VVV hit a record $34.51 on September 21, putting Venice near $1.62bn against a $100m annualized run rate. That is about 16 times revenue on a platform whose token burn is paid for out of the same revenue.
Perspective Coverage
3 publishers
- Builder
- Builder 33%
- Operator
- Operator 25%
- Investor
- Investor 42%
Reality
- Evidence55
- Adoption62
- Hype gap+22
- Incentives40
- Confidence63
S&P Global leads $110m into the crypto data vendor whose indices already carry its name
Kaiko's $110m was more than three-fifths of everything disclosed in crypto venture funding in the week to September 18. It came from the index provider whose crypto products already carry Kaiko's reference rates.
Reality
- Evidence52
- Adoption35
- Hype gap+15
- Incentives65
- Confidence58
A conditional OCC charter lets Bastion run stablecoin issuance for other companies
The OCC has conditionally approved Bastion Platforms National Trust Company to issue, custody and convert stablecoins on behalf of clients, a fee business housed inside a charter that bars deposits and FDIC cover.
Reality
- Evidence70
- Adoption25
- Hype gap+15
- Incentives65
- Confidence58
The index house behind the S&P 500 led the investment that took Kaiko to $110 million in total funding. Subtract the three earlier rounds and the new money is about $28 million, going into a partner whose product had already shipped.
Perspective Coverage
4 publishers
- Builder
- Builder 35%
- Operator
- Operator 28%
- Investor
- Investor 37%
Reality
- Evidence62
- Adoption58
- Hype gap+18
- Incentives70
- Confidence68
Router Protocol burns 303m ROUTE on its way out after four years without a buyer
A cross-chain firm that never earned enough to fund itself is closing on September 30, and the 303m tokens it will destroy return no cash to holders or to the $4.1mn of 2021 venture money behind it.
Reality
- Evidence38
- Adoption8
- Hype gap+12
- Incentives72
- Confidence45
Ethena pays to retire the seed tokens its early backers were already selling
The Foundation bought out the locked allocations of seed investors who had shown they would sell, released everyone else's early, and proposes routing 95% of net revenue into buybacks. That trade rests on a revenue figure the Foundation has not published.
Reality
- Evidence30
- Adoption54
- Hype gap+40
- Incentives74
- Confidence34
FalconX and Ethena Wrap $1B of Credit in an SPV, and That Is the Point
The $1 billion facility routes USDe reserves into overcollateralized institutional loans through a bankruptcy-remote vehicle. The structure, not the size, is the news.
Reality
- Evidence33
- Adoption41
- Hype gap+28
- Incentives72
- Confidence38
One $400M round held up crypto's July: 41 rounds and 140 investors, both at lows
Venture dollars slipped only 6.8% from June, but round count fell 28% to a 12-month low and unique institutional investors fell 31%. Excluding Crypto.com's cheque, investment was down 34%.
Reality
- Evidence56
- Adoption46
- Hype gap−8
- Incentives54
- Confidence55