users, it can attract millions, and even tens of millions of people, into the Web3 and encryption market. Online fitness market grows rapidly. Since the outbreak of COVID-19 in 2020, more and more people have paid attention to health and adopted new ways of fitness. Online fitness has become the first choice for users thanks to its convenience, data-based monitoring effects, and dynamic usage analysis. According to Runrepeat, the global online fitness market is expected to reach $59.231 billion by 2027, growing at a CAGR of 33.1% from 2020 to 2027. Users of online fitness applications are all potential users of Move-to-Earn. Fitness is in line with the era theme of carbon neutrality and environmental protection. The original intention of the Move-to-Earn project is to encourage users to engage more in fitness. While exercising, they also indirectly participate in environmental protection, making their own contributions to the advancement of the global carbon neutrality cause. For example, users can walk for 30 minutes to work instead of driving for 10 minutes. It is believed that the low-carbon lifestyle advocated by Move-to-Earn will be accepted by more people. Experiences and lessons about Web2 fitness applications. Web2 fitness application is already a big market. As the market demand for smart watches and wearable devices keeps increasing, App developers constantly introduce new tools and functions, boosting the market vitality of fitness application software. Here, a running App “Interesting Walking Chain” (IWC) is worth mentioning. It was established in June 2018, and the number of registered users in China alone once exceeded 70 million. But its core business mode is a Ponzi scheme that pays dividends to existing investors with funds collected from new investors, and the project ended in abscondence with the money. Although IWC is a negative example, it can be seen from the development trajectory that once the door of the Move-to-Earn fitness market is opened, there will be a large influx of users. Market gap and user needs of the fitness market are clear. From CGV’s point of view, users who have a demand for fitness App can be roughly divided into two categories. The first category is users who have fitness plans but have difficulty adhering to them. For many people who have a fitness plan, their subjective willingness and enthusiasm to exercise may not be strong, and therefore it is not easy to stick to the habit, resulting in unsatisfactory fitness effect. Appropriate incentive feedback can help individuals stick to the plan. The second category is users who have cultivated fitness habits. For fitness enthusiasts, the additional benefits generated by exercising can help them develop new behavioral habits and maintain a certain stickiness to the habits. For those users who have already reaped benefits in the Play-to-Earn mode, they will certainly hope to earn more in the new Move-to-Earn mode. This group of users will also be important participants in the Move-to-Earn mode. Move-to-Earn does not Belong to, nor is it Equal to Play-to-Earn In the encryption circle, many media and KOL tend to classify Move-to-Earn into the GameFi market category, and even equate it to a variant or derivative of Play-to-Earn. However, after comparing game attributes, user habits, product competition, and the ultimate user experience, CGV Research believes that Move-to-Earn does not belong to, nor is it equal to Play-to-Earn. The two are quite different from each other in the following aspects: First, one is game, while the other is gamified product. Whether it’s Axie Infinity’s hyperbolic token economic model, Loot’s unique “bottom-up” game narrative, or StarAtlas’ spectacular interface and engine, these projects are typical of Play-to-Earn. Play-to-Earn encourages players to earn income through games, that is, players provide labor (in the form of time and energy devoted into the game) and capital (usually need to buy NFT to participate in the game), and obtain token rewards after making achievements and progress in the game. Game is addictive, and many GameFi games have complicated rules that make the game difficult to understand and play. Gamification is a form of expression that is different from game but adopts game rules. In other words, gamification is just a feedback effect logic extracted from game rules. Advocating investing in health, the Move-to-Earn project develops products and operates them with the idea of “gamification”. When designing and developing many Move-to-Earn products, it is necessary to strike a balance between gamification, token economy and App operation. In this case, developers will further weaken the elements of game, because they can make the game difficult to understand or operate. Second, one competes for user play time, while the other competes for unit time efficiency. For the Play-to-Earn project, if you choose to play Axie, you basically cannot play other games at the same time, and the total amount of time each player spends on the game is limited. As one needs to work and sleep with only a few hours left for game, very few people can play 2 or 3 games well. For the Move-to-Earn project, if you have chosen application A, you can still choose application B at the same time and get more benefits. Let’s call it the “double mining” of fitness mining. Just imagine, when you are running, you can get two, three or even more benefits at the same time, and all you need to do is to keep a few applications running at the background. So, why not? Here is a simple example to help you understand: the competition between Play-to-Earn projects is similar to that between Facebook and TikTok; while the competition between Move-to-Earn projects is similar to that between Ethereum mining machine and ETC mining machine. The core difference between the two is as below. Play-to-Earn competes for the total amount of user play time, which belongs to competition in the existing market (everyone’s leisure time for game is limited). In this case, rate of return is the key to competition as high rate of return helps to win more users. While Move-to-Earn competes for the efficiency of user unit time, which belongs to competition in the new market (no upper limit on the number of superimposed products per unit of time). In this case, product experience is the key to competition as a good product experience can help users cultivate usage habits. In accordance with the above logic, the room for market growth of Move-to-Earn (maybe several times, even dozens of times) is much larger than that of Play-to-Earn. Third, one pursues fitness, while the other pursues spiritual pleasure. The carrier of Play-to-Earn is the game, which requires players to stare at the screen for a long time and perform manual operations. In addition to the token income, there is also spiritual pleasure. But in fact, Play-to-Earn leaves players with more tedious click of pages designed with almost the same mechanism than joy in the game itself. Move-to-Earn frees the player’s hands and eyes, and fully mobilizes the user’s enthusiasm for movement. Regardless of the benefits, the effects of physical exercise are real. However, users of some Move-to-Earn projects “exercise too much”, resulting in problems such as broken feet, knee injuries, muscle strains, etc. In addition, although the effects of fitness and spiritual pleasure are all difficult to quantify, the social resistance encountered by each user is completely different. Your family or friends will understand and encourage you to engage in fitness, but if you keep playing games, I believe it is more likely that people around you will persuade you not to “indulge in games”, even if you argue “I’m not playing games, I’m making money. “ Where’s the Room for Move-to-Earn Rivals after STEPN Became Popular? When it comes to Move-to-Earn in 2022, we have to mention STEPN. Objectively speaking, without the explosive growth of STEPN, the Move-to-Earn track may not have aroused public attention so quickly. The CGV team has prepared some public market data to give a brief review of STEPN’s short but glorious history: In January 2022, as the first Move-to-Earn NFT game on Solana, STEPN announced the completion of a $5 million seed round with Sequoia Capital India and Folius Ventures as lead investors, making it a big name for a while; in March, Binance Launchpad announced the launch of STEPN governance token GMT. In less than a month (as of this writing), the price of GMT rose from $0.001 to $2.8, an increase of about 280 times, and the peak FDV exceeded $16 billion. Just seeing these numbers, many people will unconsciously classify STEPN as a type of project controlled or coerced by capital giants, but in fact, as CGV noticed, more details that may not be paid attention to seem to be uncommon in the encryption circle: — — STEPN’s App once ranked fourth in the Japanese application market, and third among US fitness Apps; — — In the two weeks from March 16th to 30th, the number of token GST addresses consumed by STEPN increased from 31k to 78k; — — STEPN governance token GMT surpassed BTC in 24-hour trading volume on Binance Exchange on March 30. To sum up, both operational data and transaction data reflect the strong momentum of STEPN’s further development. No wonder Scott Dunlap, vice president of Adidas, praised STEPN many times on social media: “STEPN will become the dark horse of the industry in 2022” and “more people will be obsessed with STEPN”. In my opinion, STEPN’s success today can be attributed to the convergence of developments in blockchain underlying technology, token economic system, NFT market, etc. and it fully enjoys the dividends of the development of the encryption industry. First, it is based on the latest development of the blockchain infrastructure layer. One example is the improvement of public chain performance. The Solana public chain preferred by STEPN is known for its high scalability, fast execution speed and low cost. This guarantees reliable interaction of STEPN functional modules, NFT and digital assets, and ensures a smooth user experience. This undoubtedly greatly narrows the user experience gap between Web2 and Web3. Just imagine, if STEPN was launched directly on Ethereum two years ago, repairing a sneaker would cost 30 minutes to execute command, and dozens of dollars. How discouraging? Second, it is based on the development of the dual-token model and economic system design of Play-to-Earn. As the representative of Play-to-Earn, Axie has created a dual-token model and economic system design. If you’ve played so-called free mobile games, you’ll understand the gold and diamond system. Gold coins are not valuable, diamonds are the real scarcity, you have to work very hard to get them, or you can buy diamonds directly with fiat currency. One of the most interesting parts of STEPN’s profit model is the dual token system. The logic of gold coins and diamonds is replaced by GST and GMT respectively. While players can get both, GMT is in limited supply, of higher value, and more difficult to acquire. In contrast, GST is the fuel that players consume to do different tasks in the game. Third, it is based on the continuous explosive growth of the NFT market and the extensive education of users. In 2021, driven by factors such as celebrity effects (such as Madonna and other stars buying Bored Apes for more than $500,000) and the popularity of metaverse, the collection of digital avatars became hugely popular and ignite the entire NFT market. According to NonFungible data, the transaction volume of NFT reached $17.6 billion in 2021, a 210-fold increase from $82 million in 2020. NFT energy is intoxicating. Numerous startups, multinational corporations, A-listers, Hollywood studios and many others came together to discuss and celebrate the disruptive potential of NFT in their respective fields. And today, this trend shows no sign of slowing down. If there is no explosive growth of NFT project and NFT market education, how difficult it would be to convince a user to spend nearly 1,000 US dollars to buy a pair of virtual NFT running shoes, and that two pairs of running shoes would mint new running shoes? You know, until 2021, they all seem to be ridiculous jokes. The popularity of STEPN has stimulated many competing products. However, no single project can monopolize a track. STEPN also has its own “Achilles’ heel” and it’s not perfect. CGV believes that new breakthroughs may be possible in the following directions for Move-to-Earn competitors: First, duplicate STEPN. It sounds bizarre, but think twice, and it seems to be a probably feasible direction. As mentioned above, in the “Move-to-Earn App” mode, when two mining machines (Move-to-Earn App) of the same model and power are powered on at the same time, the benefits are superimposed with no influence on each other. Second, support more scenarios. STEPN currently only supports limited outdoor fitness scenarios such as walking and running. It needs to be connected to the GPS system. It does not cover outdoor scenarios such as cycling, mountaineering, and skiing. It also cannot support related data for indoor fitness such as treadmill exercise, etc. These are all potential opportunities. Third, lower the threshold for users to use. At present, STEPN users entering the world of Move-to-Earn need to spend at least 800U to buy shoes, which is not a small expense for many users. If they can experience the App with a cost equal to a few cups of coffee, it will be easier for them to get involved. Although STEPN plans to enable rental function, no specific details have been revealed yet, and we will continue to keep an eye on that. In addition, it is also very important to develop more ways of interaction between fitness and socializing. CGV believes that Move-to-Earn may be the easiest way to get to SociaFi. The generated data pictures of fitness App visualize the fitness. Social platforms such as Facebook and Instagram provide a coordinated self-display stage for the fitness population. Therefore, the combination of fitness with socializing will bring huge user stickiness and faster fission speed to the Move-to-Earn project. Move-to-Earn’s “First Half” Risks and “Second Half” Opportunities Whether it’s GameFi, Play-to-Earn project, or X-to-Earn project, they all have their own cycles, ranging from weeks to months or even years. Will the Move-to-Earn project be a “flash in the pan” as the popularity drops, prices drop, old players get bored, or numerous imitations pop up? CGV believes that the development and effective operation of the economic system is the key for the Move-to-Earn project to making breakthroughs in the bottleneck period and further opening up new prospects. In a simple analogy, we can compare the economic system to a cistern. If the amount of water flowing into the cistern (the total cost of the user for the project) exceeds that of the water flowing out of the cistern (the total revenue the user gets from the project), the economic system can rely on internal circulation for continued functioning. In the same way, for a certain Move-to-Earn project, if there are more users who make money than users who spend money, then this is a game of “left foot on right foot” in which the money earned by users must be the money lost by latecomers. In addition, the speed of water flowing in and out needs to be strictly controlled to prevent the water from flowing out too fast within a certain period of time and causing the reservoir to dry up. The root cause of the failure of previous projects such as IWC also follows the above logic. The gameplay of IWC is that players need to invest in scrolls and generate candy tokens through scrolls and activity. At the end, the game became a relay race to attract more latecomers. Candy tokens were continuously issued without consumption scenes, and as a result, the price fell sharply, resulting in stampede collapses and the reservoir dried up. For projects that adopt the “dual currency mode” such as Axie and STEPN, in terms of economic model, the balance mechanism of token minting and destruction is gradually explored, which provides an important foundation for the inflow and outflow control of the water speed of the reservoir. For example, STEPN creates a variety of scenarios for the consumption of GST tokens and governance tokens GMT to facilitate use, such as using GST to upgrade shoes, speed up the upgrade time, repair shoes, synthesize new shoes, etc.; at the same time, control the output of GST and GMT to reduce selling pressure. It is difficult for players to simply seek rent through mining and selling, and asset returns are implicitly limited and diversified. This prevents the project from falling into a death spiral to a certain extent. CGV believes that the Move-to-Earn boom has just begun, and the “second half” of Move-to-Earn is about to start. In the next few months or 1–2 years, we may see the following new changes: The first encrypted application with tens of millions of users will be born. In 2022, the trend of Move-to-Earn will sweep across the entire Web2 and Web3 fields. Whether it is encryption users, fitness experts or KOL from all walks of life, they will all be moving with this trend and will spontaneously promote it. Play-to-Earn’s Axie was once very popular in 2021, capturing millions of users, and Move-to-Earn’s users will greatly exceed that number. After all, the number of people walking and running is much larger than that of people who play krypton gold games. “Fitness as mining” has become the classic mode of X-to-Earn. Fitness may be the best application scenario for X-to-Earn. The Move-to-Earn mode makes the concept of “fitness as mining” popular with the people. Coupled with the exploration and practice of a series of applications represented by STEPN in the token economic model, it has set an example for more scenarios to explore the X-to-Earn mode. At the same time, as more Move-to-Earn projects will be launched, they will provide users with more diverse and personalized options for fitness incentive “mining machine”. The cooperation between encrypted applications and traditional business has entered a new chapter. The encryption movement is rapidly entering mainstream business. Not only are traditional financial institutions investing capital in crypto assets, but many mainstream consumer brands are embracing NFT, such as Visa buying CryptoPunk, and Coca-Cola and McDonald’s launching NFT souvenirs. The Move-to-Earn application scenario is not only applicable to traditional business partners such as fitness hardware, App, clothing and apparel brands, and luxury fashion brands, but also fully integrates encryption economic elements such as NFT and encrypted assets, opening up new possibilities for the cooperation between traditional business and encrypted applications. A16z co-founder Chris Dixon said more than a decade ago that “the next big thing will start out looking like a toy.” Move is boring and repetitive, but Move-to-Earn is a kaleidoscope. Perhaps, we can catch a glimpse of the prototype of the “next big thing” Web3 application from the innovation of Move-to-Earn. About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Twitter: @CGVFOF Medium: @CGVFoF

Produced by: CGV Research Author: Vargason Introduction In the past year, BSC, Solana, Avalanche, and other public chains have been challenging Ethereum. However, after several rounds of market test, Ethereum has been evidenced to be a strong player other than Bitcoin. Ethereum is still attractive to developers and longtime practitioners due to its security, decentralization, and ecological development. In CGV’s view, Ethereum will gradually evolve into the underlying infrastructure of the blockchain and become the undisputed king of the public chain. However, Ethereum has disadvantages such as congestion and increasing costs. The scalability and optimization of Layer 2 and other technologies based on Ethereum will become the main trend of future development. CGV found through L2BEAT data that as of March 3, the total value locked (TVL) on Ethereum Layer 2 was $6 billion, which exceeded that on most public chains. The Layer 2 ecosystem and users are getting bigger and bigger. Ethereum Layer 2 scaling solutions break through the existing performance limitations and facilitate a larger ecosystem. Next, CGV will introduce you several Layer 2 solutions. 1. Basic introduction to Layer 2 Layer 2 is a scaling solution. It is mainly to improve the scalability related to the “impossible triangle” problem in the blockchain industry, that is, to enhance the operational efficiency of the blockchain while reducing costs. Layer 2 has a separate execution layer (where the code runs, in an environment such as EVM) and runs on top of L1 (L1 is Ethereum in our discussion). Let’s put aside the difficult technical terms for the time being, and take the central bank as an example. If Ethereum is the central bank, and Layer 2 is the commercial bank. All monetary assets are issued and settled at the central bank. To avoid the congestion caused by processing all the business, the central bank allows commercial banks to handle part of the business first and then settle the business results at the central bank, thus improving the efficiency of the business operation. Layer 2 can do most of the computing for Layer 1, such as separating Ethereum transactions from the main chain, reducing the burden on Layer 1, improving business processing efficiency, thus achieving scalability. Layer2 may only reach partial consensus, but it can meet the needs of various business scenarios. The scaling technology of Layer 2 has roughly gone through: a process from side chain → Lightning Network → Plasma → Rollup. When the Layer 2 enters the Rollup stage, it achieves great improvement. The Rollup solution not only provides users with near-instant transaction speed, but also significantly reduce costs, while maintaining the security and decentralization of the Ethereum mainnet. At present, there are two main types of Rollup scaling solutions, namely, Optimistic Rollup and Zero-Knowledge Rollup (ZK-Rollup). Next, CGV will introduce these two scaling solutions. 2. Two types of Rollup solutions: Optimistic Rollup and ZK-Rollup 2.1 Optimistic Rollup — L2 using “fraud proofs” Optimistic Rollup not only inherits the good security of the underlying L1 chain, but also provides lower cost and higher throughput than L1. Optimistic Rollup assumes that the transaction sent back to the mainnet is legitimate, and the transaction will only be rejected if the validator can prove that the transaction is fraudulent by submitting a fraud proof. In other words, Optimistic Rollups take an “innocent until proven guilty” approach to verifying transactions. Next, CGV will mainly introduce two types of Layer 2 adopting Optimistic Rollup: Arbitrum and Optimism. 2.11 Arbitrum 1) Basic introduction Arbitrum is a mainstream Optimistic Rollup launched by the Offchain Labs team. Due to Arbitrum’s compatibility with EVM, the Apps on the L1 network can be seamlessly migrated to the L2 network, which means DeFi and NFT projects can easily migrate their codes to scaling solutions. Arbitrum leverages the ability to communicate between L1 and L2, allowing arbitrary forms of Ethereum assets to be transferred between Layer 1 and Layer 2 without trust. Although the transactions on Arbitrum are still settled on Ethereum, Arbitrum only submits raw transaction data to Ethereum, and execution and contract storage are performed off-chain. Therefore, compared with Ethereum mainnet, the gas fee required by Arbitrum is very low, and the contracts are fully compatible. Let CGV briefly summarize Arbitrum’s features: extremely low transaction fees, no trust required, secure funds with Ethereum mainnet-level security through cryptography, user-owned assets, almost 100% compatibility with EVM. 2) Ecological development When Arbitrum was launched on the mainnet, 74 projects including Uniswap V3, Aave, Curve, and MakerDAO were deployed. Based on the data of arbitrum browser, CGV found that the online trading volume of Arbitrum showed an upward trend. On March 3, the number of transactions exceeded 120,000. source: arbiscan.io According to L2BEAT data, as of March 3, the TVL of Layer 2 on Ethereum was $6 billion, which exceeded that on most public chains. Among them, Arbitrum is the scaling solution with the highest TVL, which is $3.26 billion, accounting for 54.3%. Based on these data, we can find that in the short six months since the launch of Arbitrum, apart from the early migration projects, more and more projects have been added to its ecology. For example, TreasureDAO is such a project that has been widely known within a short time. If you want to know about TreasureDAO, please read CGV Research’s report. TOP 10 Projects by TVL on Arbitrum Currently, the new projects mainly built on Arbitrum include GMX, Dopex, Tracer, Premia, Umami Finance, Swapr, Cap, etc., with the TVL exceeding more than $20 million for each project. CGV also found that Arbitrum attaches great importance to accessing flow pool that can be converted. Arbitrum cooperates with mainstream exchanges such as Binance, FTX, OKX, Huobi and some payment channels, allowing users to deposit and withdraw funds directly on the L2, which significantly expands the user base. In the future, L2, with its superior performance and thriving ecosystem, will gain more and more popularity. Arbitrum is improving its infrastructure, and its potential has been gradually realized. For the emerging L2, Arbitrum undoubtedly has the first-mover advantage. 2.12 Optimism 1) Basic introduction Optimism, formerly known as the Plasma Group, is the development team of the Optimistic Rollup. Optimism leverages all existing tools in the Ethereum ecosystem and modifies them to implement their optimistic protocol and L2 solution, which enables low fees, low latency and high throughput by running computations off-chain. As optimism can obtain security protection directly from the Ethereum mainnet, it not only retains the security of Ethereum mainnet, but also ensures scalability. On Optimism, transaction data is compressed and sent to the Sequencer Entrypoint contract on L2. Sequencer will be rewarded for executing transactions correctly and be penalized if they act in bad faith by reducing collateral funds, which may result in longer withdrawal times for Optimism. This issue can be fixed by cross-chain bridges such as Synapse and Hop exchange. 2) Ecological development Excellent compatibility has created excellent conditions for the establishment of the Optimism ecosystem. As of March 3, the TVL on Optimism reached $469 million US. Projects such as Uniswap, Syntheti, Lyra, Rubicon, Kwenta, 1inch, WePiggy are all built on Optimism. Additionally, the number of wallets, tools, and cross-chain bridges that support Optimism is increasing. Next, CGV will intuitively introduce the development of the Optimism ecosystem with some data. Since November 2021, the daily trading volume on Optimism has maintained a high level of growth, with a peak of 90,805 in a single day. Although the daily trading volume has dropped recently, it remains above 20,000. source: dune.xyz Synthetix came in first with the TVL of $118 million, accounting for 45.45% of all transactions on Optimisms. The option protocol Lyra on the Synthetix ecological chain temporarily ranks second with the TVL of $37.04 million. The main projects of Optimism are temporarily based on the Synthetic ecology, which is related to Synthetix’s support for Optimism. source: footprint.network Compared to Arbitrum, there are relatively few DApps built on Optimism, but it ranks fourth among all L2s in terms of the TVL, due to Optimism’s excellent compatibility. With the gradual improvement of Optimism, more projects will be built on Optimism in the future. 2.2 ZK-Rollup — L2 using “validity proofs” The ZK-Rollup solution generates a proof of encryption when the transaction is packaged into the mainnet to prove that the transaction is legitimate. Only after the proof of encryption is verified, the transaction will be accepted on Ethereum. Unlike Optimistic Rollup, ZK-Rollup adopts the method of “guilty until proven innocent” to conduct verification. Next, CGV will mainly introduce two types of Layer 2 using ZK-Rollup solution: zkSync and Starkware 2.21 zkSync 1) Basic introduction Invented in December 2019, zkSync is a scaling solution developed by the Matter Labs, a European team, that uses ZK-Rollup technology to process transactions on the Ethereum blockchain while still maintaining its security. Gas fees are equal to 1% of Ethereum gas and cheaper than using Optimistic Rollup. It can process 2000+ transactions per second (tps) compared to 14tps on Ethereum. Additionally, it has the ability to transfer assets back to L1 at any time. The zkr solution of zksync 1.0 provides very limited functional application scenarios. Therefore, the main task of zksync is to launch zksync 2.0 and build an ecosystem based on it. Once the protocol becomes more mature, its focus will shift to privacy and decentralization. 2) Ecological development In March 2021, Matter Labs completed the Series A financing of $6 million led by Union Square Ventures for zkSync, the most promising L2 scaling solution. Before the launch of zkSync 2.0, zkSync has successively attracted strategic partners such as a16z, Dragonfly, 1kx, OKX, etc., attracting the migration of a large number of dApps, and the participation of CEXs that support fund transfers between exchanges and L2. On February 22, the zkSync team announced that the zkSync 2.0 public testnet was officially launched, which means that the first ZK Rollup that is compatible with EVM on Ethereum test network began to run. With the continuous improvement of zkSync, the current number of ETH locked in the zkSync L2 network has exceeded 90,000. The total number of transactions transferred from the Ethereum mainnet to the zkSync L2 network has surpassed 350,000. The total value locked has reached $72 million. Among them, the number of independent addresses is about 240,000. It is worth noting that the actual number of zksync L2 activated accounts should be higher than the number of independent addresses, because users can activate accounts directly through the fund transfer between L2s. source: dune.xyz CGV found that although zkSync has no specific timetable for the issuance of tokens, its team has revealed earlier that after the zkSync mainnet is launched, 1/3 of zkSync’s tokens will be reserved for the team and investors, and the remaining will be distributed to the community. zkSync token is the fee token of the zkSync network. source: dune.xyz Matter Labs focuses on investing resources to build the zkSync ecosystem. It announced the establishment of a $200 million DAO organization earlier this year, which will help expand zkSync ecosystem through public products, infrastructure, security frameworks, R&D grants, and investments in other encryption organizations. 2.22 StarkWare 1) Basic introduction Founded in 2018, StarkWare is an L2 scaling solution based on STARK and ZK-Rollups. It mainly improves the scalability and privacy of blockchain. StarkWare has developed a complete solution that uses STARK technology to form Volition through zk-Rollups and Validium modes to generate and verify the proof of computational integrity. StarkWare’s cryptography proof can achieve zero-knowledge, simplicity, transparency, and post-quantum security. One of StarkWare’s key contributions was the invention of STARKs (Scalable Transparent Arguments of Knowledge), a form of validity proof with a completely trustless setup that enables offloading all on-chain computation off-chain to a single off-chain STARK prover. The main products developed by StarkWare are: StarkNet, StarkEx, Cairo. StarkNet is a permissionless, decentralized L2-ZK-Rollup based on the Stark zero-knowledge proof developed by the Starkware team on Ethereum. StarkEx is an L2 scalability engine developed by Starkware that enables the execution of such functions in a zero-knowledge environment through Cairo, assembly-language-like program. Cairo is a Turing-complete language, and StarkNet is based on Cairo and supports general-purpose computing on Ethereum. With StarkWare as the Layer2 solution supporting the dYdX and Immutable, we can experience the great scalability provided by the StarkWare solution. CGV briefly summarized the features of StarkWare: good scalability and privacy, and excellent user experience. 2) Ecological development From the very beginning, StarkWare has attracted investment from the world-class capital such as Paradigm, Ethereum Foundation, IOSG, Multichain Capital. Vitalik, founder of Ethereum, who is optimistic about ZK rollup scaling solution, is also an early investor of starkware. Currently, the TVL of StarkWare has exceeded $1.2 billion, and important protocols such as dYdX, Sorare, DeversiFi, Immutable, and Celer Network have been deployed on StarkWare. According to L2BEAT data, among all L2 projects locked, dYdX alone accounts for nearly 17% of the TVL, with its TVL reaching nearly $900 million. After comparison, CGV found that StarkWare is superior to zkSync in terms of performance and current operating conditions, and the StarkWare team has excellent PR and team organization skills, long-term strategic planning of the project, and strikes a balance between technology and commercialization. 3. Summary In CGV’s view, 2022 will be the year when Layer 2 explodes. The operation of Layer 2 on Ethereum is a economically and technically sustainable scaling solution, and Rollup is undoubtedly the most popular option among Ethereum scaling solutions. The development of Layer 2 has just begun. In CGV’s view, with the continuous advancement of Ethereum Layer 2 solutions, Ethereum will gradually evolve into the underlying infrastructure of blockchain, and some previous L1 side chains or public chains will be transformed into Ethereum Layer 2 subsequently, which will further stabilize the status of Ethereum. CGV deems that in terms of opportunity, we should focus not only on Rollup’s native tokens, but also on emerging projects that find a user base on these Rollups. Note:This article is a CGV FoF research paper and is for reference only. It does not constitute any investment proposal. Reference： 1. https://arbitrum.io/ 2. https://developer.offchainlabs.com/docs/developer_quickstart 3. https://developer.offchainlabs.com/docs/rollup_basics#executing-and-securing-the-chain 4. https://developer.offchainlabs.com/docs/rollup_basics#submitting-transactions 5. https://www.optimism.io/ 6. https://community.optimism.io/ 7. https://medium.com/ethereum-optimism/introducing-evm-equivalence-5c2021deb306 8. https://research.paradigm.xyz/optimism#data-availability-batches 9. https://community.optimism.io/docs/protocol/protocol-2.0/# 10. https://matter-labs.io/ 11. https://cryptoexplainere60.substack.com/p/zk-world-pt-3-zksync?s=r 12. https://vitalik.ca/general/2021/01/05/rollup.html 13. https://starkware.co/ 14. https://www.bloomberg.com/news/articles/2021-11-16/sequoia-led-round-values-blockchain-firm-starkware-at-2-billion 15. https://multicoin.capital/2018/10/30/our-investment-in-starkware/ ---------------------- About Cryptogram Venture (CGV)： CGV (Cryptogram Venture) is a crypto investment institution headquartered in Tokyo, Japan. Since 2017, its fund and predecessor funds have participated in investing in over 200 projects, including the incubation of the licensed Japanese yen stablecoin JPYW. CGV is also a limited partner in several globally renowned crypto funds. Since 2022, CGV has successfully hosted two editions of the Japan Web3 Hackathon (TWSH), supported by Japan's Ministry of Education, Culture, Sports, Science and Technology, Keio University, NTT Docomo, and other institutions and experts. CGV has branches in Hong Kong, Singapore, New York, Toronto, and other locations. Additionally, CGV is a founding member of the Bitcoin Tokyo Club. Disclaimer： The information and materials introduced in this article are sourced from public channels, and our company does not guarantee their accuracy or completeness. Descriptions or predictions involving future situations are forward-looking statements, and any advice and opinions provided are for reference only and do not constitute investment advice or implications for anyone. The strategies our company may adopt could be the same, opposite, or unrelated to the strategies readers might speculate based on th

Blockchain technology is constantly changing the way we work, live, study and play. As far as the evolution of cryptocurrency market is concerned, 2021 is a very eye-catching year: we have seen the rise of many new blockchain projects, challenging the dominant position of Ethereum. The market value of various digital currencies such as BTC has reached an all-time high, and the dazzling NFT boom has pushed forward the large-scale implementation of blockchain technology. In the tide of encryption technology, Crypto Review came into being. Initiated by cryptogram venture (CGV), with the purpose of “providing in-depth value reference for global encryption practitioners”, crypto review is committed to providing meticulous industry insights, the best investment and research practice guidance to encryption professionals and enthusiasts all over the world, And expand the positive impact of encryption consensus on more institutions and the wider population. Crypto Review is not for profit and adopts the recommendation and invitation system. The content covers: 1. Encryption trends. Pay attention to the technology, management, industry and even macro factors that will affect the behavior of the encryption industry; 2. Overview of the track. Share the latest Overview Research and analysis based on a specific vertical field; 3. Project analysis. Comprehensively and deeply interpret the early dark horse project and star project, and systematically interpret their design concept and mode. The encryption world is changing with each passing day, and the opportunity of the encryption world is fleeting. We hope Crypto Review can precipitate more valuable thoughts and really help encryption practitioners understand the present and see the future in the torrent of the times. The following is a selection of crypto review articles (January 2022) TRENDS 《The Web3 Playbook: Using Token Incentives to Bootstrap New Networks》 Original link：https://future.a16z.com/the-web3-playbook-using-token-incentives-to-bootstrap-new-networks/ CR Recommendation： a16z which is the author’s organization is the largest investor in Web3. The full text is concise and insightful. It is impressive to predict and analyze the world of Web3 from the perspective of the history of Internet development. It remains to be seen how amazing diversity and potential Web3 will show. 《Blockchains are cities》 Original link：https://medium.com/dragonfly-research/blockchains-are-cities-564327013f86 CR Recommendation: The world of blockchain is abstract and obscure, especially the public chain. However, the author compares the public chain with different cities such as San Francisco and Chicago, vividly shows the competition pattern of various mainstream public chains, and boldly puts forward his own assumptions based on the realistic logic of urban development. Perhaps, we can perceive the outline of the future public chain world in advance. 《Cars, Ownership, Capitalism, NFTs, and the Metaverse》 Original link：https://ysiu.medium.com/cars-ownership-capitalism-nfts-and-the-metaverse-f72e5844a7b3 CR Recommendation: NFT represents a paradigm shift in the online world. Everyone can truly own their own digital assets in a decentralized and scalable way. The property right mechanism based on openness, fairness, user ownership, property rights and non-zero sum method will further form a better state or social pattern. Perhaps this will finally truly form the end of the meta-universe ideal in the author’s eyes. 《Great Protocol Politics》 Original link：https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/ CR Recommendation: Technology has changed not only the global order, but also the nature of companies and countries themselves. Standing at the height of human history and civilization, the author forecasts and analyzes the world change caused by the development of a new generation of innovative technology represented by crypto technology. The importance of crypto protocol is underestimated. It can protect property and execute contracts beyond the boundaries of traditional nation-state. The author’s view is refreshing. FIELDS 《How to define MetaFi and MetaFi’s framework（excerpt）》 Original link：https://outlierventures.io/wp-content/uploads/2021/12/OV_MetaFi_Thesis_V1B.pdf CR Recommendation: When metaverse meets DeFi, what kind of spark will it produce? This is an excerpt from outslier ventures’ comprehensive analysis and interpretation report on the new concept of MetaFi. The article puts forward that the main growth of DeFi in the future will not be driven by CeFi, but to release value by MetaFi. MetaFi will be an economic system parallel to the legal financial system. In this case, we need to think about MetaFi from the perspective of financial inclusion. 《Building and Running a DAO: Why Governance Matters》 Original link：https://future.a16z.com/building-and-running-a-dao-why-governance-matters/ CR Recommendation: The early well-known DAO “the DAO” did not develop smoothly, because it was impossible to find an incentive model that could encourage voters to highly participate in DAO affairs. Now, with the rise of DeFi, new “DeFi DAOs” begin to appear. They use the economic reward mechanism to encourage people to participate in these systems. In addition, DAO organizations continue to add new collective skills and modify the governance process in time, which makes the development of DAO in 2022 worth looking forward to. 《Where the Multi-Billion Dollar Crypto Derivatives Market is Headed Next》 Original link：https://jumpcrypto.com/state-of-crypto-derivatives-market/ CR Recommendation: Although the crypto derivatives market has a huge volume, the market structure needs to be improved. For example, the trading volume of crypto options accounts for about 2% of the spot; In the US stock market, the figure is about 35 times. Considering the rise of centralized and decentralized option infrastructure, the growth of decentralized perpetual contract trading volume, and the innovation of encryption original business, the author is optimistic that 2022 will become the year of encryption derivatives. 《Competitive outlook for Layer-1 platforms and Ethereum’s scaling solutions in 2022（excerpt）》 Original link：https://www.theblockcrypto.com/post/127723/the-block-research-2021-digital-asset-outlook-report CR Recommendation: Although Ethereum plans to switch to PoS mechanism in June 2022, according to the road map, Ethereum needs to upgrade for several years to complete the segmentation, that is the real Ethereum 2.0. Although there are many debates about the design and advantages of each public chain, the vigorous development of multiple public chains shows that as long as there is demand in the market, they may occupy a place in the future. Therefore, in the next few years, the new public chain will compete not with Ethereum, but with various solutions of Ethereum L2. The multi chain pattern of the whole industry will further develop, and cross chain interoperability will become more important. PROJECT 《Introducing Lockdrop + LBA: A Novel Token Launch Mechanism》 Original link：https://members.delphidigital.io/reports/introducing-lockdrop-lba-a-novel-token-launch-mechanism/ CR Recommendation: Both “Lockdrop” and “liquidity Bootstrap Auction (LBA) “represent the new basic elements of token issuance. Delphi chose to combine the two elements to better meet the important goal of providing all liquidity and price discovery on the basis of decentralization. Perhaps this will become a new paradigm of token distribution mechanism in the future. 《Why Solana May Become the iOS of the Encrypted World?》 Original link：https://www.newsbtc.com/news/company/cgv-research-why-solana-may-become-the-ios-of-the-encrypted-world/ CR Recommendation: Comparing Solana with Apple iOS, the author’s idea seems to be very bold and radical, but from the first principle thinking, the winners are similar, and the success paths they follow overlap. The cross temporal and spatial comparison between encryption and Internet in different fields gives us a new dimension of thinking about encryption projects with growth potential. For more information, please refer to Crypto Review (JAN, 2022). Just click to download:https://drive.google.com/file/d/1c9BMO_OselHm1QIWh-M9bqiaxQQCyqDC/view About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.

—By: Vargason, CGV FoF Research Fellow The continuous expansion of metaverse projects exacerbates homogenization. The strategy of betting on projects that can continuously expand the ecosystem, empower games and NFTs may be better than betting on new projects. While most industries have struggled to survive since the outbreak of the Covid-19 pandemic in 2020, the Axie Infinity of GameFi has swept the globe, creating wealth for many families and attracting a host of users outside the cryptocurrency world to participate in the blockchain game featured with “Play to Earn”. At a time when more and more projects focus only on making games, CGV finds that the Treasure run by DAOs that blurs the boundaries between NFTs, games, DeFi, and the metaverse, seems to be the next Nintendo. What is Treasure? Treasure is an NFT trading market and metaverse core infrastructure built on L2 (Arbitrum) and managed by DAOs. Treasure hopes to serve as a bridge in the metaverse, connecting the growing metaverse network and integrating NFTs, DeFi, and games through openness and composability. On Treasure’s NFT marketplace, in addition to selling its NFTs, it sells NFTs of its partners. In the future, it may be possible to trade unpartnered NFTs, using Treasure’s token MAGIC as the medium of exchange. MAGIC will be used and consumed in Treasure’s metaverse games in addition to the NFT marketplace. 1. Treasure’s Game: Bridgeworld Treasure turns MAGIC into the “reserve asset” in the metaverse and makes use of Treasure (NFT | resources) and Legions (NFT | players) for ecological construction. CGV learned that the relationship between the three is that MAGIC is the power of the game world, Treasure is the resource that players use to achieve their purpose, and players need MAGIC and Treasure to give them purpose in the game, and they support each other. Treasure is developing an interactive game — Bridgeworld. Players are mainly legions; soldiers mine MAGIC and use Treasure to upgrade their level. The game provides various maps, a legion protects the Treasure in the center of the map, while another legion launches strikes, and the winner retains the Treasure. 2. Treasure’s NFT marketplace: Treasure Marketplace Treasure Marketplace is Treasure’s NFT marketplace built on L2 (Arbitrum), and all transactions on this marketplace are performed using MAGIC. Part of the transaction fees will be used to award TreasureDAO. On the Treasure Marketplace, in addition to trading its NFT projects (such as Treasure and Legions), the NFTs (such as Smol Brains, etc.) of partners can be traded. It seems that Treasure is not satisfied with the current L2 curated NFT marketplace. In the future, it will try to become the L2 general NFT marketplace. According to market information, CGV learned that as of January 12, 2022, the trading volume of NFTs in Treasure Marketplace exceeded 33.9 million MAGICs, or approximately $68.6 million. 3. TreasureDAO DAO plays an essential role In Treasure. Treasure is managed by TreasureDAO, and all decisions are proposed by TreasureDAO and voted on by MAGIC holders. A 5% commission on transactions in the Treasure Marketplace will be distributed to TreasureDAO. Treasure’s economic model The total number of MAGIC is 320 million and players obtain MAGIC by playing games, mining tokens, and participating in Bridgeworld. Treasure has created an ecosystem that fully leverages MAGIC, which can be used to purchase useful items and unique NFTs, such as in-game treasures and players, as well as in-game items and NFTs for cooperative projects. The strategy of early DeFi and GameFi projects is to attract users with high APY, but users do not stay for a long time and often choose to sell for profit, which is fatal to the long-term development of the projects. Treasure has optimized this strategy in the economic model. It does not pursue high APY, but gradually reduces LP rewards in the mining process, and cooperates with SushiSwap and Olympus to launch liquidity mining and bonds, significantly lowering the sell-off pressure of MAGIC and boosting MAGIC’s liquidity. Partners of Treasure By partnering with projects such as Smolverse series, Life, Imperium, Mural, Olympus, and others, Treasure is creating a shared economic model for the metaverse, and MAGIC will power all these projects. Some of Treasure’s collaborative projects 1. Smolverse series Smol Brains is an NFT project based on L2 (Arbitrum). By staking Smol Brains, the owner can accrue IQ points while continuously unlocking free Smolverse series NFTs, such as Smol Cars, Smol Pets, etc. Source: https://www.smolverse.lol/ With the improvement of Smol Brains’ IQ and the combination of a series of NFTs, Smol Brains will embark on an exciting adventure. Note: The period of distributing Smol Brains for free has ended. Nowadays, players have to buy MAGIC on the Treasure Marketplace to exchange them. 2. Mural Mural is a cross-Layer2 network and cross-chain NFT transmission solution. The collaboration between Mural and Treasure enables NFTs on the EVM compatible chain (L1) to be bought, sold and stored on the Treasure Marketplace. Treasure can enable game applications on Lay1 to be used on Layer2, significantly reducing the cost of players. 3. Olympus Pro Treasure and Olympus Pro launched the MAGIC-ETH <> MAGIC-gOHM. Source: https://pro.olympusdao.finance/#/partners/TreasureDAO. Users can buy Magic bonds at a low price with LP, and Treasure sells Magic at a discount for LP. Treasure improves its liquidity in a more efficient way. Note: We only list some of the projects in cooperation with Treasure. Comparison of Treasure and Nintendo The development of traditional games has undergone many stages, and numerous industry giants like Nintendo, Blizzard have emerged. As one of the most influential and renowned game platform manufacturers, Nintendo has created many famous characters in the history of gaming, such as Mario, Donkey Kong and developed the most classic games in the history of gaming, such as The Legend of Zelda. The charging model of the game operation platform has developed from the initial product agency and time-based charging to today’s prop-based charging, which provides a rapid development opportunity for the current combination of game props and NFTs. Since 2020, the COVID-19 has caused widespread economic devastation around the world. However, the global video game industry was booming, with the Axie Infinity of GameFi gaining popularity across the globe. More and more users are participating in blockchain games characterized by “Play to Earn”. At a time when most projects are just building games, Treasure has already built game consoles as scheduled. Treasure not only develops its Legions games, but also collaborates on projects such as the highly participatory Smolverse series and the Life series. Taking Smol Brains as an example, users get free Smol Brains by participating in the ecological construction of Treasure in the early stage. Additionally, users can sell Smol Brains and other NFFs in the Treasure NFT marketplace at any time, and then exchange them for MAGIC. Users can participate in Smolverse’s subsequent adventure games by holding Smol Brains. With a large number of interesting projects introduced to the Treasure ecosystem, Treasure helps users screen out most of the unreliable projects, which will not only reward participants but also deepen their trust in Treasure. Besides, anyone who trusts Treasure will participate in the metaverse world created by Treasure. TreasureDAO adopts the governance mode of DAO, where the community can participate in the governance, voting and revenue distribution of projects. At this point, we will see a brand new gaming console. Summary With the continuous construction of the Treasure’s Metaverse Bridge, the MAGIC will be extensively used in DeFi, games, NFTs and other scenarios, which will constantly attract the deep participation of users and projects. It’s worth nothing that Treasure is a project built on L2, and it will take some time for the public to accept L2; Treasure has not launched any games, which may cause potential risks. Treasure is weaving its web in accordance with its plan. We don’t know how far it can go, but as long as one of the breakthroughs is made, Treasure will usher in a booming development. Note:This article is a CGV FoF research paper and is for reference only. It does not constitute any investment proposal. About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Reference: 1. https://www.treasure.lol/ 2. https://docs.treasure.lol/ 3. https://treasure-marketplace-analytics.herokuapp.com/analytics

— by Shigeru, CryptogramVenture FoF Research Fellow If you have an iPhone and happen to be a fan or active participant of Solana’s systems and apps, you may feel a sense of deja vu when you use them separately at many moments. Do Solana and iOS have a lot in common? It just seems like a hunch. However, after analyzing and comparing the two carefully from the historical and current perspectives, I got an astonishing finding: the previous intuition may be incredibly close to some type of truth. Moreover, a bold prediction came to my mind: one day in the future, Solana may become the iOS in the encrypted world. In my view, although iOS and Solana belong to the Internet and encrypted worlds, respectively, they share the same logic of the first principle that supports their development.（The following conclusions were jointly organized by CGV FOF research team.） Firstly, the ultimate user experience. User experience, as the core competitiveness of a product, has been mentioned repeatedly. Due to Apple’s relentless efforts for the ultimate user experience, iOS seems to be always smoother than Android. Virtual keyboard was not created by iPhone. Microsoft, Palm, and other smartphone manufacturers have tried to promote smartphones with the full touch screen, but iPhone overcame the technical difficulties in capacitive touch screen, multi-touch, improving the screen touch experience to an untouchable level. For instance, iOS gives first priority for screen response, and it responds to Touch — Media — Service — Core architecture in order. Simply put, when the user touches the screen, the system will first handle the screen display (Touch); while the priority response level of Android is Application — Framework — Library — Kernel architecture, and display-related graphics and image processing (Library) are only in the third level. There are a host of similar factors, which directly cause a huge difference in user experience between iOS and Android. Similarly, although Solana is not the first underlying public chain, it has attracted an increasing number of crypto developers and users by providing extremely high TPS and low transaction fees, breaking through the biggest development constraint that most public chains face in the same period. Performance comparison between Solana and other mainstream public chains — Data source: RareLiquid For instance, Solana can deal with over 50,000 transactions per second while maintaining a block time of 400 milliseconds, and improve the TPS based on Moore’s Law, thus providing a good “predictability” of TPS scaling. Additionally, Solana’s low transaction fees are impressive, that is, estimated $10 for 1 million transactions. Among them, Solana’s core consensus mechanism is “Proof of History (PoH)”, which aims to solve the time problem in a distributed network that lacks a single reliable time source. By using a verifiable delay function, PoH allows each node to generate timestamps locally via SHA256 calculations, which improves overall network efficiency by eliminating the need to broadcast timestamps across the time network. The user experience of public chains can be reflected by the number of crypto wallets and the frequency of use. Take Phantom, one of the most popular wallets on Solana, as an example, it almost integrates all the features of the Solana ecosystem, including token swaps, collection of NFTs and collectibles, connection to hardware wallets, anti-monitoring, Web3.0 support, and the obtainment of incomes through pledging SOL. Solana Phantom & Ethereum Metamask monthly active users — Data source: Grayscale Building Blocks Relying on the excellent one-stop experience, Phantom has become the preferred wallet for the users of Solana, with the monthly active users exceeding 1.2 million. During the two months from August to October 2021, the users of Solana on Phantom increased by 5 times. Secondly, excellent UI design. The user interface (UI), as a human-computer interaction window for offering various functions required by users, determines whether the software or product is intuitive for users to operate. iOS has a tight system for platform UI design specifications. From buttons to icon styles, and from image size to resolution, they all require special customization. In this way, it not only unifies the styles of various programs but also helps users to get accustomed to the way of using iOS software. Nowadays, the rounded rectangular design, with only one button on the front and the rest completely covered by a glass panel, has become the iconic design of the iPhone. The project team should pay attention to UI design whether in the field of Internet, blockchain, or encryption. Besides, a “user-oriented” UI design will make the product more popular and sell better. Dr. Nielsen, an expert in human-computer interaction, claimed that usability is a prerequisite for survival in the field of the Internet. If a website is difficult to use, then users will immediately abandon it. Some people say that when they buy tokens, they only look at the logo of the project. Though just a joke, it illustrates the importance of the visual design of the project. The logo of Solana reveals that its team that pays attention to details and has good aesthetic skills. The logo color of Solana is a gradient from green to purple. Similar colors can be found in nature, such as the aurora borealis, mysterious and elegant. In addition, many cyberpunk-themed sci-fi movies often use purple, green, and blue in their images, reflecting the prospects of Solana’s innovative blockchain technology development. Solana ecosystem (DeFi fields) — Data source: Solanians Many Solana projects, at first glance, seem to be designed by the same designer, with a very consistent experience in terms of color matching, interface design, and interaction design. The interface is intuitive, concise, and easy to operate. Users can easily operate Solana without much training, as they can understand the functions on the interface at a glance after using the software. According to CGV FOF, On a well-known Solana IDO platform, the UI performance of a project is given a high assessment priority when reviewing the project. It seems that Solana improves users’ acceptance of Solana from the top down through its incubation and support of projects with outstanding UI. Thirdly, strong ecological support. Based on the second law of thermodynamics, isolated systems have no energy exchange with the environment and always change spontaneously in the direction of increasing disorder (entropy), i.e., the principle of increase of entropy. In view of this phenomenon, Prigogine, winner of The Nobel Prize in chemistry, proposed that the system must be open to transferring from a disordered state to an ordered structure, that is, the system must exchange matter and energy with the outside world. The opening of the business ecosystem requires core companies to enable partners to have access to their resources and capabilities, attract them to join the ecosystem, and achieve value co-creation through mutual empowerment. Since its inception, Apple has attached great importance to external empowerment, providing external developers with powerful development kits and allowing them to connect users through the app store, thus giving birth to a large number of popular apps such as Instagram, Snapchat, Uber, and WhatsApp. Compared with other platforms, Apple’s release mechanism for developers’ apps is fairer and more reasonable. The download ranking data on the software store is true and reliable, which has created a good competition system and environment for developers, making developers grasp an accurate understanding of what their users really want. Solana has also devoted a great deal of effort to ecological construction. Solana has a long-term funding plan to provide excellent projects with a full range of resource support, including targeted funding, VC referrals, technical support, recruitment support, marketing, and legal resources. Development of Solana and other mainstream public chains for active developers — Data source: Santiment Take the hackathon for example. In 2021, Solana officially held three global hackathons. The most recent hackathon, with a prize pool of $1 million, over 15,000 registrants, and more than 300 projects submitted by developers across the world, attracted the attention and support of a host of developers and generated a series of quality Solana native apps. Furthermore, it is worth noting that 90–95% of the hackathon developers expressed their willingness to carry out long-term development on Solana. These talented developers will constantly power the Solana ecosystem. Fourthly, a charming soul figure It may be a bit radical to say that Steve Jobs, the founder of Apple, changed the world, but it is fair to say that he was synonymous with the “spirit of innovation” pursued by the United States and all mankind. Jobs was a giant standing at the intersection of technology and humanities. His combination of idealism and perfectionism enabled Apple to take a completely different route from the traditional industry. Take simplicity as an example, Steve Jobs’ love of minimalism and his exposure to Buddhism, “let people directly know their heart without words”, exerted a great impact on Apple’s “no button” design. In addition to pursuing minimalism in product design, Jobs took the initiative to eliminate many product lines and only launched 1–2 products each year, with the best quality. In my opinion, Jobs was to Apple what Sam Bankman-Fried (SBF) is to Solana. I don’t mean to deny Solana’s incredible team, which is just as respected as Apple’s tens of thousands of talented engineers and development teams. SBF was placed on Forbes’s list of the richest people in the world 2021 — Data source: Forbes Initially, SBF was a trader and spent his early days at Jane Street, a quantitative giant. He founded Alameda Research (a quantitative trading firm) and FTX (a centralized cryptocurrency exchange) with a team consisting of finance personnel — quantitative analysts, engineers, high-frequency traders. They are seldom concerned with the centralization/decentralization debate and focus on the “large-scale expansion of the blockchain”. After leaving Jane Street in 2017, SBF took time to think about potential opportunities. He realized that “Cryptocurrency has many characteristics, it may be a very inefficient system, and there is a great demand for liquidity. This is basically: sudden huge demand, very rapid growth.” So, SBF tried to figure out the ultimate solution to these issues. Later, he discovered Solana. Anatoly Yakovenko, a co-founder of Solana, once described the scene of SBF’s first contact with Solana before it was launched on the mainnet in 2019: During the test, 80 transactions were processed in an average of 4.02 seconds. This result impressed SBF. After communicating with the team and realizing Solana’s huge development potential, SBF immediately decided to establish Serum (a decentralized derivatives exchange) based on the Solana. In this way, Solana not only won a new application project but also got a perfect encryption spokesperson (just like NBA got James). From that day onwards, Solana was reinvented by SBF. In January 2021, SBF said on Twitter that, “I’ll buy as much SOL as you have, right now, at $3. Sell me all you want.” Though a joke, it revealed that SBF had high hopes for SOL. Fifthly, a passionate fan base. I still remember that in those days, iPhone fans lined up in front of the store all night to buy a new generation of iPhone, hoping to be among the first to own the new iPhone, just as they wished to get tickets to a superstar concert. The iPhone launched by Apple every year is not only a new product but also a brand-new cultural phenomenon. This is a market effect that no other company is likely to have when launching a new product. Taking the number of Twitter followers as an example, according to statistics from CGV FOF, Solana has as many as 1.1 million followers, which is not as many as that of Ethereum (1.97 million) but ranks first among other mainstream public chains, Polkadot (1.01 million), Avalanche (450,000), Fantom (270,000), and Near (230,000). Let’s take a look at the fan token, Solana’s meme coin is Samoyedcoin ($SAMO). It was inspired by Dogecoin, Sam Bankman-Fried (containing the letters S, A, and M), and Solana’s co-founder Anatoly Yakovenko (whose hometown is the birthplace of the Samoyed dog). Nowadays, SAMO has become the mascot and promotion ambassador of the Solana ecosystem, and the peak circulation market value of SAMO’s token exceeded $700 million. In the Solana community, you can often feel a completely different atmosphere from any other public chain community. We often see the “fierce quarrel” between ETH diehards and Solana diehards. It is completely different from the peaceful and joyful atmosphere of the Near, Avalanche, and Fantom communities. This may be the price Solana pays for choosing to take a different path from the ETH (EVM). It may be a stretch to draw an analogy between Solana and iOS from the above dimensions. Some people are still criticizing the recent instability of the Solana network. But in the long run, through network upgrade, expansion of service nodes, and adjustment of incentive mechanism, these issues will become an episode in the development process of Solana. In fact, Apple’s rise did not happen overnight but was accompanied by several important turning points that established Apple’s status as king. For example, iPhone 4 was an epoch-making product that made breakthroughs in hardware, software, and design. It was the first cellphone that used the commercial retina screen, completed the dual evolution of cellphone camera hardware and algorithms, featured the most classic shape, and used iPhone self-developed chips… In cosmology, the big bang, generated by a singularity, gave birth to the universe we are familiar with. The singularity is an important turning point in history. The birth of iPhone4 is a singularity in Apple’s development history, allowing Apple to embark on a rapid development path. I try to list a few singularities to predict Solana’s vision of becoming the iOS in the encrypted world: — — The number of C-end users exceeds 100 million. On November 7, 2021, the number of active users of Solana’s Phantom wallet amounted to 1 million. It seems like a big leap from 1 million to 100 million. However, the exponential effect of the growth of the encrypted world network will speed up the process considerably. Anatoly Yakovenko, a co-founder of Solana, held a more positive opinion. He has repeatedly stated that with the launch and operation of new technologies, Solana’s next goal is to “attract one billion users.” You know, the number of VISA users worldwide exceeded 3 billion as early as 2018. — — Over 80% of the transactions are performed by institutional users. The participation of more institutional users in the encrypted market will attract more capital. The bull market in 2021 is driven by institutions. Many institutions, such as Tesla, Microstrategy, Grayscale, and the ARK founded by Catherine Wood, have entered the encrypted market one after another. SBF deems that the crypto sector driven primarily by potential institutional investment is likely to grow in the next five years. In my opinion, according to the Pareto principle (80/20 rule), if institutional users become the main force of the Solana market, and if their trading volume accounts for more than 80% of the total volume, Solana will usher in a new round of development. — — Over a third of Ethereum projects migrate to Solana. In June of this year, Neon Labs, a cross-chain bridge between Ethereum and Solana, was released. Neon allows anyone to run Ether smart contracts on the Solana blockchain, making it easier for developers to build programs that work on both blockchains. It would be an exciting time if more than one-third of the projects that have been deployed and developed on Ethereum are simultaneously building applications on Solana. — — Solana’s total market capitalization reaches 50% of Ethereum’s. SBF reckons that Solana’s unique underlying technology for developing the DeFi protocol will drive a spike in the price of its SOL tokens. He even believes that Solana can surpass Ether as the largest decentralized financial platform. Ethereum’s current market value (about $470 billion) is still nearly eight times that of Solana (about $55 billion). If Solana reaches 50% of Ethereum’s market value, it will be an important milestone in the development of Solana. The singularities of Solana ecological development (forecast) Will Solana become the iOS in the encrypted world? Probably nothing. I very much agree with Kyle Samani, managing partner of Multicoin Capital, “I think we’re going to see two things [Solana and Ethereum] coexist. We have iOS, we have Android. And, today, everyone knows you have to build an iPhone app and an Android app.” Perhaps, in the near future, Solana and Ethereum may become encrypted world’s iOS and Android, respectively. Fortunately, we are all witnesses and participators of this great change. Note: This paper is a CGV FOF Research Report and does not constitute any investment suggestions. It is for reference only. About CGV FOF: the Master fund from Asia, composed of family funds such as Japan, Korea, Chinese mainland and Taiwan, and focuses on investing in Crypto Fund and Crypto Studio. CGV FOF is headquartered in Japan and has branches in Singapore and Canada. References 1.《Solana Summer》，Not Boring by Packy McCormick, 2021 Solana Summer, Not Boring by Packy McCormick, 2021 2.《An Introduction to Solana》，Grayscale, 2021 An Introduction to Solana, Grayscale, 2021 3.《Why Solana is the ’World Computer’ Blockchain Developers Need》, Andrew Hyde, 2019 Why Solana is the “World Computer” Blockchain Developers Need, Andrew Hyde, 2019 4.《Digital Assets: Beauty Is Not in the Eye of the Beholder》, Goldman, 2021 Digital Assets: Beauty Is Not in the Eye of the Beholder, Goldman, 2021