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This Week In DeFi - May 27

This Week In DeFi - May 27

This week, a16z raises a record $4.5B for its fourth crypto fund, Terra 2.0 is on the way and StarkWare reaches an $8B valuation.

May 27, 2022

To the DeFi community,

This week a16z has raised a mammoth $4.5 billion for its fourth crypto fund – also its largest to date. The fund will be split into $1.5 billion for seed investments and $3 billion for venture financing. Overall, the fund will focus on web3 gaming, DeFi, decentralized social media, zero-knowledge proofs, self-sovereign identity and more.

Today we are announcing a16z crypto Fund 4. We’ve raised $4.5B to invest in promising web3 founders and startups, bringing our total crypto funds raised to more than $7.6B. 💪
a16zcrypto.com/crypto-fund-fo…
— AriannaSimpson.eth (@AriannaSimpson)
11:09 AM • May 25, 2022

Ethereum Layer-2 scaling platform developer StarkWare has reached an impressive $8 billion valuation, following a $100 million Series D raise. The raise quadrupled StarkWare’s previous valuation of $2 billion, with Greenoaks Capital and Coatue leading the round.

We are thrilled to announce our $100M Series D at an $8B valuation.
We would like to thank Greenoaks and Coatue - our lead investors, Tiger Global, and many of our existing investors, for their vote of confidence in the technology, products, and ecosystem that we’re building.
— StarkWare (@StarkWareLtd)
1:30 PM • May 25, 2022

Tether has launched a new stablecoin pegged to the Mexican peso – its fourth fiat-pegged stable token. Chief technology officer Paolo Ardoino says that Tether made the move after noticing an uptick in cryptocurrency use across Latin America throughout the last year. The token, MXNT, will launch on Ethereum, Tron and Polygon.

Tether peso has launched
This gives all the unbanked Mexican businesses and individuals a way to on and off ramp into bitcoin; now when they receive bitcoin as payment, they can still pay their peso bills w/o a bank account
— Stacy Herbert 🇸🇻🚀 (@stacyherbert)
12:21 PM • May 26, 2022

Do Kwon's new, UST-less version of the Terra blockchain will go ahead, following 65.5% of voting power being in favor of a replacement Terra platform. Multiple major exchanges have also indicated that they will support the chain, while the original Terra blockchain will be known as “Terra Classic” going forward.

1/ Terra 2.0 is coming.
With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money)
1:17 PM • May 25, 2022

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