Equity How to failwhale the blockchain
May 2, 2022
The podcast dives into the dim landscape of China's economy and its chilling effect on tech regulation, revealing steep declines in venture funding. Yuga Labs takes center stage with its NFT minting chaos, while the digital real estate market witnesses a staggering $320 million land sale. Neobanking trends emerge, spotlighting Open's ascent to unicorn status and Cogni’s fresh funding aimed at younger users. Meanwhile, the Wikimedia Foundation's decision to stop cryptocurrency donations highlights a growing rift in the tech community's stance on crypto.
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Chinese Economy Slows
- Chinese manufacturing industries contracted for a second consecutive month in April 2022.
- This contraction follows a regulatory crackdown on tech companies and impacts venture capital funding.
Yuga Labs Mint Clogs Ethereum
- Yuga Labs' Otherside land mint raised $320 million in cryptocurrency, clogging the Ethereum network.
- High gas fees exceeding $3,000 highlighted the scalability issues of the blockchain.
India's 100th Unicorn
- Open, an Indian neobank, raised $50 million, reaching a $1 billion valuation.
- This marks India's 100th unicorn, signifying a maturing startup ecosystem.