- After a bit of a correction last night, crypto markets remain largely flat on the day. $BTC is down 0.29% and $ETH is down 0.72%. Traditional markets have pulled back a bit as well, with SPX down 1.34% and NDQ down 1.88%. An interesting development we've seen over the past couple of weeks is a 12.4% pullback in the ETH/BTC ratio. This could potentially be due to investors positioning into Bitcoin before the BTC halving, which is set to occur in 2024, and investors selling Ethereum ahead of its Shanghai upgrade in March, which will bring unstaked Ethereum to the market as potential selling pressure. The top performers today are $APT (up 30%) and $OP (up 11.72%), which continue their impressive moves off the lows (Aptos is up 418%, and Optimism is up 250% in the past couple of months).
- Injective, a decentralized smart contract platform built using Cosmos SDK, has launched a $150M ecosystem fund to support developers building on the Cosmos network. The ecosystem fund is backed by several VC and Web3 firms, including Pantera, Kraken Ventures, Jump Crypto, and Delphi Labs, among others. Developers selected for the fund will receive support through capital investment, mentorship, technical assistance, business development, and more. In terms of how funds will be allocated, Injective Lab's CEO Eric Chen stated, "The group is primarily targeting early-stage projects (seed to Series B), but follow-on funding can also be considered on a case-by-case basis. The size of the funding awarded will vary depending on the stage and needs of the project, with the goal of providing the right level of support for each project to succeed."
- Bankrupt crypto lender, BlockFi, accidentally uploaded uncensored financials that revealed $1.2 billion in assets tied up in FTX and Alameda Research. The previously censored financials were leaked as part of a presentation by M3 Partners, an advisor to the creditor committee. According to a report yesterday from CNBC, the filings show that BlockFi had $415.9M of assets linked to FTX and $831.3M in loans to Alameda. While these uncensored financials provide more information, it was already known that BlockFi had assets tied up with FTX. On November 29th, BlockFi's lawyers stated the figures were $355M stuck on FTX and $680M in loans to Alameda (the value of this has increased with the price of Bitcoin rising).
Injective Launches Ecosystem Fund and BlockFi Leaks Financials
Jan 25, 2023
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