Welcome back to see what stirred the web3 world this week! We’ve got some updates and hot topics wrapped nicely for you to read in under 4 minutes. Ready? Let’s go! 🚀
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Remember the infamous 3AC, the hedge fund that went down last year after losing a whopping $3.4 billion? 🤯 Well, they're back!
Yes, and this time, they've traded their high-risk hedge fund playbook for venture capitalist vibes. 👀 3AC co-founders Kyle Davies and Su Zhu have emerged from the ashes of a $3.4 billion debacle and are now running 3AC Ventures.
A New Lease on Crypto Life 🏥
First up, 3AC Ventures has buddied up with OPNX, an exchange for trading claims against bankrupt crypto entities. And the co-founders of OPNX are none other than our comeback kids, Davies and Zhu. They're focused on supporting projects that are "building for a decentralized future." 🌎
Basically, hoping to find the next Bitcoin before anyone else does. OPNX did face some initial scepticism and meagre trading volume on its debut, but…
It has seen a significant increase in activity, with its volume rising to $34.1 million.
The firm's native OX tokens have seen a near 200% rise in price, pushing its fully diluted market cap to nearly $300 million.
The New Kid on the Block ⛹️
3AC Ventures has also introduced its first investment, a project named "Raiser.”
It’s like a bank where you can borrow money based on how good you are with crypto.
You borrow by creating "zero-coupon bonds," fancy IOUs with no extra interest.
Lenders can buy these bonds, earning a fixed income when you pay back.
And finally, traders can buy and sell these bonds like trading cards.
All in all, a great idea to turn the tables around.
While 3AC Ventures is making waves in the industry, 3AC is still tangled in bankruptcy proceedings. 👩⚖️
Wassup with Justice Tokens? 👀
Okay, so there has been some legal drama where OPNX has sued venture capitalist Mike Dudas for bad-mouthing them. Now Dudas' team think it'll be hard for OPNX to prove that these comments hurt their reputation. 🤨
Now, here's the kicker - in response to this drama, OPNX has created something called "Justice Tokens", or JTs.
They're described as "meme tokens" with no real monetary value.
They're made to help out crypto folks who've been slandered or defamed.
The twist? JT holders might get a piece of the pie if there's a defamation settlement.
That's a pretty unique approach from OPNX, but they're known for their unconventional strategies. 🤠
So, what's next for our dynamic duo and their new venture? Only time will tell. This is one comeback story you won't want to miss! 🤓
If you liked reading this, feel free to click the ❤️ button on this post or restack it so more people can discover it on Substack 👇
Weekly Product Spotlight ⚡️
We've been surfing the product waves and reeling in the hottest catches 🎣 Here are this week’s products that are making a splash in the digital sea. 🌊
Storj Decentralized Cloud Storage Founded 2014
Storj is a provider of decentralized, high-speed, and eco-friendly cloud storage offering a generous 25 GB free storage limit.
Decentralized Security: Globally distributes encrypted data for enhanced security and speed.
Eco-friendly: Promotes itself as the most environmentally conscious data storage provider.
Flexibility & Compatibility: Offers easy S3 integration and caters to various project sizes.
Got a product you want to get on our 34K+ readers’ radar? Reach out to us at gm@spacekayak.xyz and spill the beans - let's get your product the hype it deserves! 🚀
✨ Understand the pulse of Web3✨
In this episode of The Ramp Show, we talk to Aritra, The Corporate Partner at ANQ Finance, about the legal side of building a web3 company, sharing a fool-proof web3 legal stack, and what is the future of crypto and regulations.
Listen to the full episode here👇
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