ArkStream Capital：2023年Q4投资与动态

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ArkStream Capital：2023年Q4投资与动态

ArkStream

2024-02-27 04:23

本文约1832字，阅读全文需要约7分钟

ArkStream Capital在2023年第四季度共投资了4个项目

Investment Project Summary

ArkStream Capital has invested in a total of 4 projects in the fourth quarter of 2023. We will disclose the project details and explain why we invested in these projects.

Project Introduction

Merlin Chain is an exciting second-layer solution for Bitcoin, designed to build on the native assets, protocols, and products of the first layer of Bitcoin. The goal of Merlin Chain is to innovate and unlock the potential of Bitcoin, making it more fun. It will bridge multiple native first-layer assets with the second layer and adopt the MPC solution from Cobo Global to ensure that all funds are non-custodial and secure. In addition, Merlin Chain's solution will undergo audits from multiple auditing firms and be open-sourced for community use. Unlike other second-layer solutions for Bitcoin, Merlin Chain will continue to support native Bitcoin wallets and addresses, allowing users to continue using the Unisat Wallet and OKX Web3 for asset transfers, authorizations, and receipts.

Why Invest

Jeff, the founder of Bitmap, is one of the pioneers of the Bitcoin inscription ecosystem. As early as May of this year, when many developers and investors were still questioning the feasibility of the Bitcoin inscription ecosystem, Jeff had already actively participated in the construction and promotion of the ecosystem. His team has released two heavyweight products, Bitmap and BRC 420 Blue Box. The upcoming Bitcoin Layer 2, Merlin Chain, will be a culmination. Unlike other solutions, Merlin Chain continues to support native Bitcoin wallets and addresses, reducing user conversion and adaptation costs. Merlin Chain will introduce multiple Dapps at launch, including decentralized exchanges (DEX), bridging protocols, and native Bitcoin asset applications, providing users with diverse usage scenarios.

Project Introduction

BitSmiley is a stablecoin and native overcollateralized lending platform for Bitcoin. It has designed a BitRC-20 extension protocol, which consists of three main parts: Decentralized stablecoin protocol (bitUSD): aims to address the volatility issue of Bitcoin and expand its role in daily transactions and as a stable store of value. bitUSD is an overcollateralized stablecoin pegged to the US dollar, enhancing the role of Bitcoin in decentralized finance (DeFi); Local trustless lending protocol (bitLending): a fully decentralized peer-to-peer lending protocol that allows users to borrow and lend bitRC-20 tokens, including bitUSD, using Bitcoin and other high-value cryptocurrencies as collateral; Derivative protocol: the whitepaper provides a detailed introduction to the design of credit default swaps (CDS) based on bitLending, bundling multiple loans with similar risks into a CDS asset portfolio. The protocol aims to enhance the functionality and utility of Bitcoin, especially in the DeFi field, and make the Bitcoin ecosystem more accessible and efficient.

Why Invest

BTCFi is an important topic in the future Bitcoin ecosystem, and using native Bitcoin assets for DeFi interactions is essential. As many developers are racing for the first-mover advantage on Layer 2, BitSmiley has positioned itself competitively and claimed the high ground in BTCFi. One key to the success of Bitcoin stablecoins is whether they can be issued on the Bitcoin's underlying layer, as stablecoins issued at this layer will naturally be compatible with all Bitcoin Layer 2 solutions, unlocking the underlying liquidity. bitUSD, issued based on the bitRC-20 token standard, successfully addresses this issue. Ultimately, bitUSD will become the source of liquidity for all Layer 2 solutions built on the Bitcoin blockchain.

Project Introduction

Manta Network is an innovative multi-module zero-knowledge (ZK) application ecosystem that covers two networks: Manta Pacific and Manta Atlantic. Manta Pacific is a second-layer (L2) solution based on Ethereum, designed for EVM-native ZK applications, providing a scalable and low-cost environment. Manta Atlantic is a high-performance ZK first-layer (L1) chain based on Polkadot, introducing programmable identity and credentials to the Web3 domain.

Why Invest

ArkStream participated in the investment of Manta Network in 2021, and this investment is a follow-on investment in the project. Manta has given us too many surprises in the past two years, with its development speed and iteration capabilities far exceeding other projects in the same period. From the initial zk-focused parachain to the current EVM-native modular execution layer, it has demonstrated its strong iterative ability. Manta has partnered with Celestia and Polygon to launch the zkApp Accelerator, dedicated to promoting the development of next-generation scalable and practical dApps on Manta Pacific, which is of great significance to the entire modular blockchain ecosystem. Users have saved over $0.85 million in gas fees in the past month through modular data availability (DA), which proves the efficiency and economy of Manta in practical applications. Manta has leading technology and ecosystem, and the recently launched New Paradigm has a TVL exceeding $1 billion, which is taking L2 competition to a new dimension. In addition, ArkStream's participation in the new round of investment was conducted through over-the-counterOTC, with a valuation of $250 million, which has higher odds relative to Manta's development.

Project Introduction

Nibiru is a new public chain based on smart contract platform, which ensures decentralized security, excellent throughput performance, user-friendly development experience and sustainable ecosystem incentive mechanism. Nibiru's built-in DeFi super applications, as well as native oracle and data indexing functions, significantly reduce the technical selection difficulty of many DeFi projects and reduce the likelihood of security incidents in DeFi products, enabling users to use Nibiru's ecosystem projects with more confidence and boldness.

Why Invest

The Nibiru team has an outstanding track record in the field. What sets Nibiru apart from other Layer 1 technologies is that it not only provides solutions to reduce the technical selection difficulty and lower the security risk for DeFi projects, but also enhances users' confidence in the Nibiru ecosystem projects through its built-in features and advantages, further promoting the prosperity and development of the Nibiru ecosystem. We plan to set up validators for Nibiru through its validator company AzureNode, provide top-notch validation services, and promote the development of the Nibiru ecosystem through its portfolio in multi-chain DeFi, gaming, and consumer applications.