Comma3 Ventures Weekly Market Update 24/7/2023

Breaking News – 


  • Crypto Market Cap Overview


17/7/2023 24/7/2023
Market Overview Weekly numbers ($mUSD) Weekly numbers ($mUSD) WoW %

weekly change

S&P 4,505.42 4,536.34 0.69%
Nasdaq 14,113.70 14,090.80 -0.16%
US 10-year Treasury Rate 3.83% 3.84% 0.01%
Crypto Marketcap $1,254,811,000,000 $1,247,902,328,718 -0.55%
BTC dominant 50.06% 50.07% 0.01%
ETH dominant 19.72% 19.42% -0.30%
Percentage of Staked ETH 20.29% 20.64% 0.35%
Lido Dominance in all ETH Staking 32.01% 31.69% -0.32%
Lido Dominance in ETH LSD Staking 86.08% 86.07% -0.01%
stablecoins $127,897,687,197 $127,158,940,287 -0.58%
Defi $50,982,684,013 $50,442,819,968 -1.06%
Defi: Eth ratio 22.00% 22.40% 0.40%
TVL $44,903,000,000 $43,852,000,000 -2.34%
nft $6,458,000,000 $5,836,332,165 -9.63%


The overall crypto market cap remains calm with a slight drop in the middle of the week. Bitcoin 7-day price range remains tight, residing at a current value of 2.314%. The market cap of stablecoins has been on a decline for 16 consecutive months, almost hitting the 2-year low. The NFT market has been struggling, seeing a 9.63% decrease in market cap.


  • Comma3 Opinions


  1. Cross-chain approaches in the industry are still very happening. From middleware to layer1s, even existing cross chain bridges are upgrading and providing services. We can also see many successful fundraising news of these projects. How to aggregate liquidities from different L1 ecosystems would be a big topic until someone solves this perfectly.
  2. Daily volume of GBTC which issued by Greyscale reached highest level in the year. Given that spot Bitcoin ETF might be available by end of this year, institutions are increasing Bitcoin allocation strategically. This indicates that some investors are picking up their confidence toward accepting cryptocurrency as a whole new asset class even in this bear market.
  3. One of the biggest blockchain/crypto conference hosted by Ethereum foundation ETHCC just finished last week. A lot of key players in the industry such as Uniswap(The biggest decentralized exchange), Chainlink(The biggest oracle service provider), Lens Protocol(The biggest socialFi infra), announced their major upgrades. These progress are really pushing the industry forward. Most of these projects are developing and growing with this industry over the years. And still BUILDING! We know this is a baby industry which requires a lot of efforts and time to thrive. Let’s be patient.


  • Fundraising events by Sectors




Blockchain Capital Leads $40M Round for Crypto Firm RISC Zero

RISC Zero, creator of infrastructure that helps developers build zero-knowledge proof software, has raised $40 million in a Series A round led by crypto-focused investment firm Blockchain Capital.


Polychain Capital Co-Leads $25M Fundraise for Manta Network Developer

Manta Network developer p0x labs has raised $25 million in a Series A round led by Polychain Capital and Qiming Venture Partners, as infrastructure projects continue to prove resilient during the bear market.


Solana Foundation, Polygon Lead $30M Fundraise for Web3 Firm Cosmic Wire

Cosmic Wire, a Web3 startup offering a wide range of infrastructure products, has raised $30 million in a seed funding round led by the Solana Foundation, the non-profit firm dedicated to spreading adoption of the Solana ecosystem, and Polygon.


Native and Cypher Capital announce strategic partnership and funding agreement

Native, the groundbreaking financial infrastructure layer, and Cypher Capital, the leading MENA Web3 venture capital fund, are thrilled to announce a newly forged partnership and funding agreement that will propel Native’s impressive growth and further revolutionize the financial landscape in the Middle East and North Africa MENA region.


IDG Capital and Sequoia China co-led a seed round for dappOS

DappOS, a Web3 Operating Protocol, announced today the closing of a seed funding round led by IDG Capital and Sequoia China at a $50 million valuation. In June, dappOS received a pre-seed investment from Binance Labs. Other backers in the current round are leading crypto VCs including OKX Ventures, HashKey Capital, KuCoin Ventures, Tron DAO Ventures, Gate Labs, Taihill Venture, Symbolic Capital, Foresight Ventures, BlueRun Ventures, Mirana Ventures, Leland Ventures and others.


Side Protocol raises $1.5 million in pre-seed funding to grow cross-blockchain liquidity network

Side Labs, the firm building out the cross-blockchain liquidity network Side Protocol, secured $1.5 million in funding via a SAFT round. Participants include Hashkey Capital, KR1, Continue Capital, Symbolic Capital, Informal Systems, Dora Ventures, Charles Lu, Harry Halpin, Eric Chen, Mirza Uddin, Siddhartha Dutta and Vincent Niu.


Superblock Raises $8M for “Over Protocol,” a New Layer 1 Blockchain Focusing on Lightweight Full Nodes

Superblock, a contributor to Over Protocol, has raised $8 million from prominent companies and VCs in South Korea across two funding rounds. Investors included SK, Netmarble, DSC, E&Investment, Schmidt, SpringCamp, and NaverZ.




Stablecoin Protocol Ethena Closes $6 Million Seed Round Led by Dragonfly

Crypto startup Ethena raised $6 million in seed funding led by Dragonfly, with participation from Deribit, Bybit, OKX, Gemini, Huobi, and others. Ethena is developing a new stablecoin, USDe, that maintains its dollar peg by using collateral from users to hedge price exposure by shorting Ethereum using perpetual swaps. By holding equal amounts of staked ETH and perpetual swaps, it ensures that any gains or losses by either asset are essentially canceled out.


Binance Labs invests $10 million in cross-chain DeFi lender Radiant Capital

Binance Labs invested $10 million in cross-chain lending and borrowing protocol Radiant Capital.




AI Metaverse Startup Futureverse Raises $54 Million

Futureverse, a leading AI and metaverse technology and content company, today announced the close of its $54 million Series A funding round. The round was led by 10T Holdings and included participation from Ripple.




Onchain Tracking Tool Interface $1.4 Million Funding Round Co-led by Mask Network and Polymorphic Capital

Interface has raised $1.4M round led by Polymorphic Capital and Mask Network to build a smart companion for the hunters and gatherers of the onchain era.


Cymbal Raises $18.5M in Funding

Cymbal raised $18.5m in funding from First Round Capital, Solana Ventures, CAA Connect, Coinbase Ventures, Patron, GV, Acrew, and UTA Ventures, among others. Cymbal is building a human-readable blockchain explorer that allows users to view the Ethereum blockchain and search for events and activities and make it understandable by anyone.


  • Market Movement


GBTC volumes surge to yearly high

Grayscale’s GBTC daily volumes surged to the highest level of the year on July 13, following increased spot ETF filings and a decrease in the discount to net-asset-value.


PudgyPenguins Introduces OTC Trading Solution PudgySwap

NFT project PudgyPenguins introduces PudgySwap, a solution for OTC trading. The platform, powered by, fosters a seamless trading experience for both single and multi-asset swaps, all with zero fees and royalties.


Ethereum Scaling Solution zkSync Unveils Latest Prover Tech ‘Boojum’

The team behind zkSync has launched the latest upgrade to the speedy layer-2 network. zkSync’s new prover plummets transaction time and the amount of expensive hardware needed for everyday users to help secure the network.


Lens Protocol releases version 2, integrating ‘Open Actions’ and ERC-6551

The decentralized social graph project, Lens Protocol, has released version 2 of its platform, incorporating enhanced external smart contract functionality called “Open Actions” and the ERC-6551 token standard.


A New Uniswap Feature Aims to Eliminate DeFi Pain Points

Uniswap, the world’s largest decentralized crypto exchange, unveiled a new blockchain protocol “UniswapX” for trading across automated market makers (AMMs) and other liquidity sources.


Axelar launches ‘Interchain Token Service’ to boost asset interoperability

Axelar unveiled the Interchain Token Service (ITS), aiming to improve the interoperability of ERC-20 tokens across Ethereum-compatible chains. The service specifically focuses on the interoperability of ERC-20 tokens across all EVM-compatible ecosystems. These tokens will be generated on a 1:1 ratio and managed with the help of Axelar’s native computing environment, the Axelar Virtual Machine.


Alan Howard-backed web3 incubator gets fresh funds from Nomura’s Laser Digital

Webn, the crypto incubator backed by hedge fund manager Alan Howard, said it will bring on Laser Digital CEO Jez Mohideen as a non-executive director on its board. Laser also made an investment in the incubation studio, but did not disclose how much it invested.


CMC Report: VR/AR and AI are Growing Rapidly, Blue Chip DeFi Projects and Infrastructure are Also Making Strong Comebacks.

CMC Releases Review of H1 of 2023. The report shows that by the end of Q2, the total market capitalization of the global cryptocurrency market reached $1.17 trillion, a yoy growth of 48%. Among them, VR/AR (+704%) and Artificial Intelligence with Big Data (+323%) have been leading the market trends, while blue-chip DeFi projects and infrastructure are also making strong comebacks.


Stablecoin Issuer Lybra Finance Launches Arbitrum Testnet Amid Quest to Be More DeFi-Friendly

Lybra Finance rolled out its v2 testnet on Arbitrum’s Goerli network Wednesday morning as the issuer of a yield-bearing stablecoin aims to entice more high-frequency traders and other decentralize finance (DeFi) users with its products.


Stablecoin dominance slides as market cap falls to near 2-year lows: CCData

The market capitalization of stablecoins has hit the lowest level since August 2021 following 16 consecutive months of decline. Cryptocurrency analytics platform CCData released a report on July 20 saying the stablecoin market cap fell 0.82% from the start of the month until July 17, taking the sector’s market cap to $127 billion.


Wormhole Gateway: The Gateway to the Cosmos Ecosystem

 The Wormhole Foundation announced the launch of Wormhole Gateway –  an application-specific blockchain, powered by the Cosmos SDK. Gateway will enable all of Wormhole’s 23+ connected blockchains across 6 runtimes to be connected to Cosmos via one simple IBC integration. This will enable users to bridge funds to any Cosmos appchain with zero additional bridging fees.


  • Regulations


FSB finalises global regulatory framework for crypto-asset activities

The Financial Stability Board (FSB) today published its global regulatory framework for crypto-asset activities to promote the comprehensiveness and international consistency of regulatory and supervisory approaches.


Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list

The SEC has accepted Valkyrie’s spot Bitcoin ETF filing for review. The fund would trade under “BRRR,” a reference to a popular meme in the Bitcoin community.


Kuwait bans crypto and virtual asset transactions

Kuwait’s Capital Markets Authority has officially confirmed the commitment to “absolute prohibition” of virtually all crypto operations in the country.


Myanmar’s shadow government backs launch of crypto-based bank

Myanmar’s first entirely crypto-based banking institution has announced a soft launch for July 22 — a move that could see the country’s shadow government given greater access to financial services and funding.


Indonesia launches new crypto bourse, clearing house

Indonesia has launched a national crypto asset bourse to provide regulators with transaction records and better protect crypto investors, the government announced this week. The launch of the exchange and clearing house is also intended to strengthen monitoring of the booming sector amid a transition in regulatory oversight, according to the Commodity Futures Trading Regulatory Agency (Bappebti).


Comma3 Investment Team

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Comma3 Ventures Weekly Market Update 24/7/2023

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