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This Week In DeFi – July 15

This Week In DeFi – July 15

This week, Multicoin announces a new $430 Web3 fund, StarkNet confirms a token and Celsius files for Chapter 11 bankruptcy.

July 15, 2022

To the DeFi community,

This week, Multicoin raised $430 million for "Venture Fund III," the company's third venture capital fund in the crypto space. The fund will be allocating between $500k and $25 million to early stage projects, with up to $100 million toward more established companies. Multicoin's focus for the fund is web3 infrastructure, DAOs and “proof of physical work" – protocols that incentivize verifiable work to build real-world infrastructure.

Multicoin Capital has secured $430M to invest in crypto startups
These are 9 areas they're investing on 🧵
— Blockworks (@Blockworks_)
3:44 PM • Jul 14, 2022

StarkWare has confirmed the launch of a token for its StarkNet Layer-2 scaling platform on Ethereum, however will not be airdropping any tokens until next year. 10 billion tokens have already been minted off-chain, going live on StarkNet in September.

51% will go to the StarkNet foundation, 32.9% to StarkWare core contributors and 17% to StarkWare investors.

#StarkNet Alpha was launched on Ethereum Mainnet in November 2021.
✨
Now it’s time to advance its decentralization as demanded of an L2 on Ethereum.
✨
Here’s our decentralization proposal, introducing the StarkNet Token, and the StarkNet Foundation
medium.com/@starkware/par…
— StarkWare (@StarkWareLtd)
2:17 PM • Jul 13, 2022

CeFi lending platform Celsius has officially filed for Chapter 11 bankruptcy in New York, as shown by court filings. The company has declared between $1 billion and $10 billion in assets and equal liabilities, with 100,000 creditors on the books. A Celsius statement says statement by the company says it has $167 million in cash to support certain operations during the restructuring process. Customer withdrawals with remain frozen.

Celsius filing chapter 11 (like Voyager) bankruptcy!
Chapter 11, the debtor negotiates with creditors to alter the terms of the loan without having to liquidate (sell off) assets.
Unlike 7 where they sell off assets.
Still hope for Celsius depositors!
#bitcoin#crypto
— Lark Davis (@TheCryptoLark)
11:16 PM • Jul 13, 2022

Retail trading platform Robinhood has listed Uniswap's UNI governance token, bringing the total number of crypto assets available on the app to 13. The announcement was made via Twitter yesterday and assisted in the token's 20% advance over the last day of trading.