Introduction

Web3 Matching is the inaugural offline investor-startup event that was held in Vietnam on the 11th of December. Powered by Kyros Ventures and co-hosted by Amazon Web Services (AWS) and BNB Chain, the event was an incredible opportunity for start-ups in the space to pitch to potential investors. We gathered some of the industry’s biggest names to meet with the brightest startups in a 1:1 ”speed-dating” style curated setting for an unprecedented mentoring and networking opportunity.

We had an attendance of over 50 experienced experts, partners, and advisors, including Binance Labs, Pantera Capital, Animoca Ventures, Newman Capital, Magnus Capital, Kyber Network, Kyros Ventures, GGV Capital, iCandy, Golden Gate Ventures, Faculty Group, Coin98 Ventures, Superscrypt, Plug and Play, GeekCartel and Cydonia Ventures.

On event day, the shortlisted projects from over 330 applicants had a chance to share their ideas and gather advice in person from 16 VCs. It is promising to see how lively the sector is with an array of builders from all regions, and their innovative ideas who are passionately building through this bear market.

Highlights

Our Web3 Matching event gathered a lot of attention from the Vietnamese crypto community, including projects, local media partners, and funds. This is proof that the VN Web3 scene continues to thrive despite the bear market.

All guests wore name cards and were provided with information allowing attendees to get easily acquainted. The layout and scheduling instructions were crucial to the teams’ smooth transition between tables. The organizer team also provided each attendee with a large gift bag.

Web3 Matching begins with a small panel discussion titled “Strategy for Product Development and Market Entry During Bear Market Season,” which has recently piqued the interest of many crypto projects.

There were some very special guests who shared their valuable experience in developing business models and strategies for success. With the assistance of VCs,  start-ups can create long-term and effective ways to promote their brand.

Following that was the main event, the “speed dating” model between the top 20 projects and VCs. For speed dating, each project was allowed 20 minutes to talk with a VC on a predetermined schedule before moving on to another table to meet with a new VC.

The event gave attendees the opportunity to meet with many funds while also having quality 1:1 meetings, discussions and the opportunity to seek advice on specific aspects of their projects. The event was an invaluable opportunity to build relationships and introduce teams to potential future collaborators and investors.

Furthermore, the organizers set up a separate online video call area for projects/funds that were unable to attend the live event.

A warm tea party and minigame with attractive rewards was interspersed throughout the program, providing project participants moments of relaxation and laughter. Projects also used this time to share information about themselves with one another and to connect with the many other guests attending the event.

Web3 Matching successfully closed after more than 4 hours of lively discussion and received many positive responses from funds, projects, and attendees.

The program concluded with an outdoor dinner party where the organizers entertained attendees once more and provided a completely new space for networking.

The future of blockchain and the Web3 sector looks promising despite the tough year that we have all experienced. The many collapses this year is a true test of the tenacity of those who remain, but without a doubt, we are still resilient.

On behalf of the organizing teams – BNB Chain, Amazon Web Services (AWS) and Kyros Ventures, we would like to express our sincere thanks to all the valuable partners and teams who attended Web3 Matching, making it a successful, memorable and invaluable event.

Let’s buidl! Together we will continue to unlock the potential of the blockchain space and facilitate its growth through discussions on development outlook and community engagement. Through continually improving the practices that aid the advancement of the space, we are contributing to the success of the next-gen startups in the local SEA market.

About organizers

Amazon Web Services (AWS)

A renowned Internet infrastructure provider with the mission to empower the developers in this space to redefine the Internet by helping them build their solutions with more effective tools and world-class security. AWS has the broadest and deepest sets of solutions to suit the wide variety of Web3 companies’ infrastructure needs.

Website | Twitter

BNB Chain

One of the most popular blockchains in the world, dedicated to delivering its core infrastructure necessary for mass adoption, and always remains as a community-first and open-source ecosystem built on a permissionless and decentralized environment.

Website | Twitter | Telegram

Kyros Ventures 

The gateway to the entirety of the blockchain landscape in Vietnam, which sets its goal to educate the growing crypto population, and to help as much development in the Web3 sector as possible through incubation for startups in the space.

Website | Twitter | Telegram

Kyros Ventures is pleased to announce our strategic partnership with Aura Network, an unparalleled scalable Layer 1 blockchain solution designed for NFT adoption. We are excited to help the Aura Network team realize its vision as the epicenter of the NFT ecosystem development. 

Aura Network is a Layer 1 blockchain with the main focus of popularizing NFTs across various industries. As a pioneer in NFT infrastructure, its vision is to create a one-stop destination for minting, evaluating, querying, and transacting NFTs.

Aura Network has three primary features as a universal framework: a one-stop destination for developing new NFT use cases, a multi-chain platform supporting both crypto and traditional businesses, and an infrastructure layer to integrate metaverse applications. With four core layers of infrastructure, currency, dApps and OpenAPI, the Aura ecosystem promises to enhance efficiency by solving the scalability problem without compromising security.

Riding on the NFT adoption waves, Kyros shares the same vision with Aura Network to build an NFT-centric infrastructure that promotes developers, while at the same time, break through to reach a more mainstream set of end users. Kyros will be supporting Aura Network in educating users on this new applicable technology and looking forward to expanding Aura Network’s presence in the Vietnam market as a pioneer builder in the Internet of NFT.

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About Kyros Ventures 

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit Kyros Ventures

About Aura Network 

Aura Network is a layer-1, NFT-centric blockchain that focuses on expanding the use of NFTs across various industries. Our vision is to create a one-stop destination for minting, evaluating, querying, and transacting NFTs, to become a pioneer NFT infrastructure for the future. Aura Network focuses on building a sovereign blockchain that is optimized for NFT use cases.

For further information, please visit Aura Network

This was a sad week for the crypto community. So we’ll keep this piece short and share more of our thoughts on what happened and what might change.

Chin up. Keep moving forward.

We still have each other.

$UST depeg incident and the revival plan 

Saving the burning house, or the people?

The crisis wiped out 40 billion USD market capitalization, for the LUNA token alone.

Long story short, UST lost peg, and LUNA tanked. LFG trying to save UST over LUNA at the first attempt. This is no different from a man choosing to save his house, instead of his people. Of course, the community was angry so there is a second plan – a hard fork to pre-depeg, reverting the first attempt. Both received criticism from CZ.

Personal opinion. NFA.

This won't work.
– forking does not give the new fork any value. That's wishful thinking.
– one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).

Where is all the BTC that was supposed to be used as reserves? https://t.co/9pvLOTlCYf

— CZ 🔶 Binance (@cz_binance) May 14, 2022

The money is gone. How we treat each other is potent.

Contrary to how Terra handled the crisis, Axie Infinity showed us a more effective way to deal with this type of situation. Sky Mavis immediately suspended the Ronin blockchain, preventing everyone from depositing or withdrawing funds, and pledged to reimburse player losses when the hack was discovered. In the eight day aftermath, Axie Infinity had secured $150 million to pay users, accepting a down round. It is worth mentioning that the team admitted their fault and came up with urgent action to prioritize users’ benefit.

Although, some of you may argue that Axie’s size is not size.

Impact of UST collapse 

98% of the total locked assets on the Terra ecosystem have evaporated in 9 days, namely the top DeFi protocols on Terra, such as Anchor and Mirror. 

The collapse of the UST has had a domino effect on the crypto market. USDX, USDN, USDC, and USDT have also experienced peg loss as holders panicked after this disaster. Several DeFi projects integrated with LUNA or UST were affected by the price errors from Oracle, causing multi-million dollars losses. 

This disaster has revealed the downside of the current infrastructure. Vulnerabilities in algorithmic stablecoins need to be addressed as soon as possible to grow the market. Collateral assets and stable mechanisms need to be carefully calculated to minimize the impact of market factors as much as possible but still guarantee a better capital efficiency than over collateral stablecoins. 

Many open questions are still being asked will users continue to trust Do Kwon and a new folk of Terra?

stETH-ETH Depeg

Following the resumption of the Terra blockchain for the second time on May 11, Lido announced that users could bridge bETH — a representation of stETH on Terra’s Anchor protocol — back to Ethereum. As holders flee Anchor and retrieve stETH when cashing out to fiat currency, they must first sell stETH for ETH. Thus, much of the stETH was swapped in Curve on that day.

If the stETH/ETH price peg fails for a time, then liquidations could trigger more volatility in the markets. Curve and Balancer pool for stETH:ETH has been again unbalanced, putting the stETH peg at 0.987 ETH per stETH on May 12.

The leverage situation results from yield farmers folding: deposit stETH as collateral, borrow ETH against it, then stake that ETH to get more stETH, and repeat to maximize the yield. 

Leverage is most significant at Aave. ETH is the most borrowed asset from stETH for about $800m. Even if stETH depegs 10%, $100M would get liquidated on Aave, and users who are close to the liquidation threshold of 75% could deleverage or exit altogether. The most significant risk is if these liquidations result in bad debt for Aave, but this is extremely unlikely.

Since potential liquidations are an outcome of using leverage, this has always been a known risk. As mentioned by Lido, stETH does not need to be pegged to ETH to work correctly, and stETH will always reflect a 1:1 claim for ETH on the beacon chain after the ETH 2.0 merge. As a result, a decrease in the price of stETH could potentially be a great chance for long-term holders to buy ETH at a discounted price, as long as they are not facing potential liquidation. On the other hand, leveraged users need to maintain their positions at a safe level to avoid short-term liquidation due to market fluctuations.

NFT

AZUKI IS UNDER FIRE. GUESS WHO LIT IT

A small part of the Azuki universe – Beanz revealed on May 06, receiving much traction from the community. Also on that day, Azuki announced to welcome Rehito Hatoyama (Ray), a man behind famous brands such as Hello Kitty and Human Made, as an advisor.

However, fresh Beanz turned stale when Zagabond, founder of Chiru Labs, posted “A builder’s Journey” article sharing his path from zero to hero in NFT. In this post, Zagabond revealed that he had been behind the NFT projects CryptoPhunks, Tendies, and CryptoZunks. Those projects have been criticized for rug pulls.

These allegations put Azuki in hot water and shocked the community. Shortly after the collection witnessed a big sell-off, the floor price dropped 50% to the 7 ETH range. On May 11, Zagabond admitted his faults and promised to communicate clearly with everyone and solve the issues.

In our opinion, Zagabond has been involved in the development of 3 NFTs projects only proving his know-how in operating NFT projects and communities. Thus, Zagabond acknowledged his impact on the NFT market while Azuki took the lead. After Zagabond’s confession, we have seen an increase in the price and volume of the CryptoPhunk, and CryptoZunks collections.

The incident is maybe intentional. Data from Nansen indicated that there was plenty of sell-off due to the news, while smart buyers were accumulating, at a discounted price. 

TLDR:

– 16 🤓 Smart buys vs. 11 🤓 Smart Sells
– Increase in overall listings + sales in the last 24h
– Plenty of sell-off due to the news, while *some* smart buyers are accumulating
– Azuki's floor price is currently sitting at around 14-15 ETH pic.twitter.com/lo8KY9KYoT

— Nansen Alphα 🧭 (@nansen_alpha) May 10, 2022

TRADITIONAL COMPANIES INTEGRATED NFTs

More from the NFT space, Spotify, Nomura, and China Computer Industry Association are web2 firms joining the NFT space this week.

As we all see, more and more traditional companies are realizing the potential of NFT’s and are already pioneering this innovation. The question that we need to address here is how this adaptation of traditional enterprises affects the current market? 

Web2 companies has a very high take rate for creators. In the world of web2, power will be concentrated in the hands of a few industry leaders, thereby influencing the source of income for creators. In a recent report from a16z, web3 creators earn nearly 2 million times higher than what they earn with Meta, or nearly 300 times more than Spotify, etc. Web3 creates an open marketplace for small-scale creators to be able to bring their work to the masses more easily and without the burden of revenue from a handful of web2 publishers.

Web2 companies are highly dependent on taking control of the market, and from there providing domination and then optimizing profits. Even when there are positives with web2 companies entering the market, allowing the market to expand, from another perspective, this participation of web2 companies only helps to extend their pie and will probably increase their dominance to the masses.

CRYPTO TAX AND REGULATION

Since Luna’s event, global financial regulators are paying more attention to the cryptocurrency sector after this incident. Do more regulations mean good things?

SEC: The Securities and Exchange Commission has asked for additional comments on issuer WisdomTree’s proposal to list a spot bitcoin exchange-traded fund (ETF).

El Salvador: El Salvador’s president, Nayib Bukele was in a meeting of 44 countries in El Salvador on Monday to discuss bitcoin and other topics.

Central Africa: Just weeks after the Central African Republic (CAR) made bitcoin legal tender, they also reminded member states of its ban on cryptocurrencies on Friday.

Australia: For the first time, Bitcoin and Ethereum ETFs are offered for Australian investors. Securities and derivatives exchange Cboe Australia introduced the ETFS 21Shares Bitcoin ETF and the ETFS 21Shares Ethereum ETF on May 12.

Portugal: During a working session on Friday, Finance Minister Fernando Medina affirmed that crypto assets will be taxed in the near future.

Brazil: In the last few days, the CEOs of Binance and Coinbase were slated to meet with Brazil’s Central Bank president Roberto Campos Neto, signalling that talks between the industry and the government are continuing.

European: Grayscale Investments announced on May 16 that it is set to make a play for Europe, with its first exchange-traded fund (ETF) in the region.  

Nigeria: Last week, Nigeria’s markets regulator published 54 pages of regulations for digital assets, as the country may be stepping back from an earlier ban on cryptocurrencies.

We hope to bring a more #BUIDL vibe (and less drama) to you soon. Until then, see you next week.

Elon Musk & Twitter buyout: how’s the story going?

Twitter, Inc announced on April 25 that it has entered into a definitive agreement to be acquired by Elon Musk – CEO of Tesla (TSLA) and SpaceX, for about $43B in cash. Upon completion of the transaction, Twitter will become a privately held company. 

After a few days, Mr. Musk revealed that he had raised around $7B from 18 entities to help fund his blockbuster $44 billion acquisition of Twitter, including Binance, a16z, etc.

With $500M committed by Binance, CZ expected to bring crypto and blockchain technology to mass adoption through social media and web3. Without a doubt, the acquisition of Twitter – top social media sites for crypto enthusiasts, from Elon Musk – crypto’s top influencer, and the participation of Binance, a16z, Sequoia, etc., will create a significant influence on the adoption of crypto.

Dogecoin is the most apparent evidence of the impact of this acquisition by causing Dogecoin (DOGE) price to surge. There are two main reasons behind:

• Musk teased DOGE payments on Twitter earlier this month, promoting dogecoin as one of the payment choices for Twitter Blue.
• Gucci accepted Bitcoin, Ether, Litecoin, Shiba Inu and Dogecoin as payment method across the U.S stores.

As we’ve all witnessed clearly in the past, Musk has taken advantage of his influence to create value for DOGE. Because the number of individuals Musk-fan is huge, leading to the more significant number of people who believe and hold Doge. Thus, brands (Tesla, Gucci, etc.) that accept payment in Doge partially based on the credibility of Elon Musk.

Furthermore, Elon Musk changed his profile picture recently on Twitter to a collage of Bored Ape Yacht Club images, then discredited NFT by tweeting a common comment from NFT (non-fungible token) critics, writing, “I dunno … seems kinda fungible.”

I dunno … seems kinda fungible

— Elon Musk (@elonmusk) May 4, 2022

After realizing the recent vital growth of NFT, Musk, with his current influence on the crypto market, does not seem to ignore this very potential niche. But why BAYC? Well, this NFT collection has become a legend in the NFT market, as it now ranks first in terms of floor price, surpassing CryptoPunks, the 2017 OG from Larva Labs with more than $1.2B traded in the first quarter of 2022. Adding another good reason for Elon Musk’s choice of this collection, Bored Ape Yacht Club has been making headlines over the week by launching its Otherside metaverse.

Given the influence of Elon Musk and Twitter on the decentralize world, will this acquisition benefit the entire industry? Will Twitter different from Facebook, YouTube, and other social media sites that prioritize profits over the benefits of all users when its revenue currently depends heavily on advertising? Twitter has reported losses for 8 years from 2012, except 2018 & 2019. Therefore, it is very likely that Twitter and its board team will have to prioritize strategies to bring profits to the business. The approach that Twitter will use to meet this goal while also ensuring the decentralization property for this social media platform is still uncertain. 

The only obvious thing we see here in this acquisition of Twitter is that it strengthens the influence of Musk and his followers even more, thus making the market more susceptible to manipulation.

Another question for Twitter is how it can improve the ownership of NFTs under Elon’s watch. Even if Twitter allows users to set NFTs as PFPs, it may not completely solve the ownership problem. Over 80% of NFTs Minted for Free on OpenSea Were Fake or Stolen. Besides, on-chain and off-chain transmissions are not frictionless, and the artists are still not getting the real value of what the NFT is committed to. In short, this movement may further exacerbate the NFT thefts, which have been a major pain point in this market.

Otherdeed & BAYC: The Apes that cost us $157M

The drama around BAYC does not just stop with Elon Musk. Let’s rewind back to a week ago.

Otherside, a gaming metaverse project of BAYC, has launched their land sale called Otherdeed on April 30. The sale was chaotic: Etherscan, the explorer of Ethereum blockchain went down, an unprecedented event; gas price spiked and remained at 10,000 gwei for 10 minutes.

Some investors reported they had to pay more than twice of the mint price of 305 $APE (~ $5,800) and some had their transactions fail but were still charged for the gas fees.

Roughly $157M worth of ETH was burnt just for this land sale. About a week after the sale, Yuga Labs has announced to repay gas fees for the failed transactions:

We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint. The fees have been sent back to the wallets used for the initial transaction. Here’s how to find your refund… 🧵

— Yuga Labs (@yugalabs) May 4, 2022

Nevertheless, the community has been irritated by the fact that Yuga Labs did not optimize their smart contracts so as to mitigate the gas war and deemed that this was just an excuse for them to launch a new chain for the sake of new funding:

Vitalik thinks that such gas optimization tricks would not help, since gas price would still be rising until it reached the equilibrium of supply and demand.

Don't think optimizing the contract would help. Regardless of contract details, tx fee goes up until list price + tx fee = market price. If gas usage per purchase decreased 2x, the equilibrium gas price would have just been >12000 gwei instead of 6000.

— vitalik.eth (@VitalikButerin) May 1, 2022

But that was not the point of the community. The point is, they could have done better, but they did not.

From our perspective, given the congestion on Ethereum, it is reasonable for a huge metaverse project such as BAYC’s Otherdeed to run their project on another chain for a more seamless user experience, specifically by deploying it on an L2 to first estimate the demand and then decide how to build their own chain if necessary. Even if they build their own side chain and (perhaps) establish their own token, it will look like the ApeChain is a parasite of Ethereum, and this may further trigger the anger in one of the largest crypto communities in the world.

Currently, only time can decide whether this is a good decision made by Yuga Labs but surely, Yuga Labs themselves must do a lot more to reclaim the trust of their community.

Solana Gas War: To bribe or not to bribe, that is the question

Superficially, NFTs may just seem like jpegs, but their popularity have proved to be burdensome in many cases. The booming demand have the underlying ability to shut down an entire blockchain for many hours. 

This time, that blockchain is Solana.

Unlike Ethereum, there is no bidding blockspace market on Solana; instead, the network accepts transactions “indiscriminately” on an orderly basis. This has helped reduce the transaction fees on Solana substantially compared to Ethereum but in exchange, they suffer from transaction spamming  which puts a burden on validators.

Evidently, on May 1, Solana blockchain was shut down for more than 8 hours, mostly due to the rising NFT transactions on this chain, primarily because of the Candy Machine, a tool for users to mint NFTs fairly.

Solana Mainnet Beta lost consensus after an enormous amount of inbound transactions (4m per second) flooded the network, surpassing 100gbps. Engineers are still investigating why the network was unable to recover, and validator operators prepare for a restart.

— Solana Status (@SolanaStatus) May 1, 2022

Specifically, bots have been used to exploit this mechanism as they are able to spam a huge amount of transactions to the network to get a chance of successfully minting an NFT. While this incident negatively affects SOL price, it seems to leave no impacts on NFT investors on Solana as the NFT transaction count has quickly recovered after the outage.
After the network shutdown, the Solana team has offered three solutions to mitigate such outage in the future: 

• Implementation of QUIC, a Google-developed protocol to enable faster network communication while simultaneously identifying the IP address of each transaction sent, thereby limiting the bot spamming 
• Deployment of state-weighting which allows validators to process more transactions given that their stake is higher
• Application of fees to prioritize transactions; however, to alleviate the probability of gas war, there is a limit for an account to have their transactions to be prioritized in each block

Besides, other solutions being suggested include Dutch auctions or dynamic mint which can reduce the incentive for NFT buyers/bots to spam the network at the start (as prices can go lower)

Dynamic mint by @StrataProtocol. Allows users to pay what they think is fair for mint and would FUCK a botter up with the price uptick with every mint. Look at this graph from @DivineDogsNFT mint yesterday. Flawless. pic.twitter.com/r4wrMVmMCx

— Just JB (33.3%) 🍟🟠🦍 •$• (@JustJB) April 29, 2022

$UST: THE BIG SHORT OF CRYPTO

On May 8, when the price of $BTC started declining and pulling the entire market down, including $LUNA, $UST lost its peg and dropped to $0.9857. 

There was a panic sell of $UST on Curve, leading to the disproportion of this stablecoin in the Curve 4pool. Shortly after that, there was a buying force that brought back the balance by purchasing $UST with $USDT. 

Until May 9, Luna Foundation Guard announced that they would “loan” $750M worth of $BTC to an OTC trading firm and 750M $UST to the market to stabilize the peg, i.e.the 750M $UST will be borrowed to buy $BTC. However, this seemed to exacerbate the problem by triggering a further oversupply shock for $UST, diverging the ratio of $UST on the 4Pool of Curve.

On May 10, $UST declined substantially to $0.6. The total reserve balance of LFG plunged to $188,066,798, down by more than 90% since its all-time high at roughly $3.9B. 

Also, the $BTC reserve balance of LFG was down to zero from nearly $1.4B within 24 hours. Thus, LFG has spent more than $3B in the effort to bring back $UST to the peg, but this stablecoin was still hovering around $0.75.

Meanwhile, LUNA saw a massive drop to $26.54, losing nearly 60% value. The amount of $UST deposited to Anchor also “vaporizes” 48% because of massive withdrawals that send the APY of Anchor back to 20%. This event also affects the Terra ecosystem; the TVL has quickly diminished down to $13B, losing 45% within one day.

This event of Luna has been predicted by many investors before because UST’s model of providing APY up to 20% is unsustainable. It looks like a Ponzi scheme.

Now it will be interesting to see what Do Kwon and the Luna team will do next to save the project. If $UST can repeg back to $1, will the trust of users in $UST remain? Time will tell.

Kyros Ventures is happy to be assisting Enex.Space in its first journey into the crypto space. We understand the importance of a good start and would be more than happy to help out such a potential project. 

Enex.Space is a DeFi platform built on the Enecuum blockchain that unites regular mobile and desktop devices into a powerful blockchain network. Enex.Space utilizes its native ENX token to represent overall liquidity on the AMM DEX and facilitate trading operations. Enex.Space consists of liquidity pools, a treasury fund called “Commander ENEX,” and other yield farming opportunities via the “Space Drop”, “Space Harvest Farm”, and “Space Station” functions of the platform.

Kyros Ventures will be participating in Enex.Space’s Private Round with a 12-month unlock term. Although Enex is just in the beginning phase of its development, Kyros is eager to see the advantages its features can bring to the table in the near future. Thus, we decided to invest in ENX private round sale, along with expanding its reputation to the Vietnamese crypto market. Vietnam is surely an ideal location for a crypto start as we are prioritizing blockchain technology development. 

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About Kyros 

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities. For further information, please visit: Kyros.Ventures

About Enex Space

Enex.Space is a DeFi platform powered by the Enecuum blockchain and built by Trinity Lab. Enecuum aims to bring cryptocurrency into the mainstream by incorporating mobile and desktop device users into a blockchain network for decentralized, fast, and low-cost applications. The Enecuum Network combines the Trinity Protocol combination of Proof-of-Work (PoW), Proof-of-Activity (PoA), and Proof-of-Stake (PoS) algorithms to deliver a hybrid form of consensus, powered by the ENQ token, that allows users to create custom tokens on top of it. For further information, please visit Enex.Space

Bringing blockchain technology to mass adoption has always been one of the biggest goals that any crypto project wants to achieve. A solution to decrease the complexity of this technology is needed to draw more mainstream users. Thus, Kyros Ventures decided to partner up with Mixsome to encourage simplifying blockchain usage. 

Mixsome is the industry’s leading DeFi Flow tool to assist in the development and creation of Decentralized Finance solutions. Mixsome will help streamline the application of DeFi and address 3 core issues of accessibility, complication and usability. 

Some of MixSome’s solutions include: 

• Fiat-Crypto: Easy to use application with fiat to DeFi on-ramp. 
• Investment flow: Mixsome has built-in processes that allow you to smoothly navigate DeFi markets and find your desired product.
• Investment strategies: Custom, predefined, and trending DeFi strategies.
• Data Science: AI-retested strategies yield the highest returns.
• Risk / Reward profile: Mixsome’s tools allow traders and investors to find the perfect flow and determine a winning strategy.
• Put / Call option: Automatically hold your position at a specific rate to protect it from liquidation or increase leverage based on market movement.
• Lower cost ratio: Mixsome allows taking advantage of lower-cost ratios compared to buying DeFi tokens separately.

Kyros Ventures invested in Mixsome’s fundraising round of $2.7 million, along with many industry leading investors Alphabit, Genblock Capital, Coin98 Ventures, Spark Digital Capital, CMS, 4 Seasons Ventures, Blocksync, Iconomy, A195, Jun Capital, Master Ventures and GBIC.

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About Kyros

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: kyros.ventures

About Mixsome

Mixsome is a DeFi tool that helps create and optimize DeFi strategies by allowing customers to mix different DeFi protocols and tokens into customized token baskets. Customers can set up a different number of DeFi protocol tokens, and then Mixsome mixes it into the same transaction, allowing customers to benefit from DeFi growth and yields by building custom strategies simply and conveniently. Furthermore, customers can create different strategies simultaneously and manage their risks without sacrificing potential yields.

For further information, please visit: mixsome.cash

Kyros Ventures is happy to be supporting the development of a secure blockchain ecosystem through our partnership with Raze Network. 

Raze Network is a second-layer protocol that will provide cross-chain payment privacy for the entire DeFi stack of the Polkadot ecosystem. The core technical module of the Raze Network is a second-layer anonymous payment for the DeFi ecosystem. This module will be imported as a substrate-based smart contract which will serve as a universal plug-and-play infrastructure for Polkadot which allows the user to hide one’s account address and financial information before participating in the DeFi stack.

Some of Raze’s highlighted products include: 

• Private Transaction: RAZE token is meant for enabling the privacy of on-chain transactions between the recipient and destination addresses and transfer any token between any blockchain.
• Secret DeFi Bridge: Users can hide their trading history as RAZE is compatible across all DeFi products, which are fully compatible with Uniswap, AAVE, Compound and DeFi ecosystem on Polkadot and Cosmos
• Anonymity Mining: The access to the liquidity pool always stays anonymous and secure, to mine RAZE in a truly private way.
• RazeVM Integration: Allow builders to deploy the privacy-preserving functions with an open protocol connected to all DApps. 

Kyros’s vision aligns with Raze Network regarding the path towards a more secure blockchain ecosystem, providing privacy-conscious users with more powerful tools to make more informed financial decisions, especially when it comes to privacy protection. Kyros will be assisting Raze in executing its development plan to the Vietnamese market. 

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About Kyros

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: https://blog.kyros.ventures

About Raze Network

Raze Network is a Substrate-based, cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi and Web3.0 stack. The Raze Network applies zkSNARKs to the Zether framework to build a second-layer decentralized anonymous module. It will then be imported as a substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems, while protecting the transparency of your assets and behaviours from surveillance. For further information, please visit: https://raze.network

Blockchain technology is covering more and more real-life usage, not only in the consumer market but also within the entertainment fields. Fan-based tokens have been the new rising trend for crypto holders who are also interested in sports. Realizing this potential in blockchain’s growth, Kyros Ventures has decided to invest in Rage.Fan, a fan-first fantasy & uNFT sports platform. 

Rage.Fan is a fan-first decentralized fantasy sports platform where players will have the opportunity to acquire action cards based on NFTs to earn additional in-game points. Players will partake in an Augmented Reality based Token hunt platform to collect $RAGE coins. The platform will also host a one-of-kind Sports Oracle offering reliable secure off-chain sports data.

The platform has designed a unique native token system to support the fan-first and simplified user experience with its Rage.Fan token $RAGE. 

Some of the $RAGE token utilities include: 

• Staking tokens
• Game mining by earning higher rewards for playing more
• Social media mining by promoting Rage.Fan
• Referral mining by referring others
• Virtual mining by participating in virtual games

Kyros Ventures will be supporting Rage.Fan’s entry into the gaming market by collecting sports fans from across our network in general and in Vietnam specifically. We are highly interested in the idea of applying sports knowledge and awareness to earn advantages in the decentralized world. Kyros looks forward to Rage.Fan’s innovative sports Oracle, uNFTs, and GeoNFTs revolutionize how sports fans engage with the platform.

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About Kyros Ventures 

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.For further information, please visit kyros.ventures

About RageFan

Rage.Fan is a fan-first on-chain fantasy sport and quizzing platform built on blockchain technology, where sports fans can use their skills, knowledge, and situational awareness to earn rewards and feel more connected to the sports they love. Using blockchain technology, Rage.Fan aims to create a permissionless, decentralized, and transparent gaming experience for all sports fans while removing the inherent inefficiencies of traditional centralized applications. For further information, please visit rage.fan

Kyros Ventures announces its strategic investment into XFai, a DeFi platform that aims to challenge the current norm of how tokens are offered to the public, allowing for a fairer, easier, and more transparent way for investors to get on board and benefit through a one-step liquidity mining process.

The venture capital is set to unlock the bustling Vietnamese cryptocurrency market for XFai, inviting a wider community to take part in the upcoming XFai LGE (Liquidity Generation Event).

XFai provides a fundamentally revolutionary idea for investors to get involved in DeFi. The XFai LGE is set to become a new standard within the DeFi space on how to offer the project tokens to the public, leveraging the power of public participation to not compete amongst themselves to get involved, but rather work in harmony to support the project. Moreover, XFai’s DLO (DEX Liquidity Oracle) charts the order book and the liquidity depth on a centralized exchange to adjust the liquidity on a DEX such as Uniswap, creating an efficient environment for traders to participate in the market with minimum slippage. 

Kyros Ventures’ latest involvement in XFai represents the participation of more than one hundred thousand cryptocurrency investors in the Vietnamese market and the wider community. Kyros Ventures comes with a long-running experience in blockchain and marketing, with substantially successful portfolio projects such as Polkastarter, My Neighbor Alice, Serum, and FTX. XFai is Kyros Ventures’ newest involvement in its continued venture in cutting-edge innovations within the DeFi space.

Mr. Thuat Nguyen, CEO of Kyros Ventures shared his views on XFai:

“Decentralized exchanges, the backbone for the DeFi industry, have reached the tipping point with 30-day volume at its ATH of $65B recently. The field yet grows at the fastest pace due to liquidity inefficiency that hinders smaller tokens from merging with the rest of the DeFi ecosystem. By providing a revolutionary liquidity management tool altogether a seamless experience to end-users, XFai’s DEX liquidity oracle reshapes all aspects of decentralized trading space. Kyros strongly believes that XFai will go beyond the frontier of DeFi to pioneer in the future of finance.” 

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About Kyros Ventures

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: www.kyros.ventures

About XFai

XFai develops tooling for the DeFi space, graphing it to build game-changing products. The XFai DLO is set to invite mid and small-cap tokens to start earning APY on their token holdings, while the XFai LGE is set to become industry-first in providing a more efficient, transparent, and fair way for everyone to get involved at an early stage. The LGE for XFai’s native token, XFIT, is set to launch during the first week of April. We invite everyone to join the DeFi revolution, spearheaded by XFai.

For further information, please visit: www.xfai.com

Interoperable Money Markets, powered by Polkadot

Konomi targets crypto users looking into investing, trading, and managing assets in an efficient way. It is currently deployed as an independent blockchain using the Substrate framework. At launch, it will support functions in trading, deposits, and lending. As the Polkadot parachains are launched and interchain communication protocols live, Konomi could support more financial products specific to the Polkadot ecosystem.

The Konomi IDO is set on 16 March through Polkastarter, and they’re seeking to raise just $200,000, with 0.5% of the total supply being sold. The TGE will be taking place in mid-march, and a public test-net will be launched soon too. 

Kyros will help Konomi enter the Vietnamese markets

Through this collaboration, Kyros Ventures will help Konomi Network make inroads into the Vietnam market and surrounding regions. Specifically, Kyros will leverage our in-depth knowledge and understanding of the Vietnamese crypto communities to introduce Konomi’s asset management solutions to local investors and traders. As TGE grows nearer, Kyros will explore other collaboration opportunities between Konomi Network and our partners’ network both domestically and abroad.

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About Kyros Ventures

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: Kyros.ventures

About Konomi Network

Konomi Network is a decentralized liquidity and money market protocol for cross-chain crypto assets. Its product matrix fulfills user demand in liquidity, borrowing/lending, and more advanced trading products in a decentralized way. KONOMI blockchain is built using the Substrate framework and supports smart contract development to seamlessly integrate with existing DeFi protocols. Konomi offers better blockchain infrastructure due to the base layer consensus, virtual machine, and more scalable system architecture.

For further information, please visit Konomi.network