Finance Redefined: Alchemy raises $200M, Bunny goes DAO, Feb. 4–11

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Welcome to the latest issue of the decentralized financial newsletter Cointelegraph.

As the DeFi area continues its technological renaissance, basic news about finance, innovation and DAOs continues to drive adoption in the nascent industry.

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Alchemy raises $ 200 million in its latest funding, ACH Token up 77%
The Web3 platform Alchemy announced this week the launch of $ 200 million in Series C financing, and the company values ​​$ 10.2 billion.

The seven-investor round was led by two major California firms – Lightspeed Venture Partners, which were investors in FTX’s last third round of funding, and Silver Lake – with additional participation from Pantera Capital and a former major investor in the $ 250 million increase in October. A16z by Andreessen Horowitz. , among other things.

Alchemy provides the underlying infrastructure for Web3 applications – similar to the service Amazon Web Services provides to websites – and has worked with companies such as OpenSea, Adobe, Dapper Labs, CryptoPunks and others to support the growth of the Web3 ecosystem into the mainstream.

Following a funding round in October led by a16z, Alchemy has launched several initiatives such as Web3 Open University to promote education in space, a startup program called Alchemy Ventures designed to support startups, and an Application Programming Interface (NFT). For website developers.

Built on the Alchemy platform, NFT Markets has generated more than $ 1.5 billion in artist revenue over the past 12 months, an important community-driven calculation among Web3 contributors, according to the company.

Alchemy co-founder and CEO Nikhil Viswanathan shared his assessment of the past year in the industry as well as his expectations for the coming year, saying:

“2021 was the year when developers took advantage of the massive Web3 and created a business that changes the lives of millions of people. In 2022, we will double our commitment to meet the needs of developers in more places, making it easier than ever to unleash the potential. to Web3. ”
Rabbit and Kopet approached DAO after $ 80 million in exploitation
The DeFi protocol Bunny Finance announced that after the utilization of the Qubit bridge of 80 million dollars, the future of the project is as it is unsustainable, and therefore the team committed to give managerial supervision of the protocol to community members in the model. Decentralized autonomous organization or DAO.

The incident, originally reported by Cointelegraph on January 28, occurred when an unknown hacker exploited a so-called “logic error” on the Qubit X bridge so that they could withdraw tokens to the Binance Smart Chain (BSC) without inserting any Ether ( ETH). ) as it is. traditionally required.

In total, the hacker stole 77,162 xETH (qXETH) qubits, or $ 185 million, from the protocol and used it as a security mechanism to borrow a number of assets in loan pools equivalent to $ 80 million.

Analysis of data on the network shows that the hacker borrowed tokens, including 15,688 encapsulated ether (wETH) worth $ 37.6 million, 767 bitcoin BEP2 (BTCB) ($ 28.5 million), $ 9.5 million in stack coins and $ 5 million dollars from PancakeSwap (CAKE), Pancake Bunny. (RABBIT) and MDEX (MDX).

Subsequent statements by the team indicated that members of the DAO community would be responsible for important changes to the protocol, including, but not limited to, contract updates and adjustments to the remuneration structure.

Hashstack launches Open Protocol Testing Network which offers secured loans
The DeFi platform Hashstack Finance has published a closed trial version of its crypto-lending protocol open this week. The Open Hashstack Protocol, originally created from the $ 300 million Harmony Ecosystem Fund, seeks to balance the prospects for additional amounts of credit in typical DeFi protocols.

The open Hashstack protocol, built on the Harmony blockchain, claims that borrowers can get a loan-to-loan ratio of up to 1: 3, allowing them to borrow up to $ 300 in crypto with a $ 100 security.

Source: CoinTelegraph

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