Translation: A&T Capital
secondary title
1. Why Web3?
This quarter, we made some changes and looked not just at DeFi, but at the main trends of Web3. As we have written in previous reports, the main innovation in DeFi lies in decentralization. Once smart contracts are deployed, they execute directly against the contract code without intermediaries. This opens up a world of decentralized financial applications, from Bitcoin to lending, decentralized exchanges, and more. Cryptocurrencies are changing not only finance and money, but also the way creators form Internet organizations and create shared value. Web3 has come to represent new economic ideas about the way the internet is architected and how individuals share in this value creation.
Web1
• Open source Internet protocols originated in the 1970s and 1980s, including TCP, IP, SMTP, and HTTP.
• Open and inclusive design philosophy
• Anyone can build things on it without anyone else's permission.
Web2
• Open source is hard to make money.
• Web2's business model relies on building proprietary, closed protocols on top of the Internet's open source protocols.
• Several of these companies are now the most valuable in history, and while we use them for free, we have to trust them to sell user data and code opaque models.
Web3
• Like Web1, an open source protocol, but through cryptoeconomics the protocol can be collectively owned.
• Independent of traditional organization, code execution directly.
• Emphasis on open source software, the right of users to have ownership of data and access without permission.
secondary title
2. Web3 economic model
This report covers the economic models formed by verifiable decentralized networks. Starting from Bitcoin, to mortgages and lending protocols, to NFTs and games, the Web3 system now represents a vast ecosystem, including new ways for creators and communities to monetize, as well as new models of Internet-native community collaboration. Web3 is still in its infancy, which is why we introduced the Layer2 network, built to offload the execution of programmable smart contracts from the Ethereum base layer to increase speed and reduce transaction costs.
secondary title
3. DeFi stable currency
The supply of stablecoins on Ethereum is increasingly diverse, with USDC, BUSD, and USDT taking major market shares. The Ethereum network remains the smart contract protocol of choice for stablecoins, and USDC’s market share on Ethereum has been growing since the beginning of the year.
BUSD’s market share has also continued to expand over the same time frame, while DAI’s market share has remained stable. USDC is rapidly approaching USDT's market share.
According to the following USD stablecoin performance chart, most USD-denominated encrypted stablecoins can basically maintain the exchange rate of the US dollar, with only moderate fluctuations.
Compared with other encrypted stablecoins, DAI exhibits greater volatility because DAI is generated by other digital assets such as ETH, BAT or USDC as collateral, while USDC is more difficult to anchor to the US dollar exchange rate because each other Crypto-dollar stablecoins are backed by a U.S. dollar reserve. All stablecoin prices fluctuate to a greater or lesser extent.
While stablecoins are generally able to maintain their peg to the U.S. dollar, the reserve assets backing different stablecoins vary in terms of credit quality and risk. For example, USDT has greater exposure to commercial paper and corporate bonds than PAX and USDC, which is a source of credit risk.
secondary title
4. Borrowing
DeFi lending saw a significant increase in outstanding loans in the third quarter, reaching an all-time high on September 6 with approximately $24.7 billion in outstanding debt. This dramatic rebound in the third quarter came after a sharp drop in activity at the end of the second quarter, when outstanding debt totaled about $14.3 billion.
The outstanding debt in the Aave agreement is $7.4 billion. Interestingly, the market expects Aave to be the leading lending protocol, as the Aave token has significantly outperformed rival Compound’s token, COMP. In addition, Aave has achieved a fully diluted market cap (Fully Diluted Market Cap) of approximately $4.6 billion, while Compound is slightly behind with a fully diluted market cap (Fully Diluted Market Cap) of approximately $3.1 billion.
Roughly 68.2% of outstanding loans are held in DAI, compared to 21.9% for USDC, indicating a growing level of trust in decentralized stablecoins. The growing level of trust in DAI may be due to concerns that Circle is being investigated by the SEC.
secondary title
5. DeFi Protocol Income
As more participants enter the market and more complex financial instruments are established, the DeFi ecosystem will experience an unprecedented surge in 2021. Popular protocols like Uniswap, PancakeSwap, and SushiSwap are now generating well over $100 million in annualized revenue.
secondary title
6. Core DeFi community governance in the third quarter
Currently, community governance drives changes in most major DeFi protocols. Token holders vote on proposals, which range from proposals on how the protocol should distribute its treasury funds, to more specific details such as changing the collateralized asset coefficient on Compound.
Users can clearly see major upcoming changes in DeFi protocols by following governance updates.
Synthetix
Of all the protocols, Synthetix's community governance is by far the most active. There are always multiple updates per week, changing various parameters related to collateral minting synthetic assets. Additionally, Syntheti frequently changes the fees associated with issuing synthetic assets on the protocol. This quarter, Synthetix introduced dynamic fees, aiming to reduce the target collateralization ratio of L2 from 900% to 750% in the early run, and at the same time enable a new exchange function that allows users to price synthetic assets by combining oracles such as Chainlink and Uniswap V3 , swapping without fee recovery, increasing L2’s token release reward to 50K, and introducing two new decentralized governance bodies.
Here are the key changes this quarter:
On-Chain Proposal SIP-155: Cancellation of synthetixDAO (approved by Finance Committee).
On-Chain Proposal SCCP-136: Increase L2 Token Release Rewards to 50K
On-Chain Proposal SIP-120: Atomic Swap Functionality
On-chain proposal SCCP-137: Reduce the L2 target C-Ratio to 750%.
On-Chain Proposal SIP-184: Dynamic Swap Fees
On-chain proposal SIP-133: Increase batch partner rewards to 10K SNX p/month
On-Chain Proposal SIP-170: Shift Inflation to L2 Incentives
On-Chain Proposal SIP-168: Governance Engagement Program
AAVE
While Synthetix is one of the most active governance systems in all of DeFi, Aave's governance typically handles larger proposals. This includes changing liquidation bonuses for the assets they support, adding support for the algorithmic stablecoin FEI, enabling Gauntlet to analyze the value at risk (VAR) of backing assets, adding support for the DeFi Pulse Index (DPI), and expanding Aave v2’s flow sexual incentives.
Here are the key changes for the quarter.
AIP #38: Liquidation bonus updates for 11 Aave V2 assets
On-Chain Proposal AIP33: Add FEI to Aave V2
AIP Proposition 35: Adjusting Rates to Address Overestimation of APY
On-Chain Proposal AIP 37: Updating the Liquidity Mining Distribution
On-Chain Proposal AIP 36: Update LTV and Liquidation Thresholds to Appropriate Levels
On-Chain Proposal AIP 31: Increase DPI on Aave V2
On-Chain Proposal AIP 32: Extending Aave V2's Liquidity Incentives
AirSwap
AirSwap token holders are compensated for creating and voting on improvement proposals. After voting, participants are able to receive dividends from the protocol fee pool, proportional to their voting weight. In Q3, the community approved a protocol fee distribution and a standardized contributor fund.
Here are the key changes for the quarter.
Snapshot Proposal AIP 46: Protocol Fee Allocation
Snapshot Proposal: Contributor Fund
Uniswap
Similar to Aave, Uniswap also does not have a very active governance process. This lack of strong governance may stem from the fact that votes require the support of 40 million UNI to pass, while users must have 2.5 million UNI to submit proposals. The only significant governance proposal passed this quarter was upgrading their governance protocol to the Governor Bravo protocol.
Here are the key changes for the quarter.
Upgraded GovernanceContract to Compound's Governor Bravo.
Compound
Compound, like Synthetix, also has a very active governance process. Major updates include temporarily disabling COMP rewards, creating a whitelist for addresses that can always make proposals without maintaining the 65K COMP threshold, and distributing DAI to users affected by the DAI event in November 2020.
Here are the key changes for the quarter.
On-Chain Proposal 59: Distribute DAI to Users Affected by DAI
On-Chain Proposal 60: Whitelist of Addresses Submitting Proposals
On-Chain Proposal 62: Split COMP Reward Distribution and BUG
secondary title
7. Ethereum is still dominant in DeFi
secondary title
8. Layer 2 DeFi
Web3 needs Ethereum to scale, but for first-time users, the scaling situation can be confusing. Many scaling solutions are still in the research and development phase, and the technology is constantly evolving with new solutions emerging every month. The safest scaling solution is Layer2.
Layer 2 solutions are designed so that Ethereum can act as a referee in case of disputes. Rollups, a subset of Layer 2, are very promising solutions given their scalability capabilities and security inherited through Ethereum. However, rollups vary due to design and implementation choices made by development teams. In the following sections, we attempt to analyze the five most used rollups in Q3. The result of this analysis is an analysis of the current state, with less reference to the future capabilities of these solutions.
We identified three dimensions that are linked to DeFi users' need for scaling: how much money is there in Layer 2 (also known as Total Value Locked or TVL), how many transactions occurred in Q3 2021, how many unique addresses, and finally Is the cost of transactions at Layer2.
text
Usage
The greater the use of Layer 2, the higher the price for DeFi users, the less slippage, and generally the stronger the liquidity. At the end of the third quarter, Arbitrum had the highest usage rate of any category as an Optimistic Rollup.
cost
cost
All Layer2 can greatly reduce the cost. Zero Knowledge (zk) rollups show greater potential for reducing transaction costs. However, in these cases, dYdX, Loopring, and zkSwap v2 have a fixed percentage of the transaction volume as a transaction fee, which is only indirectly caused by the gas cost of the solution.
However, when it comes to transferring ETH, one can see that Loopring as a Zero Knowledge rollup is the cheapest.
secondary title
9. NFT
2021 is undoubtedly the year of NFT. From the emergence of new mechanisms for turning songs into financial assets, like Royal, to Snoop Dogg's claim to be the famous NFT collector Cozomo de' Medici, it's hard to escape the hype.
This is said because sales in the third quarter of 2021 totaled $10.7 billion, an 8-fold increase from the previous quarter, involving 33,985,609 sales.
As the ecosystem matures, we're starting to see secondary sales outnumber primary sales throughout the quarter ($17.5M vs. $16.4M), highlighting that while new projects are still attracting attention, Old projects still retain attention.
However, primary sales remained strong, surpassing $16 billion in the third quarter.
The platform facilitating this revolution is OpenSea, an NFT trading platform where users can buy and sell works from almost any NFT collection. Deals via OpenSea are telling: In a record-breaking month of August, the platform accounted for $3.16 billion of the $3.25 billion in total NFT sales. Interestingly, Nifty Gateway has been the dominant player in the NFT trading platform market until April this year, while OpenSea has solidified its position as the platform of choice in the second and third quarters of 2021.
secondary title
10. Profile Picture NFTs (PFPs)
The cryptocurrency community has become an expressive place, with users portraying themselves in various avatars through their profile pictures. Chances are, you've seen these pixelated punks, boring apes, and cute felines floating around the Twitter universe, and that's soon to be verified. This is no longer a fad for crypto-natives. PFP is going mainstream, celebrities like Jay-Z and Snoop Dogg buy and choose Cryptopunks for their Twitter profiles, payment company Visa adds Punk to their collection, and society continues to embrace this cultural bull market.
What started as a quirky art project has grown into an entire crypto art movement. CryptoPunks is an Internet artwork that activates the ERC-721 standard that underpins most digital art and collectibles today. There are 10,000 unique CryptoPunks, each with randomly generated properties. These pixelated characters are a mix of boys and girls, rare zombies, apes and aliens.
Since its launch, Bored Apes has exploded in popularity, with NBA stars like Stephen Curry now uploading profile photos of Bored Apes on Twitter. With Bored Ape YachtClub (BAYC), you'll double your BoredApes NFT, double your Bored Ape Yacht Club membership, and get access to exclusive benefits like mutant apes, 3D models, and doodle board collaborations. This is a successful attempt to create a private club with NFT as the threshold, where NFT is granted verifiable access.
Based on inspiration from CryptoPunks is this 3D pixel character with an avatar that can be used in the game and in the Metaverse. With Meebit, you get additional asset packs that allow you to animate your NFTs for even more entertainment. Whether you want to dance in Decentraland, perform stunts in your game world, or want to 3D print your avatar as a tangible decoration, Meebits' flexible customization capabilities allow you to start your Metaverse journey according to your preferences .
secondary title
11. Financialization of NFT
Since NFTs are inherently combinable with other Ethereum smart contracts and protocols, they are suitable for financialization. Let’s look at three main types: collective auctions, fragmentation, and using NFTs as collateral for loans.
The first is PartyBid, a product that allows you to team up with friends and collectively bid for NFTs. By pooling funds, higher value creations (like CryptoPunks) can be more easily acquired by consumers.
Not only is this a cool way to buy and build NFT collections with friends, but it gives users access to some of the most exciting items on the market, with the potential for higher returns. This innovation is made possible due to the digital nature of NFTs, whereby people around the world can enjoy ownership of the same digital good without the difficulty of actually sharing it like a work of art. In some exceptional cases, this even means that partial owners of a CryptoPunk are airdropped into another rare CryptoPunk for free.
Another innovation is the fragmentation of NFTs, with companies like Fractional allowing you to bid and buy fractions of NFTs. The total bids of all users are equivalent to the total selling price, and according to your investment amount, you will get a part of NFT. Fractional is the same as PartyBid, except it allows strangers to participate for added buying power. Not only does this democratize ownership on a larger and more global scale, but it improves the chances for artists and content creators to monetize their work in a capital efficient manner.
Finally, we have platforms like NFTfi, which offer NFT-backed loans. By staking any ERC-721 token as collateral, other users can lend you a loan. Once an agreement is reached, your NFT is locked in the NFTfi smart contract while being paid ETH, and the NFT will only be returned after your loan is repaid. If you can't repay the loan, the NFT is passed on to the lender. NFTfi has provided nearly $4 billion in loans so far.
secondary title
12. DeFi for encryption institutions
Organizations’ interest in DeFi also continued to rise during the quarter. While DeFi applications have been around since 2017, organizations are starting to adopt the digital asset class in 2020.
access
access
hosting
hosting
track
track
Report
Report
When fund managers invest on behalf of their clients, they are required to report metrics such as total return performance and capital gains. Since DeFi is an emerging investment space, fund managers may not yet fully understand all the jargon, conventions, technical details, and reports. This could make it difficult for them to report performance to clients.
Regulation and Compliance
For any new and innovative investment product, financial regulators need time to understand its scope and develop mechanisms to safeguard investors' interests. DeFi by its architecture is distributed and decentralized and cannot be regulated in a single jurisdiction. As such, it poses a further challenge for regulators, an EY report had said"Its activities are not limited to individual institutions, intermediaries or jurisdictions"。
Based on the above considerations, custody is indispensable especially in the cryptocurrency world where institutions participate. For cryptocurrency funds, market makers, and trading desks, there are a number of security and operational requirements that they need to meet. This is where custodians step in.
secondary title
13. Trusteeship institution
MetaMask recently partnered with three leading custodians. BitGo, Qredo and Cactus Custody to ensure investors have full access to DeFi and Web3 while meeting the strictest institutional requirements. These partnerships cater to the different needs of different institutions, from small crypto startups and DAOs to multi-billion dollar crypto funds.
BitGo AUM: $40 billion
BitGo is one of the oldest cryptocurrency companies and was part of the first billion-dollar deal in the cryptocurrency space earlier this year. The custodian was acquired by Galaxy Digital in a deal worth $1.2 billion. PayPal was also rumored to have hoped to partner with BitGo, but the deal fell through. Founded in 2013, BitGo currently has over $40 billion in assets under custody. The custody company is a pioneer in multi-signature wallets and the first digital asset company to exclusively serve institutional clients.
Cactus Custody AUM: $10 billion
Cactus Custody is a Hong Kong-based trust company with over US$10 billion in assets under custody. It is a third-party institutional custody service provided by Matrixport, Asia's fastest growing digital asset financial service platform. Cactus Custody provides miners, enterprises, funds and projects with cold and warm storage methods, enterprise cryptocurrency management functions, and DeFi access.
Qredo
One of the features that distinguishes Qredo from other peers is its use of multi-party computation (MPC), which enables Qredo to conduct transactions without the need for private keys. This feature makes transactions on Qredo more secure, as the risk of private keys being compromised is eliminated. Qredo supports a range of institutional sizes, from small cryptocurrency funds to global asset managers who are very active in their DeFi yields. Its Layer 2 blockchain also enables seamless and low-cost access to a growing ecosystem of cross-chain transactions and liquidity opportunities.
Case Study: Aave Arc
In Q3, cryptocurrency custodian Fireblocks presented a proposal for the Aave governance community to approve Fireblocks LLC as a sponsor for one or more deployments of the Aave Arc."whitelist", allowing its appointment, adoption and delegation.
Whitelisting is the gatekeeping of Aave Arc users, which refers to performing KYC/KYB checks on users, allowing users to access with appropriate disclosures, terms and conditions, and granting specific permissions to user-provided Ethereum wallet addresses (for example, borrowing , supply, liquidation) process.
If the proposal is passed, Aave will provide institutional investors with strict regulatory requirements access to DeFi protocols. The permissioned solution will provide a private pool of funds that will only be accessible to participants who have passed KYC/KYB without both borrowers and lenders. Institutional investors must consider a risk-based compliance process when investing in DeFi. In order for a custodian to be whitelisted by Aave Arc, it needs to meet certain conditions. (a) is a licensed/registered entity in the jurisdiction in which it operates; (b) complies with KYC/KYB principles in accordance with FATF guidelines; (c) is required to adopt and has adopted strong anti-money laundering/anti-terrorist financing compliance program.
secondary title
14. Metaverse
In Neil Stephenson's 1992 science fiction novel Snow Crash,"metaverse "Metaverse"Metaverse", you can go and see ConsenSys' Decentraland in the Ethereum world.
One of the most obvious examples of Metaverse in the context of blockchain is the concept of Play to earn. already"Age of Empires", the traditional game model is simple: consumers must pay a fee in exchange for"game"experience. While money is usually required to play Metaverse games, the revenue model is constantly evolving.
secondary title
15. Play-to-earn games
In the third quarter, Play-to-earn games had a huge development. The most prominent ones are Axie Infinity, ZED Run, Sandbox and Yield Guild Games.
Axie Infinity creator Sky Mavis raised $152 million at a valuation of nearly $3 billion. Axie Infinity is a blockchain game where players collect Axies that can fight, perform quests, and breed to create more Axies of different value and rarity.
However, the ultimate goal of the game is to obtain SLP (Love Potion) tokens which can be sold. The Axie Genie itself can also be traded as an ERC-721 NFT. In the third quarter of 2021 alone, Axie Infinity earned more than $720 million in revenue through NFT transactions.
Axie Infinity currently has more than 300,000 daily active users (DAUs), growing more than 30 times since the beginning of the year. Additionally, their Discord has grown parabolicly, making them one of the largest Discord servers in the world.
Axie Infinity surpassed $23 million in monthly revenue in July, double what it earned in June. Axie Infinity earned just $100,000 in January. This informal market has grown into a formal game of making money and making a living. Users in the Philippines are quitting their jobs to earn 10x their income playing Axie.
Another of the largest and most prominent companies creating this financial services ecosystem is a project called Yield Guild Games, which recently announced a $4.6 million round led by a16z. Since 2020, they have been accumulating yield-generating NFTs and stakes in outstanding gaming protocols and projects.
YGG recently released their financial report, in which they listed new partnerships, scholarship updates, and examples of games they've invested in. All of these games focus primarily on NFTs of assets that can be manipulated, loaned, traded, and sold. There's a short documentary showing how the gaming money-making economy has grown and changed the lives of those involved.
One of the most developed virtual worlds in the Metaverse is Decentraland, a world created and owned by users. In this place, users can create an avatar, interact with friends and strangers, build a house on your own digital land (called LAND), or just check out art exhibitions. To start building a house, one can buy a piece of land in Decentraland or from someone else. Like real-world real estate, the better the location, the higher the value, with some parcels going for as much as $900,000.
The world itself is powered by NFTs, which make up most of the items in the world, from the land to the clothes the characters wear. In fact, this world serves as the cornerstone of the future virtual world, allowing users to make money by creating services. Currently, the median price of Decentraland NFTs is almost $5,000, with average weekly sales totaling $772,000 in Q3, averaging 300 sales.
Loot was another standout NFT project last quarter. At its core, Loot consists of a unique inventory of items you'd expect to find in the game. But the problem is that this NFT has no item specifications, appearance or characteristics other than what your imagination can piece together. This genius concept sparked a community reaction to the loot bag, and its price began to skyrocket. Community members flock to create artwork for these items and spin-off projects such as"Loot Realms", adventurers can bring their loot and equipment to explore.
secondary title
16. Smart contract audit
Smart contracts hold large amounts of digital assets. As with anything that holds value, its inherent risks must be mitigated at every stage of development. In addition to constantly securing your own smart contracts, smart contracts that interact with other smart contracts (external calls) must also be secure.
The development cycle does not stop once the first iteration of the smart contract is deployed. A continuous security strategy can ensure that smart contract operations are well protected and avoid loopholes.
List of Unaudited Protocols
The third quarter saw two of the largest hacks in blockchain history. Both networks are unaudited after the state change.
On August 10, the largest cryptocurrency hack ever occurred on the Poly network, with more than $611 million stolen. In an interesting twist, the hacker returned the vast majority of the funds ($578 million) and was hired as the chief security advisor to Poly Networks.
Compound lost $147 million on Sept. 29 because they did not perform a security check on their updated Compound controllers. Of course, this could have been avoided with constant security checks.
ConsenSys Diligence has multi-layered smart contract security that facilitates continuous security checks on smart contracts.
Check frequently
Smart contract developers want to minimize risk and maximize productivity. Using a security layer minimizes the risk of being hacked from the very beginning of the smart contract development cycle, as issues are addressed as soon as they are discovered.
This will in turn maximize productivity and the possibility of not rewriting smart contracts. Prevention is better than cure, especially when millions of dollars are at stake. ConsenSys Diligence provides security tools for every step of the development cycle.
MythX is an automated security analysis tool that can perform static analysis, dynamic analysis and symbolic execution. It finds known vulnerabilities and generates a detailed report that includes a summary of all issues, including where they can be found. MythX is the first layer of your security strategy to find vulnerabilities in your smart contracts. It has the lowest barriers to entry, as all you need to do is create a free account on the MythX website to get started. It can be used continuously throughout your development cycle. Using an automated, readily available tool like MythX will eliminate avoidable vulnerabilities and maximize productivity by preventing smart contract rewrites at a later stage.
Scribble is a prerequisite for Fuzzing. It is a specification language for writing properties specific to your smart contract, and a runtime verification tool for translating Scribble properties into concrete Solidity language. Scribble allows other tools to automatically test these properties, such as your existing test suites, fuzzers, and symbolic executors. Scribble is the second layer of your Diligence security strategy. This product checks and finds bugs by plugging into the Solidity language. Scribble can detect bugs that your test suite does not have Solidity language to detect. Use Scribble to easily document your code and enhance your test suite with additional checks.
Diligence Fuzzing enables users to find bugs as soon as they write their first Scribble property. Fuzzing uses gray-box fuzzing techniques to automatically test Scribble properties. Fuzzing is the third layer, and it is best to continue using it after you have written the Scribble property. Fuzzing brings great improvements to the security of your smart contracts. Fuzzers minimize risk by executing millions of intelligently chosen inputs, checking that your smart contracts are doing what they are supposed to do.
Diligence's 1- Day Spot Checks are 8-hour advanced reviews of your codebase. Its purpose is to uncover any overall design inconsistencies. Our audit team makes recommendations on how to better integrate security into your overall system design patterns. A spot check is a very time-limited review designed to conduct an initial check before a full manual security audit. Spot checks should be the penultimate layer of your security strategy in preparation for a full manual security audit. Spot checks are no longer offered as a stand-alone service. Spot checks help identify design inconsistencies, prepare for audits, and are complementary to MythX, Scribble, Fuzzing, and full audits.
secondary title
17. Start using Web3
MetaMask is a cryptocurrency wallet and blockchain application portal. Trusted by 20 million monthly active users worldwide, you can start exploring decentralized applications in seconds. Available as a browser extension and mobile app, MetaMask equips you with everything you need to manage your digital assets, including a keystore, secure login, token wallet, and token swap. MetaMask provides the easiest yet most secure way to connect blockchain-based applications. You are always in control when interacting on the new decentralized web. MetaMask generates passwords and keys on your device, so only you have access to your accounts and data. You can choose what to share and what to keep private.
In recent months, the global NFT market has emerged as an important and growing segment of the digital asset market, with a total transaction value of $370 billion. At ConsenSys, we use our deep understanding of the NFT market to build an optimal NFT experience for your lifestyle, sports and gaming organization. Check out our NFT solutions.
Cryptocurrency exchanges and exchange aggregators need reliable infrastructure to access this data, in addition to the ability to scale to meet high volumes of requests. The Infura API suite helps cryptocurrency exchanges such as Uniswap and exchange aggregators such as Paraswap meet the data needs of their users, with easy integration and high-volume scalability.
Consensys was established by Ethereum COO Joseph Lubin in 2014. It is a comprehensive service company with Ethereum as the core development, enterprise services and other sectors. It owns Ethereum's largest wallet metamask, smart contract development framework Truffle, API service Infura, etc. Several major technology sectors and enterprise-level blockchain solution services cover the three dimensions of blockchain users, public chain ecological developers, and enterprise-level customers, and have gained market recognition in each dimension.
A&T Capital is the leading early-stage blockchain fund. The team members are located in Germany, Singapore and the United States. The founding partners have invested in projects such as Algorand, Avalanche, Ethereum and Polkadot.
Original link:
Original link:
https://consensys.net/reports/web3-report-q3-2021/?utm_content=187031404&utm_medium=social&utm_source=linkedin&hss_channel=lcp-9373737
