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Solana Game MonkeyBall Bags Fresh Capital from Alameda Research, YGG, and Others

MonkeyBall, a decentralized play-to-earn gaming platform built on Solana, announced today that it had raised funds from several high-profile investors in a recently completed funding round.

MonkeyBall Receives Fresh Capital

In an official press release shared with CryptoPotato on Monday, MonkeyBall noted that it has managed to increase its list of backers, indicating that it has landed investors with a solid reputation in its first investment round.

The gaming platform is a unique blend of FIFA Street and Final Fantasy rolled into one fun monkey-themed game. Gamers can earn tokens by winning tournaments or simply enjoying other people’s matches.

The MonkeyBall team voiced its appreciation to all parties involved, stating that it is honored to have such high-profile investors interested in participating in the project’s growth journey.

The gaming platform, however, did not disclose the exact amount raised from the investment round.

Alameda Research and Others Invest in MonkeyBall

The fundraiser saw investments from the leading quantitative crypto trading firm and liquidity provider, Alameda Research, New York-based venture capital firm, Rainfall Ventures, Yield Guild Games (YGG), Gate.io exchange, and the Boston-based multi-stage venture capital firm, DRIVE by DraftKings.

MonkeyBall noted that it intends to leverage the vast experience of the DRIVE by Draftkings’ team to pursue its goal of becoming the next-gen esports metaverse.

DRIVE by Draftkings is a multi-stage company that primarily focuses on investing in sports tech and entertainment/ Its ultimate goal is to “push the frontier” of new markets by supporting the founders and teams of innovative products and technologies revolutionizing sports, gaming, and media.

The venture capital firm has made notable investments in several blockchain-based startups and projects, including Papaya Gaming, Cardless, Evaluate, and Whoop, with its investment in MonkeyBall being the latest.

With an experienced team and vast network across the sports and media industry, DRIVE by Draftkings is currently one of the leading strategic sources for venture capital in the sports tech and sports entertainment industry.

MonkeyBall further added that it had been selected to offer the first token-based round to DRIVE by DraftKings.

Meanwhile, the play-to-earn gaming platform raised $3 million in October in its seed round, which saw participation from industry investors, including Solana Capital, Morningstar Ventures, and Youbi.

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Korea’s Hashed Raises $200 Million for Web3 Investments

Leading South Korean blockchain company Hashed has announced that it has raised a $200 million investment fund.

Hashed Venture Fund II

Per a press release shared with CryptoPotato, the $200 million fund dubbed Hashed Venture Fund II will be geared toward the growth and development of Web3, the decentralized internet.

The new fund, according to the project, will be investing in companies that are dedicated to revolutionizing the internet.

“As we take our second step in solidifying our position in the global blockchain and technology sector, we are excited that our team’s vision is coming into reality,” Simon Kim, CEO & Managing Partner of Hashed.

Growing Institutional Interest in Web3

Hashed noted that there has been a growing interest in Web3 from institutional investors, who hope to invest early in the technology as the sector gradually gains mainstream relevance.

The company did not disclose its investors for the new fund, which may be due to legal requirements.


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However, it noted that the $200 million investment fund came from a number of top Korean IT companies, multi-discipline conglomerates, and globally renowned investment firms, who joined the initiative as limited partners.

Notably, Sean Hong and Baek Kim, two executives of Hashed, will also join the fund as partners. Hashed chose to promote the duo for their significant contributions toward the growth of the company.

It is worth noting that the new funding comes in less than a year after Hashed raised $120 million to accelerate investments in the blockchain sector.

Hashed Investments in Crypto

Launched in 2017, Hashed focuses on backing firms that are pioneering the future of blockchain and cryptocurrency.

Since its launch, it has invested in several crypto and blockchain companies, including blockchain analytics firm CryptoQuant, derivatives platform Vega, Ethereum-based investing startup Set, and decentralized exchange dYdX, among others.

Although Hashed’s previous investment funds covered all crypto and blockchain projects, the company has decided that the Hashed Venture Fund II will exclusively focus on Web3.

For the company, its reason is that Web3 is tipped to revolutionize users’ interaction with the next-gen of the internet, such as decentralized finance (DeFi), non-fungible tokens (NFTs), etc.

In October, Hashed launched a new startup studio to support innovative metaverse and NFT projects. According to the company, the new division will foster the development of creative projects while exploring and experimenting with new ways to apply blockchain in the gaming and NFT markets.

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1inch Network Raises $175 Million from VanEck, Alameda Research

The popular decentralized exchange 1inch Network has raised $175 million in a Series B funding round. Some of the notable names that participated in the event include VanEck, Alameda Research, Gemini Frontier Fund, and Tribe Capital.

1inch Secures $175 Million

The press release seen by CryptoPotato reads that aside from the aforementioned names taking part in the funding round, Jane Street, Fenbushi Capital, Celsius, and Nexo were also involved, while Amber Group led the event.

As so many new names have participated in the funding round, 1inch said it will lead to “further decentralization” of its ecosystem, “making it more democratic by allowing everyone’s votes to matter.”

The DeFi project explained that it plans to utilize the amount to expand its services and focus on traditional investors. In fact, 1inch aims to facilitate their entrance into the decentralized finance space by creating new protocols, additional utilities for the native cryptocurrency, and scaling up the contributor team.

“While continuing to keep the existing DeFi audience happy by delivering state-of-the-art products, 1inch also aims to become a gateway for institutions that want to be part of the DeFi space.” – commented Sergej Kunz, 1inch Network co-founder.

He believes that in the next few years, institutional investors will pour more than $1 trillion, which is why 1inch will focus on providing better services for them. More precisely, the project wants to onboard such investors into its 1inch Pro platform as it expects to “more than double” its current size by 2025.


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$70M Turned Into $175M

The press release also informed that 1inch initially aimed to raise $70 million with this funding round. However, some most recent developments in the DeFi space and the “huge demand from valuable backers” prompted the project to increase it by over $100 million.

Tiantian Kullander, co-founder and managing partner of Amber Group, said institutional investors require “seamless access to liquidity across different protocols and chains” before they enter the space. This is why his team has chosen to invest in 1inch.

“We have been truly impressed by the 1inch team’s pace of product innovation and are extremely excited to partner with them as they continue to build the go-to hub for the DeFi ecosystem.” – Kullander added.

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Bancor Protocol Announces Features of Its Long-Awaited V3

Bancor Protocol, a decentralized staking platform that allows investors to earn with single-token exposure and full protection from impermanent loss, has released snippets of its highly-anticipated third version.

In an official press release shared with CryptoPotato, the project noted that the new version, dubbed “Bancor 3,” will introduce several new features geared toward increasing trading volumes and allowing users to earn their favorite tokens seamlessly.

Features of Bancor 3

Some of the new features that will be introduced in Bancor 3 include an Omnipool that will allow all trades on the network to be carried out in one transaction, reducing gas fees and increasing efficiency.

Additionally, the Infinity Pool will remove deposit limits on Bancor liquidity pools, along with the introduction of trading liquidity, which is used for market-making, and superfluid liquidity, which is used in both internal and external fee-earning strategies.

With Bancor 3, users will gain access to full impermanent loss protection from day one of staking their tokens, as opposed to v2.1, which offers impermanent loss protection after 100 days.


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Other exciting features that Bancor 3 will employ include multichain and layer 2 support, third-party impermanent loss protection, integration of Chainlink Keepers to promote efficient token burning, and many more.

Speaking on the development, Bancor’s Head of Growth, Nate Hindman, said:

“Across the industry, the issue of impermanent loss threatens to undermine the core tenets of DeFi by making liquidity pools unusable by ordinary users, and accessible to only the most sophisticated and wealthy users.

We must prevent DeFi from becoming a playground for the rich and connected to extract value from protocols and dump on everyone else — and this starts with fixing liquidity pools. Bancor 3 marks a new day for DeFi — one in which people and projects retake DeFi’s core building block to bring community-sourced liquidity to masses.”

Bancor 3 Coming in Three Phases

The staking platform revealed that it will be launching Bancor 3 in three distinct phases dubbed Dawn, Sunrise, and Daylight. These features will go live as soon as the first phase, Dawn, is deployed.

The project noted that the code for Dawn will be open-sourced in the coming weeks via a public bug bounty and activated based on a vote by the BancorDAO.

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Workflow Automation Platform PARSIQ Integrates Polygon Network

Blockchain monitoring and workflow automation platform PARSIQ has recently completed the integration of the Polygon network into its ecosystem.

PARSIQ Integrates Polygon

According to a Monday press release shared with CryptoPotato, investors, traders, and development teams can now access several Polygon blockchain data in real-time via the PARSIQ platform, acquire immediate feedback, and explore various monitoring solutions concepts.

PARSIQ employs several cutting-edge technologies designed to help users create custom workflows from real-time data streams.

Leveraging PARSIQ’s Smart Triggers feature, a reverse oracle solution, project developers can easily gather on-chain data and allow blockchain activities to trigger predefined actions on real-life applications while reducing the overall workload.

Interestingly, these Triggers can be created seamlessly by any user, regardless of their coding background.


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Speaking on the just-completed integration, PARSIQ CEO Tom Tirman said, “Polygon’s popularity has proved its value as a leading scaling and infrastructure solution for Ethereum…

PARSIQ is delighted to bring Polygon users our suite of products, like Smart Triggers and wallet TRACKR, allowing automations triggered by real-time on-chain activity and providing enhanced security services. With Polygon we share a common goal in bringing blockchain technology to the world, and we’re excited about the potential of this ongoing partnership”

Additionally, PARSIQ recently introduced ABI, which allows users to import custom smart contracts onto its platform to clarify the kinds of events they wish to monitor.

Boosting Polygon

The technology, as well as many others that PARSIQ has to offer will boost the Polygon ecosystem and help to discover several new use cases, products, services, and opportunities.

The Polygon network is developing at a breakneck pace, providing both speed and cost-efficiency. The integration with PARSIQ will help equip individuals and project developers using Polygon with different tools needed for their growth.

Some solutions like the PARSIQ IQ Protocol, designed for staking and renting of tokens, will help power the tokenomics of many Polygon projects that are currently available and those that will be developed in the future.

PARSIQ noted that Polygon is a great addition to its network and will help further improve the integrity of both ecosystems.

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Flare Partners With Enterprise Gaming Platform Rival to Become Its Preferred Token Platform

The Federal Byzantine Agreement-based (FBA) network, Flare, recently partnered with Rival to become its preferred NFT, Utility, and DAO token platform for Rival’s NFT marketplace.

Flare and Rival’s Partnership

Rival is an enterprise solution that integrates gaming, esports, and now NFTs, into a company’s fan-engagement strategy. Some of these entities are the Seattle Seahawks from the NFL and the Arizona Coyotes from the NHL.

Using Flare, fans will be able to trade and engage with one another as NFTs using the project’s canary network, while competing on Rival’s platform. The latter’s CEO Matt Virtue said that the partnership allows his project to “expand” its NFT capabilities across the sports and media worlds.

“This partnership augments the Rival ecosystem and provides additional levers of engagement and community building with one of the fastest growing audience segments in the world,” said Virtue in a statement shared with CryptoPotato.

Platform users will be rewarded with Flare’s Songbird and FLR tokens for gameplay and achievements. They’ll be granted access to Bitfrost wallets native to Flare and Songbird for accessing their rewards, which can be traded in for ticketing, game passes, NFTs, and branded client merchandise.

Hugo Philion, CEO and Co-Founder of Flare, said the partnership will aim to benefit of the fast-rising trends of esports and NFTs:


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“This partnership is the perfect match because eSports have exploded in the last few years and now most of the major sports organizations in the world are looking for opportunities in gaming which enable them to truly deepen their fan engagement by enabling a myriad of different use cases for user-generated NFTs”.

What is Flare?

Flare is a Turing complete smart contract blockchain platform that provides a low-carbon emission alternative to Ethereum. While Ethereum does plan to move to Proof-of-Stake to address some of those issues, its current Proof-of-Work model still expends great energy.

More recently, Flare’s Canary network partnered with Panther to accelerate Defi adoption. They plan to integrate Panther’s Shielded Pools into its EVM to enable on-chain privacy for its users. Flare and Songbird have also embarked to bring privacy to various more popular cryptocurrencies, including XRP and DOGE.

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Game7 Seeks To Integrate Gaming and Blockchain With a $500M Platform

Several gaming and technology leaders have gathered to form Game7 – an upcoming blockchain ecosystem acceleration decentralized autonomous organization (DAO) with a $500 million budget. The DAO seeks to intersect the $180 billion gaming industry with blockchain technology.

Accelerating Blockchain Adoption in the Gaming Industry

The initiative was announced in a press release seen by CryptoPotato. Game7 was proposed as a $500M blockchain gaming DAO that will seek to accelerate blockchain adoption in the gaming industry. Forte Labs and Magnus were among the most well-known projects behind the idea.

Additionally, Game7 is backed by several high-profile entities, including Solana Ventures, BitDAO, Alameda Research, Polygon Studios, Avalanche, Interchain Foundation, Offchain Labs, and more. 

One of Game7’s main goals is to provide gamers with true ownership of in-game digital goods. The gaming community worldwide spends around $100B on their favorite games, buying skins, assets, items, and more – but they never truly own them. Game7 could make a radical change with blockchain-based tokenized virtual goods that players can own.


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“The intersection of games and blockchain translates into real world economic and creative opportunities for billions of people. This change is so large, so globally impactful, so urgent, that no single, centralized entity can do it alone.” Reads the statement.

Game7 will provide educational content to all users and strategic capital. Forte allocated $100M in fiat and crypto to start a grants program to fund blockchain gaming initiatives, while BitDAO committed $400M to its treasury. The funds will be released over a period of five years, and education will be provided by leaders from both the blockchain and the gaming industry.

Game7 will also implement an economic governance system with incentives for the community. Most governance rights will be granted to community partners, while BitDAO will retain the majority of ownership rights in Game7 for its contributions.

Blockchain Revolutionizing the Gaming Industry

Blockchain technology has been thought of as a revolutionizing solution to the outdated financial system, but as innovation continues in the space, it could take a bigger role in the gaming industry.

Play-to-earn and blockchain-based videogames have surged in popularity this year. Crypto gamers across the globe are making a living by buying and selling in-game items in the form of NFTs. On Jul. 19, Polygon launched a blockchain gaming and NFT division after witnessing the exponential growth of the gaming community on its platform.

Likewise, this initiative will help developers in their research to integrate blockchain technology into the gaming industry, something that could mark the beginning of a more immersive user experience with the use of tokenized tokens and transparent data stored on the blockchain.

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Overall Losses from DeFi Exploits Exceed $12 Billion in 2021: Elliptic Report

According to data provided by the blockchain analysis company – Elliptic – investors have lost $12 billion to criminals targeting decentralized finance platforms since the beginning of 2021. More than $10 billion of that amount accounts for cases of fraud and theft on DeFi products.

Seven Times More Than in 2020

Over the recent years, the total value locked in DeFi projects has skyrocketed from $500 million to nearly $250 billion. With this major increase, though, comes the risk of scams and exploits.

Since the start of the ongoing year, such fraudulent activities have accounted for $10.5 billion worth of user funds that have been stolen in cases of theft on decentralized finance products. In comparison, this number stood at $1.5 billion for the whole of 2020.

Tom Robinson – Chief Scientist at Elliptic – explained the negative statistics with the fact that the DeFi space has become an area of financial innovations where people allocate significant amounts of money. As such, it has turned out to be a tempting target for bad actors:

“The DeFi ecosystem is an incredibly exciting and fast-moving space, with financial services innovation happening at light speed. This is attracting large amounts of capital to projects that are not always robust or well-tested. Criminal actors have seen the opportunity to exploit this.”

DeFi platforms also lack a comprehensive regulatory framework. In an effort to address the issues in the sector, the US Securities and Exchange Commission (SEC) recently published a report on regulations, risks, and opportunities in it.


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Caroline Crenshaw – Commissioner of the agency – asserted that her department has jurisdiction over DeFi, but no DeFi platform has registered with the regulator. Therefore, participants in the ecosystem remain unprotected by any legal authorities in case of criminal activities.

The PolyNetwork Drama

In August this year, the interoperability protocol – PolyNetwork – became a victim to a hacker who stole a record-breaking amount – over $600 million. The platform got exploited on Binance Smart Chain as the bad actor swiped the funds from at least three wallets.

However, the attacker turned out to be a white-hat hacker and started returning the funds from what became known as the biggest heist in DeFi history. Moreover, the perpetrator said they did it “for fun” willing to “expose the vulnerability” of such projects.

Subsequently, the attacker returned all the funds, and PolyNetwork was able to fully restore its system.

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Celer’s cBridge Tops $1 Billion in Transaction Volume

cBridge – the multi-chain network that’s designed to enable value transfers into Ethereum and its layer-two scaling solutions, has surpassed $1 billion in terms of total cross-chain transaction volume and assets bridged.

  • According to a press release shared with CryptoPotato, Celer Network’s cBridge has achieved a considerable milestone, surpassing $1 billion in total cross-chain and transaction volume and assets bridged.
  • This comes only four months after cBridge was launched.
  • To further capitalize on the achievements made by the first version of cBridge, Celer recently launched the beta of its cBridge v2.0
  • The idea behind it is to accelerate blockchain adoption and further expand the bridging initiatives – something that should allow connectivity between Ethereum and other layer-one chains such as Solana and Cardano, for instance.
  • Alongside cBridge 2.0, the team also aims to release a white-label front-end SDK that would allow multi-chain dApps to have a built-in cross-chain experience, as well as cross-chain messaging for non-fungible tokens (NFTs).
  • Speaking on the recent developments, Dr. Mo Dong, Celer’s co-founder, said:

Reaching $1 billion in transactions is an amazing testament to the effort our team put into designing what we believe is the best cross-chain bridge. cBridge 2.0 is built to provide a much simpler user experience with a highly scalable and deep multi-chain liquidity management system to support billion-dollar daily cross-chain transfer volume for the entire ecosystem.

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Open-Source Incentive Platform DoraHacks Secures $8M in Funding from Binance Labs

DoraHacks is a global hackathon organizer, as well as one of the more active Web3 developer communities in the world.

  • According to a press release shared with CryptoPotato, DoraHacks managed to secure $8 million in funding from Binance Labs – the venture capital arm of the world’s leading exchange – Binance.
  • DoraHacks represents one of the most active Web3 developer communities in the world, and it provides on-chain toolkits to help developers around the world when it comes to raising funds for their startups.
  • Per the release, over 1,000 projects have received more than $12 million in grants and donations from supporters around the world.
  • Speaking on the matter was Bill Chin, Head of the Binance Labs Fund, who said:

Backing early-stage startups and developers have always been a strategy for Binance Labs. DoraHacks is one of the largest multi-chain developer communities with great Web3 projects emerging. Binance Labs will further build crypto communities with DoraHacks as part of the investment and establish a more open-source and diversified blockchain world. As one of the initiatives, Binance Labs and DoraHacks are co-organizing Season 3 of Binance Labs Incubation Program.

  • Some of the areas that the two teams plan to work on together include grants, funding, as well as incubation resources to back additional early-stage Web3 startups.
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