Fantom $110M Sonic Labs Fund

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Good Morning.

I’m back to eating ramen noodles in a dark room as the market is down hella bad. Altcoins are especially down as liquidities get sucked into stablecoins and majors. Unfortunately, inflows from Bitcoin ETFs do not flow onchain.

Lots of eyes are on the next FOMC meeting by the end of July.

In Today's Email:

• What Matters: $110M Sonic Labs Innovator Fund 💰️ 

• Product: SOL Summit winner - DeStreet 🏆️ 

• Charts: Jupiter’s J4J plan, L0 ghost protocol 👻 

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WHAT MATTERS

Fantom’s $110M Sonic Labs Innovator Fund

State of play: Fantom Foundation announces the Sonic Labs Innovator Fund, allocating up to 200M FTM (~$110M) to accelerate dApp and partner integration with and migration to the Sonic network.

• The 200M FTM allocation was accrued through Andre Cronje's treasury management without any inflationary changes to supply.

• Funding from the Sonic Labs Innovator Fund is being used to secure top partners for the Sonic network.

• Fantom and Sonic Labs are working closely with angel investors like Michael (Curve), Stani (Aave), and Robert (Compound), as well as venture partners Hashed, Signum, and UOB Venture Management.

• Initially, the fund prioritizes strategic grants for current Fantom ecosystem apps and identifies top apps interested in Sonic technology.

• The fund plans to copy the success, strategies, and approaches of its 370M FTM incentive program in 2021, which boosted Fantom’s TVL from ~$400M to $7.7B.

What’s next: The announcement said the upcoming grants will boost existing Fantom projects and key applications on the new Sonic network, which aims for 200M transactions a day.

For builders and investors: Every once in a while there’s an opportunity being presented by chains to compete for ecosystem — as founders it’s imperative to take shots at these opportunities without being a mercenary.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

DeStreet - Trade On-chain With Friends

Solana Summit APAC has been successfully held and the first prize of the hackathon goes to DeStreet, a non-custodial dApp built on Solana that enables traders to share their trades with others.

• DeStreet is currently exclusively available for the Solana Saga phone and Solana Mobile dApp store.

• DeStreet enables traders to launch, manage, and invest in short-term trade insights.

• DeStreet allows users to create trades, share trade setups, and allow others to join trades (provide capital).

• The trade initiator will receive 20% of the total profit.

• If a trade does not generate profit, there are zero fees, and deposits are returned proportionally to investors.

• DeStreet is in beta, and the pools currently have a max capacity of $1,000 and a trade length of 60 days.

Other cool products:

• ZetaHub, the entry point into ZetaChain.

• Allstake, the first Omnichain Meshed Restaking protocol.

• Hipo, an innovative open-source liquid staking protocol on TON.

• OPEN Ticketing Ecosystem, an onchain ticketing infrastructure.

• Mozaic Finance, an automatic, omnichain yield farming platform.

CHARTS OF THE WEEK

J4J Plans to Reduce 30% JUP Total Supply

State of play: Meow, the founder of Jupiter, shared an initial draft of J4J plans that propose to reduce 30% of JUP's total supply (10B JUP).

• Jupiter team will voluntarily cut 30% from their assigned allocation.

• Corresponding 30% reduction in Jupuary emissions.

• J4J aims to “cut the fat off the (JUP) FDV.”

• If the community refuses to endorse this, Jupiter will pause Jupuaries and future ASR.

• Jupiter team will be staking 100% of the 1st year cliff for 2 more years.

• Jupiter co-founders, Meow and Siong, are committing to locking all tokens vested till June 2026.

• The full proposal will come up before the actual DAO votes.

Our take: This is a rare move that shows the conviction of the founders. Kudos to the Jupiter team.

LayerZero Daily Transaction Down 97%

State of play: The current LayerZero daily transactions count (~17K) is down more than 97% from its peak (~642K) in June last year.

• The snapshot for LayerZero's first airdrop was taken on May 1, and the announcement was made on May 2.

• On May 2, the daily transactions dropped ~47% from ~215K to ~113K.

• The daily transactions have dropped almost 92% from the snapshot announcement to the present day.

Our take: Never underestimate the dependency that your project has on industrial-scale airdrop farmers — finding a balance between not spoiling them while also trying to retain real users is key.

QUICK BITES

• Mt.Gox plans to distribute $9B of BTC and BCH.

• McKinsey sees $2T of tokenized RWAs by 2030.

• Hong Kong sets up a crypto legislative committee.

• Binance freezes $5M in funds looted from BtcTurk.

• Helius Labs introduces ZK compression for Solana.

• Michael Dell signals BTC interest via Michael Saylor retweet.

• Ripple CEO will face trial for allegedly misleading statements.

• 50 Cent's Twitter was hacked to promote a Solana meme coin.

• Japan’s Metaplanet to buy $6.3M Bitcoin through bond issuance.

• Bitcoin price slides below $63K, triggering a spike in liquidations.

• Japanese investors plan to invest in crypto in the next three years.

• Ethereum gas prices & Bitcoin miner revenue approach record lows.

NOTEWORTHY READS & MEME

• Rob Hadick’s read on MiCA regulations.

• Andrew Kang’s read on the impact of the Ethereum ETF.

• Arthur Hayes’ read on the state of the Japanese Yen & macro market.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.