After the large-scale conflict between Palestine and Israel broke out, many Web3 projects headquartered in Israel attracted industry attention, and related concept tokens also began to experience significant increases. As a recognized technological power in the world, although Israel is a small country, its encryption technology has become a force that cannot be underestimated. In this article, PANews will take stock of Israeli Web3 projects that have issued tokens, covering many fields such as Layer 2, DeFi, Layer 1, NFT and games, among which StarkWare is valued at US$8 billion.
infrastructure
Layer 2 developer StarkWare (STARK, not yet online)
StarkWare, an Ethereum Layer 2 developer headquartered in Netanya, Israel, was co-founded in 2018 by Professor Eli Ben-Sasson of the Israel Institute of Technology. It provides zero-knowledge proof technology based on STARK to improve the scalability of the blockchain and Security and privacy. StarkWare has developed two Ethereum expansion solutions based on STARK: StarkEx and StarkNet.
In September this year, StarkWare announced the StarkNet token economic model. The maximum supply of STRK is 10 billion, 7% is allocated to investors, 32.9% is allocated to core contributors, and 50.1% is donated to the foundation by StarkWare. Among them, 8.1% of the tokens have not yet been determined for use, and the specific method is determined by the community. According to the latest news, STRK may be unlocked for the first time on November 29. After a new round of large-scale conflicts broke out between Palestine and Israel, some community members asked about the safety of the project and the token airdrop in the community.
To date, StarkWare has received a total of US$273 million in financing in 7 rounds of financing, with a valuation of US$8 billion. In January 2018, StarkWare completed a $6 million seed round of financing, with participation from Ethereum founder Vitalik Buterin, Pantera Capital, Paradigm and Naval Ravikant; in July of the same year, StarkWare received a $12 million grant from the Ethereum Foundation; in the same year In October, StarkWare completed a US$3,000 Series A financing with participation from Intel Capital and Sequoia Capital; in March 2021, StarkWare completed a US$7,500 Series B financing led by Paradigm, and completed a US$7,500 Series B financing led by Sequoia Capital in November of the same year. ’s US$50 million Series C financing, other investors include Paradigm, Alameda Research and Three Arrows Capital; in May 2022, StarkWare completed a US$100 million Series D financing, led by Greenoaks Capital and Coatue, with participation from Tiger Global and others.
Blockchain IaaS platform Orbs (ORBS)
Current circulating market value: $81.946 million
Orbs is an Israeli blockchain IaaS platform and provides infrastructure for large-scale applications. The product is positioned as an independent execution layer between Layer 1 / Layer 2 solutions and application layers and is committed to building a decentralized public platform. , to help the software application industry realize the transformation of blockchain technology.
Daniel Peled, the president of Orbs, is the co-founder and CEO of the Israeli financial technology startup PayKey. He is also a senior member of the Israeli Bitcoin community. Partner Uriel Peled is the former team leader of the Israeli high-tech company Mellanox and founded the VR startup The company Visualead was acquired by Alibaba. In May 2018, Orbs announced that it had received US$118 million in financing from 21 M Capital, Kakao Ventures, Nexus One and others. In March of this year, Orbs announced plans to raise $10 million from venture capital firm DWF Labs.
Crypto payment infrastructure Fuse (FUSE)
Current circulating market value: $9.192 million
Fuse is an Ethereum-based platform that provides fast and powerful plug-and-play mobile-centric crypto payment infrastructure at low cost, while also providing stablecoin issuance and management. In order to deal with the scalability problem of the public chain, Fuse Network launched the Flutter Layer 2 Payments (F L2 P) expansion solution, and F L2 P is also an SDK that supports developers to directly integrate ZK aggregation into mobile encryption wallet software. As of October 10, Fuses official website shows that it has completed more than 128 million transactions and has more than 100 ecological partners. As of October 10, Fuses official website shows that it has completed more than 128 million transactions and has more than 100 ecological partners. In addition, Fuse CEO Mark Smargon founded Israel’s first Bitcoin exchange.
In May 2022, Fuse completed US$5 million in financing, with investors including Aleph, Black Edge Capital, Blockchain Founders Fund, Collider Ventures and Tectona Digital Assets.
DApp application platform ChromaWay (CHR)
Current circulating supply: $51.842 million
Chromia is an innovative cross-functional blockchain-based platform created by Swedish company Chromaway that provides developers with easy-to-use scenarios for easily scalable decentralized applications (dApps), with teams located in Israel, Sweden and Ukraine. In January 2022, ChromaWay announced that it had received US$10 million in financing from CSP DAO, GEM Capital, Insignius Capital and MiH Ventures.
Layer 1
Privacy public chain Secret Network (SCRT)
Current circulating market capitalization: US$53.751 million
Secret Network is a privacy-preserving smart contract public chain based on the Cosmos technology architecture. It is also the first blockchain with privacy-preserving smart contracts. It originated from a project called Enigma at the Massachusetts Institute of Technology.
In 2017, Secret Network raised US$45 million through ICO; in 2021, Secret Network completed a US$11.5 million seed round of financing led by Arrington Capital and Blocktower Capital; in early 2022, Secret Network announced that it had received US$400 million in ecosystem funds, investing Investors include DeFiance Capital, Alameda Research, CoinFund and HashKey, etc.
Space-time consensus protocol public chain Spacemesh (SMH, not yet online)
Israel-based Spacemesh is a fair and distributed Blockmesh operating system supported by a unique spatio-temporal consensus protocol, aiming to achieve a highly decentralized, high-throughput and high-security blockchain network. In July 2023, Spacemesh announced that the mainnet was online and running. After the mainnet is online, any user with a standard consumer-grade PC can mine and earn Smesh coins. It should be noted that Spacemesh has not yet been listed on mainstream exchanges.
In May 2018, Spaceemesh announced that it had received US$3 million in seed round financing from investors such as Angels, Sinopac Bancorp, and BRM Capital; in September of the same year, Spacemesh completed a US$15 million Series A financing led by Polychain, with MetaStable, Paradigm, Coinbase Ventures, Bain Capital and 1kx also participated in the investment. In December 2021, Spacemesh received another $4 million in new financing from investors including Leland Ventures.
Privacy Project Beam (BEAM)
Current circulating market value: US$3.723 million
Beam is a privacy coin project developed based on the MimbleWimble protocol. Unlike Monero, Zcash, etc., MimbleWimble coins enforce privacy at the protocol level, rather than adding layers on top of the original blockchain to achieve privacy.
In February 2019, Beam completed US$5 million in financing from Recruit Strategic Partners; in May 2021, Beam completed US$2 million in financing from Collider Ventures, Altonomy, LionsChain and Alternity Capital.
DeFi
DEX Bancor (BNT)
Current circulating market value: $76.267 million
Bancor was launched in 2017 by the Bprotocol Foundation, which was founded by a group of Israelis with Silicon Valley entrepreneurial backgrounds. It is headquartered in Zug, Switzerland, and operates an RD center in Tel Aviv, Israel. In June 2017, Bancor raised $153 million worth of ETH through ICO.
Bancor is a DEX based on Ethereum that allows the creation of liquidity pools to trade assets, consisting of smart contracts designed to perform algorithmic token trading and on-chain liquidity pooling. Bancor was also the first project to adopt AMM, but due to centralization and security issues, its development was overtaken by Uniswap and others. According to DefiLlama data, as of October 10, Bancor’s total locked value (TVL) was approximately US$68.6 million, a decrease of approximately 97.2% from the peak of US$2.4 billion.
On-chain service tool Dot Finance (PINK, not yet online)
Dot Finance was originally a decentralized finance (DeFi) protocol based on BSC. In January 2022, it announced its migration to the Polkadot parachain Moonbeam, which can provide users with access tools to a wide range of smart contract services. These tools are built on fast, secure and The flexible Polkadot platform includes various on-chain services. PINk has not yet been listed on mainstream exchanges.
Liquidity Protocol B.Protocol (BPRO)
Current circulating market value: $3.027 million
B.Protocol is a liquidity support protocol designed to better handle liquidation on DeFi lending platforms and allow the DeFi ecosystem to safely and stably expand to the CeFi level. Its founder, Yaron Velner, was the CTO of Kyber Network and the co-designer of the WBTC protocol.
In December 2021, B.Protocol announced the completion of a US$2.2 million seed round of financing led by 1kx, with participation from Robot Ventures, Spartan Group, Primitive Ventures and Angel DAO.
DeFi Platform Voltage Finance (VOLT)
Current circulating market value: $307,000
Voltage Finance is a decentralized financial platform based on the Fuse network founded in 2019. The platform launched Voltage DAO and Volt (VOLT) governance tokens. In February 2022, Voltage Finance completed US$3.4 million in financing from investors including Spark Capital, TRGC, Collider Ventures, GBV Capital and Tectona. A month later, approximately $4 million was stolen from Voltage Finance due to a hacker attack.
other
Web3 Education Platform Open Campus (EDU)
Current circulating market value: $77.142 million
Open Campus is a Web3 chain version of the education platform TinyTap, a user-generated content (UGC) technology startup headquartered in Tel Aviv, Israel, which was acquired by venture capital Animoca Brands in June 2022.
Open Campus is a Web3 education protocol platform combined with blockchain technology. It aims to create a fairer and more inclusive ecosystem for learners, educators, content creators, etc., and provide them with more access to resources. , new reimbursement opportunities, and true ownership of educational content, shaping a new educational paradigm defined by the community. Open Campus is Binance’s 31st Launchpad project and raised $6 million in a private token sale in 2022.
Crypto exchange INX Limited (INX)
Current circulating supply: $62.2 million
INX Limited is an Israeli private company established in 2017 and registered in Gibraltar. In 2019, INX Limited plans to raise US$129.5 million through an IPO, which is the first security token transaction registered with the U.S. Securities and Exchange Commission (SEC).
P2E Game Kryptomon (KMON)
Current circulating market value: US$5.402 million
Kryptomon is a P2E game that combines NFTs. Inspired by classic games such as Pokemon and Tamagotchi, players can find and mint NFTs on the blockchain in the real world through the Full Moon Treasure Hunt Game. Kryptomon has twice set sales records for NFT blind boxes on the Binance platform, and achieved $13 million worth of on-chain NFT transactions within 5 months.
In August 2021, Kryptomon raised approximately US$1.2 million through ICO; in May 2022, Kryptomon announced the completion of US$10 million in financing led by NFX. Other investors include PLAYSTUDIOS, Griffin Gaming Partners, Tal Ventures and the former CEO of Citigroup Vikram Pandit et al.
NFT platformNFTrade (NFTD)
Current circulating market value: $582,000
NFTrade, founded in 2021 and headquartered in Tel Aviv, Israel, is a decentralized cross-chain NFT platform that allows anyone to easily and seamlessly create, buy, sell, trade and earn NFT, creating for all NFT-based operations One stop shop.
In September 2021, it completed a US$3.7 million seed round with participation from SparkPoint, Magnus Capital, AU 21 Capital and Autonomy Capital; in March 2022, BNB Chain Fund announced the strategic acquisition of NFTrades utility and governance token NFTD.
Encrypted app store Magic Square (SQR, not yet online)
Magic Square is a multi-chain, community-driven encryption application store that combines the Web2 application store function with the DAO mechanism of Web3. Through the communitys review mechanism, it helps users more easily access high-quality encryption products, including various applications, CeFi and DeFi, NFTs, games and other services.
In February 2021, Magic Square completed a US$1 million Pre-Seed financing; in July 2022, Magic Square completed a US$3 million seed round jointly led by Binance Labs and Republic, with KuCoin Labs, GSR, IQ Protocol, Gravity Ventures and Alpha Grep and others participated in the investment, and completed US$1 million in financing at a valuation of US$74 million in September of the same year.
