Decentralized search startup Sepana has raised $10 million in a funding round led by venture firms Hack VC and Pitango First.
In addition to the fundraiser’s lead investors, Protocol Labs, Lattice Capital, and Balaji Srinivasan were also investors in the round. However, Sepana refrained from sharing its valuation, only stating that the funding round closed this week. In addition, reports say that the newly-generated capital will go towards hiring senior blockchain engineers and search experts for the company. Furthermore, Sepana seeks to launch a product geared towards fostering the “search community” around the product.
Founded by brothers Daniel and David Keyes, Sepana plans to build a fully decentralized peer-to-peer search protocol in the long term. According to the decentralized search platform, such an infrastructure will help to create information bridges between decentralized applications and protocols. As Sepana sees it, this development will also improve search outcomes, with privacy being a key underlying factor. Commenting on the company’s stated end goal, co-founder Daniel Keyes explained in a media session:
“The algorithms that dictate our online lives should be open-source and community-governed.”
Sepana looks to make a wide range of Web3 content more discoverable via its search tooling. Such decentralized content includes decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs). One way the company is going about making Web3 content more discoverable is through the use of an upcoming related search API. This tool will allow decentralized applications (dApps) to integrate Sepana’s search infrastructure.
Sepana claims that countless search queries on blockchains and dApps such as Lens and Mirror are already backed by its tooling.
Sepana Funding Round Part of Broader Trend in Web3 Search Space
The Sepana funding round follows similar initiatives within the Web3 search and indexing tool space. For instance, last month, nxyz secured $40 million in a Series A funding round spearheaded by Web3 investment firm Paradigm. Participating investors from the nxyz funding round were Coinbase Ventures, Sequoia Capital, and Greylock Partners. Speaking on nxyz at the time, CEO Sridhar Ramaswamy, explained:
“We created nxyz so that developers can focus on building at scale, and have the fast and simple method for indexing data they need. I’m convinced this is exactly the kind of innovation needed to help ensure the widespread adoption and success of web3.”
Blockchain indexer nxyz is a spinoff of the private search engine Neeva. Ramaswamy co-founded Neeva in 2019 and is also its CEO. Furthermore, Crunchbase data states that the private search engine has received total funding of $77.5 million.
Lighthouse Labs, another Web3 search and indexing facilitator, raised $7 million in seed funding back in May. The funds came ahead of the Montreal-based crypto startup’s planned launch of its metaverse search engine.
Accel, BlockTower, and Animoca Brands served as lead investors of the Lighthouse Labs’ round.
Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network
Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the market crash in late 2022, FTM began the new year trading as low as $0.2007, representing a 94.19% decline from its all-time high value of $3.46.
However, with the entire crypto market attempting to pull off a recovery, FTM has been one particular token with lots of investor attention, as its price has surged by over 136% since the start of 2023.
Fantom Records 39% Profit In Seven Days
According to data from CoinMarketCap, Fantom (FTM) gained by 38.77% in the last seven days alone, outperforming major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.
While FTM has been on an upward trend since the first week of the year, its price rally in the last week can be attributed to Fantom’s recent integration with the Axelar Network. On Jan. 24, the Fantom Foundation announced a partnership with Axelar, which will introduce interchain communication to the Fantom Network.
As of the time of writing, FTM is trading at $0.4724, having gone up by 1.98% in the last 24 hours. Based on more data from CoinMarketCap, the daily trading volume of FTM is currently $240.7 million, while its total market cap is $1.312 billion.
FTM trading at $0.4790 | Source: FTMUSD chart of Tradingview.com
What Does Axelar’s Integration Mean For Fantom Users?
According to a blog post by Fantom, “Axelar network is a blockchain that connects blockchains, enabling universal Web 3 interoperability.” Basically, Axelar functions as a medium for communication and transfer of value between several blockchains.
Following the integration with the Axelar network, Fantom automatically becomes part of an ecosystem that consists of over 30 different blockchains capable of seamlessly interacting with one another.
Using the General Message Passing (GMP) protocol, developers on the Fantom network will be able to easily access smart-contact codes on any chain connected to Axelar. The GMP protocol will also allow dApps and users to send and receive data and function calls across the multiple chains in Axelar’s ecosystem.
Another benefit of Axelar’s integration with Fantom is the introduction of one-click cross-chain swaps on the platform’s biggest decentralized exchange, SpookySwap. Using Squid, an Axelar-based protocol that reroutes liquidity between chains, SpookySwap users will seamlessly swap native tokens of different chains in one click.
In every transaction, the Axelar network will process the cross-chain gas conversions from the source-chain token to the destination-chain token, ensuring that users need not own crypto wallets on multiple chains or hold native tokens of other chains for gas fees,
That said, other chains on the Axelar Network aside from Fantom include Arbitrum, Moonbeam, Polygon, Osmosis, etc.
Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?
SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine.
On-chain data shows that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months.
Why Is SHIB Burn Rate Increasing?
In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday’s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the SHIB burning machine yesterday.
According to analysts, this percentage spike wasn’t triggered by increased network activity. Also, it didn’t represent a large number of actually burnt tokens.
Token burns help to reduce the number of coins in circulation. It helps increase an asset’s scarcity and possibly boost the token’s price when increased supply pushes it down.
For instance, on January 17, the SHIB token burn surged by 613% within 24 hours, and the coin broke the bearish traders’ expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate.
Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges.
— Whale Alert (@whale_alert) January 26, 2023
This could mean that short-term traders don’t believe the asset couldn’t rise above the resistance level, helping them earn profit.
New SHIB Whales Emerge – What’s Next?
While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. Data shows that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022.
The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions.
According to the blockchain whale tracker, Whale Alert, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world’s 30th-largest SHIB holder.
This recent accumulation came after the world’s 26th-largest SHIB holder swept 150 billion tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23.
So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch.
Shiba Inu is currently trading at $0.00001188 with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%.
Featured Image From Pixabay Kevin_Y, Chart From Tradingview
AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?
The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform’s Ethereum V2 liquidity pool back in November 2022.
However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token’s gains from the start of the year.
With the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it.
The Gist Of The Proposal & On-Chain Developments
Based on the proposal, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2’s stablecoin reserve to buy the necessary number of units of CRV to pay the debt.
This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol.
The deployment of AAVE’s V3 on Ethereum was also implemented. According to DefiLlama, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked.
At $86.02, What’s In Store For AAVE?
The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022’s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE’s rally when the year started.
Investors and traders should target the token’s current resistance at $90.15. If the bulls can consolidate at the token’s present support, we can see an upward push towards $94.70.
Investors should also monitor the token’s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term.
As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE’s momentum to regain lost ground.
With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65.
Featured image by Kanalcoin.com
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