Weekly Recap – May 11, 2022

Elon Musk & Twitter buyout: how’s the story going?

Twitter, Inc announced on April 25 that it has entered into a definitive agreement to be acquired by Elon Musk – CEO of Tesla (TSLA) and SpaceX, for about $43B in cash. Upon completion of the transaction, Twitter will become a privately held company

After a few days, Mr. Musk revealed that he had raised around $7B from 18 entities to help fund his blockbuster $44 billion acquisition of Twitter, including Binance, a16z, etc.

With $500M committed by Binance, CZ expected to bring crypto and blockchain technology to mass adoption through social media and web3. Without a doubt, the acquisition of Twitter – top social media sites for crypto enthusiasts, from Elon Musk – crypto’s top influencer, and the participation of Binance, a16z, Sequoia, etc., will create a significant influence on the adoption of crypto.

Dogecoin is the most apparent evidence of the impact of this acquisition by causing Dogecoin (DOGE) price to surge. There are two main reasons behind:

As we’ve all witnessed clearly in the past, Musk has taken advantage of his influence to create value for DOGE. Because the number of individuals Musk-fan is huge, leading to the more significant number of people who believe and hold Doge. Thus, brands (Tesla, Gucci, etc.) that accept payment in Doge partially based on the credibility of Elon Musk.

Furthermore, Elon Musk changed his profile picture recently on Twitter to a collage of Bored Ape Yacht Club images, then discredited NFT by tweeting a common comment from NFT (non-fungible token) critics, writing, “I dunno … seems kinda fungible.”

After realizing the recent vital growth of NFT, Musk, with his current influence on the crypto market, does not seem to ignore this very potential niche. But why BAYC? Well, this NFT collection has become a legend in the NFT market, as it now ranks first in terms of floor price, surpassing CryptoPunks, the 2017 OG from Larva Labs with more than $1.2B traded in the first quarter of 2022. Adding another good reason for Elon Musk’s choice of this collection, Bored Ape Yacht Club has been making headlines over the week by launching its Otherside metaverse.

Given the influence of Elon Musk and Twitter on the decentralize world, will this acquisition benefit the entire industry? Will Twitter different from Facebook, YouTube, and other social media sites that prioritize profits over the benefits of all users when its revenue currently depends heavily on advertising? Twitter has reported losses for 8 years from 2012, except 2018 & 2019. Therefore, it is very likely that Twitter and its board team will have to prioritize strategies to bring profits to the business. The approach that Twitter will use to meet this goal while also ensuring the decentralization property for this social media platform is still uncertain. 

The only obvious thing we see here in this acquisition of Twitter is that it strengthens the influence of Musk and his followers even more, thus making the market more susceptible to manipulation.

Another question for Twitter is how it can improve the ownership of NFTs under Elon’s watch. Even if Twitter allows users to set NFTs as PFPs, it may not completely solve the ownership problem. Over 80% of NFTs Minted for Free on OpenSea Were Fake or Stolen. Besides, on-chain and off-chain transmissions are not frictionless, and the artists are still not getting the real value of what the NFT is committed to. In short, this movement may further exacerbate the NFT thefts, which have been a major pain point in this market.

Otherdeed & BAYC: The Apes that cost us $157M

The drama around BAYC does not just stop with Elon Musk. Let’s rewind back to a week ago.

Otherside, a gaming metaverse project of BAYC, has launched their land sale called Otherdeed on April 30. The sale was chaotic: Etherscan, the explorer of Ethereum blockchain went down, an unprecedented event; gas price spiked and remained at 10,000 gwei for 10 minutes.

Some investors reported they had to pay more than twice of the mint price of 305 $APE (~ $5,800) and some had their transactions fail but were still charged for the gas fees.

Roughly $157M worth of ETH was burnt just for this land sale. About a week after the sale, Yuga Labs has announced to repay gas fees for the failed transactions:

Nevertheless, the community has been irritated by the fact that Yuga Labs did not optimize their smart contracts so as to mitigate the gas war and deemed that this was just an excuse for them to launch a new chain for the sake of new funding:

Vitalik thinks that such gas optimization tricks would not help, since gas price would still be rising until it reached the equilibrium of supply and demand.

But that was not the point of the community. The point is, they could have done better, but they did not.

From our perspective, given the congestion on Ethereum, it is reasonable for a huge metaverse project such as BAYC’s Otherdeed to run their project on another chain for a more seamless user experience, specifically by deploying it on an L2 to first estimate the demand and then decide how to build their own chain if necessary. Even if they build their own side chain and (perhaps) establish their own token, it will look like the ApeChain is a parasite of Ethereum, and this may further trigger the anger in one of the largest crypto communities in the world.

Currently, only time can decide whether this is a good decision made by Yuga Labs but surely, Yuga Labs themselves must do a lot more to reclaim the trust of their community.

Solana Gas War: To bribe or not to bribe, that is the question

Superficially, NFTs may just seem like jpegs, but their popularity have proved to be burdensome in many cases. The booming demand have the underlying ability to shut down an entire blockchain for many hours. 

This time, that blockchain is Solana.

Unlike Ethereum, there is no bidding blockspace market on Solana; instead, the network accepts transactions “indiscriminately” on an orderly basis. This has helped reduce the transaction fees on Solana substantially compared to Ethereum but in exchange, they suffer from transaction spamming  which puts a burden on validators.

Evidently, on May 1, Solana blockchain was shut down for more than 8 hours, mostly due to the rising NFT transactions on this chain, primarily because of the Candy Machine, a tool for users to mint NFTs fairly.

Specifically, bots have been used to exploit this mechanism as they are able to spam a huge amount of transactions to the network to get a chance of successfully minting an NFT. While this incident negatively affects SOL price, it seems to leave no impacts on NFT investors on Solana as the NFT transaction count has quickly recovered after the outage.
After the network shutdown, the Solana team has offered three solutions to mitigate such outage in the future: 

  • Implementation of QUIC, a Google-developed protocol to enable faster network communication while simultaneously identifying the IP address of each transaction sent, thereby limiting the bot spamming 
  • Deployment of state-weighting which allows validators to process more transactions given that their stake is higher
  • Application of fees to prioritize transactions; however, to alleviate the probability of gas war, there is a limit for an account to have their transactions to be prioritized in each block

Besides, other solutions being suggested include Dutch auctions or dynamic mint which can reduce the incentive for NFT buyers/bots to spam the network at the start (as prices can go lower)

$UST: THE BIG SHORT OF CRYPTO

On May 8, when the price of $BTC started declining and pulling the entire market down, including $LUNA, $UST lost its peg and dropped to $0.9857. 

There was a panic sell of $UST on Curve, leading to the disproportion of this stablecoin in the Curve 4pool. Shortly after that, there was a buying force that brought back the balance by purchasing $UST with $USDT. 

Until May 9, Luna Foundation Guard announced that they would “loan” $750M worth of $BTC to an OTC trading firm and 750M $UST to the market to stabilize the peg, i.e.the 750M $UST will be borrowed to buy $BTC. However, this seemed to exacerbate the problem by triggering a further oversupply shock for $UST, diverging the ratio of $UST on the 4Pool of Curve.

On May 10, $UST declined substantially to $0.6. The total reserve balance of LFG plunged to $188,066,798, down by more than 90% since its all-time high at roughly $3.9B. 

Also, the $BTC reserve balance of LFG was down to zero from nearly $1.4B within 24 hours. Thus, LFG has spent more than $3B in the effort to bring back $UST to the peg, but this stablecoin was still hovering around $0.75.

Meanwhile, LUNA saw a massive drop to $26.54, losing nearly 60% value. The amount of $UST deposited to Anchor also “vaporizes” 48% because of massive withdrawals that send the APY of Anchor back to 20%. This event also affects the Terra ecosystem; the TVL has quickly diminished down to $13B, losing 45% within one day.

This event of Luna has been predicted by many investors before because UST’s model of providing APY up to 20% is unsustainable. It looks like a Ponzi scheme.

Now it will be interesting to see what Do Kwon and the Luna team will do next to save the project. If $UST can repeg back to $1, will the trust of users in $UST remain? Time will tell.

Kyros Ventures joins commander Enex.Space in its journey into the crypto space!

Kyros Ventures is happy to be assisting Enex.Space in its first journey into the crypto space. We understand the importance of a good start and would be more than happy to help out such a potential project. 

Enex.Space is a DeFi platform built on the Enecuum blockchain that unites regular mobile and desktop devices into a powerful blockchain network. Enex.Space utilizes its native ENX token to represent overall liquidity on the AMM DEX and facilitate trading operations. Enex.Space consists of liquidity pools, a treasury fund called “Commander ENEX,” and other yield farming opportunities via the “Space Drop”, “Space Harvest Farm”, and “Space Station” functions of the platform.

Kyros Ventures will be participating in Enex.Space’s Private Round with a 12-month unlock term. Although Enex is just in the beginning phase of its development, Kyros is eager to see the advantages its features can bring to the table in the near future. Thus, we decided to invest in ENX private round sale, along with expanding its reputation to the Vietnamese crypto market. Vietnam is surely an ideal location for a crypto start as we are prioritizing blockchain technology development. 

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About Kyros 

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities. For further information, please visit: Kyros.Ventures

About Enex Space

Enex.Space is a DeFi platform powered by the Enecuum blockchain and built by Trinity Lab. Enecuum aims to bring cryptocurrency into the mainstream by incorporating mobile and desktop device users into a blockchain network for decentralized, fast, and low-cost applications. The Enecuum Network combines the Trinity Protocol combination of Proof-of-Work (PoW), Proof-of-Activity (PoA), and Proof-of-Stake (PoS) algorithms to deliver a hybrid form of consensus, powered by the ENQ token, that allows users to create custom tokens on top of it. For further information, please visit Enex.Space

Kyros Ventures joined in Mixsome fundraising round of $2.7M

Bringing blockchain technology to mass adoption has always been one of the biggest goals that any crypto project wants to achieve. A solution to decrease the complexity of this technology is needed to draw more mainstream users. Thus, Kyros Ventures decided to partner up with Mixsome to encourage simplifying blockchain usage. 

Mixsome is the industry’s leading DeFi Flow tool to assist in the development and creation of Decentralized Finance solutions. Mixsome will help streamline the application of DeFi and address 3 core issues of accessibility, complication and usability. 

Some of MixSome’s solutions include: 

  • Fiat-Crypto: Easy to use application with fiat to DeFi on-ramp. 
  • Investment flow: Mixsome has built-in processes that allow you to smoothly navigate DeFi markets and find your desired product.
  • Investment strategies: Custom, predefined, and trending DeFi strategies.
  • Data Science: AI-retested strategies yield the highest returns.
  • Risk / Reward profile: Mixsome’s tools allow traders and investors to find the perfect flow and determine a winning strategy.
  • Put / Call option: Automatically hold your position at a specific rate to protect it from liquidation or increase leverage based on market movement.
  • Lower cost ratio: Mixsome allows taking advantage of lower-cost ratios compared to buying DeFi tokens separately.

Kyros Ventures invested in Mixsome’s fundraising round of $2.7 million, along with many industry leading investors Alphabit, Genblock Capital, Coin98 Ventures, Spark Digital Capital, CMS, 4 Seasons Ventures, Blocksync, Iconomy, A195, Jun Capital, Master Ventures and GBIC.

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About Kyros

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: kyros.ventures

About Mixsome

Mixsome is a DeFi tool that helps create and optimize DeFi strategies by allowing customers to mix different DeFi protocols and tokens into customized token baskets. Customers can set up a different number of DeFi protocol tokens, and then Mixsome mixes it into the same transaction, allowing customers to benefit from DeFi growth and yields by building custom strategies simply and conveniently. Furthermore, customers can create different strategies simultaneously and manage their risks without sacrificing potential yields.

For further information, please visit: mixsome.cash

Kyros Ventures partners up with Raze Network, heading towards cross-chain privacy

Kyros Ventures is happy to be supporting the development of a secure blockchain ecosystem through our partnership with Raze Network. 

Raze Network is a second-layer protocol that will provide cross-chain payment privacy for the entire DeFi stack of the Polkadot ecosystem. The core technical module of the Raze Network is a second-layer anonymous payment for the DeFi ecosystem. This module will be imported as a substrate-based smart contract which will serve as a universal plug-and-play infrastructure for Polkadot which allows the user to hide one’s account address and financial information before participating in the DeFi stack.

Some of Raze’s highlighted products include: 

  • Private Transaction: RAZE token is meant for enabling the privacy of on-chain transactions between the recipient and destination addresses and transfer any token between any blockchain.
  • Secret DeFi Bridge: Users can hide their trading history as RAZE is compatible across all DeFi products, which are fully compatible with Uniswap, AAVE, Compound and DeFi ecosystem on Polkadot and Cosmos
  • Anonymity Mining: The access to the liquidity pool always stays anonymous and secure, to mine RAZE in a truly private way.
  • RazeVM Integration: Allow builders to deploy the privacy-preserving functions with an open protocol connected to all DApps. 

Kyros’s vision aligns with Raze Network regarding the path towards a more secure blockchain ecosystem, providing privacy-conscious users with more powerful tools to make more informed financial decisions, especially when it comes to privacy protection. Kyros will be assisting Raze in executing its development plan to the Vietnamese market. 

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About Kyros

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: https://kyros.ventures

About Raze Network

Raze Network is a Substrate-based, cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi and Web3.0 stack. The Raze Network applies zkSNARKs to the Zether framework to build a second-layer decentralized anonymous module. It will then be imported as a substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems, while protecting the transparency of your assets and behaviours from surveillance. For further information, please visit: https://raze.network

Kyros Ventures invests in Rage.Fan, uniting sports fans in the decentralized world

Blockchain technology is covering more and more real-life usage, not only in the consumer market but also within the entertainment fields. Fan-based tokens have been the new rising trend for crypto holders who are also interested in sports. Realizing this potential in blockchain’s growth, Kyros Ventures has decided to invest in Rage.Fan, a fan-first fantasy & uNFT sports platform. 

Rage.Fan is a fan-first decentralized fantasy sports platform where players will have the opportunity to acquire action cards based on NFTs to earn additional in-game points. Players will partake in an Augmented Reality based Token hunt platform to collect $RAGE coins. The platform will also host a one-of-kind Sports Oracle offering reliable secure off-chain sports data.

The platform has designed a unique native token system to support the fan-first and simplified user experience with its Rage.Fan token $RAGE. 

Some of the $RAGE token utilities include: 

  • Staking tokens
  • Game mining by earning higher rewards for playing more
  • Social media mining by promoting Rage.Fan
  • Referral mining by referring others
  • Virtual mining by participating in virtual games

Kyros Ventures will be supporting Rage.Fan’s entry into the gaming market by collecting sports fans from across our network in general and in Vietnam specifically. We are highly interested in the idea of applying sports knowledge and awareness to earn advantages in the decentralized world. Kyros looks forward to Rage.Fan’s innovative sports Oracle, uNFTs, and GeoNFTs revolutionize how sports fans engage with the platform.

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About Kyros Ventures 

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.For further information, please visit kyros.ventures

About RageFan

Rage.Fan is a fan-first on-chain fantasy sport and quizzing platform built on blockchain technology, where sports fans can use their skills, knowledge, and situational awareness to earn rewards and feel more connected to the sports they love. Using blockchain technology, Rage.Fan aims to create a permissionless, decentralized, and transparent gaming experience for all sports fans while removing the inherent inefficiencies of traditional centralized applications. For further information, please visit rage.fan

Kyros Ventures invests in XFai’s DeFi oracle

Kyros Ventures announces its strategic investment into XFai, a DeFi platform that aims to challenge the current norm of how tokens are offered to the public, allowing for a fairer, easier, and more transparent way for investors to get on board and benefit through a one-step liquidity mining process.

The venture capital is set to unlock the bustling Vietnamese cryptocurrency market for XFai, inviting a wider community to take part in the upcoming XFai LGE (Liquidity Generation Event).

XFai provides a fundamentally revolutionary idea for investors to get involved in DeFi. The XFai LGE is set to become a new standard within the DeFi space on how to offer the project tokens to the public, leveraging the power of public participation to not compete amongst themselves to get involved, but rather work in harmony to support the project. Moreover, XFai’s DLO (DEX Liquidity Oracle) charts the order book and the liquidity depth on a centralized exchange to adjust the liquidity on a DEX such as Uniswap, creating an efficient environment for traders to participate in the market with minimum slippage. 

Kyros Ventures’ latest involvement in XFai represents the participation of more than one hundred thousand cryptocurrency investors in the Vietnamese market and the wider community. Kyros Ventures comes with a long-running experience in blockchain and marketing, with substantially successful portfolio projects such as Polkastarter, My Neighbor Alice, Serum, and FTX. XFai is Kyros Ventures’ newest involvement in its continued venture in cutting-edge innovations within the DeFi space.

Mr. Thuat Nguyen, CEO of Kyros Ventures shared his views on XFai:

“Decentralized exchanges, the backbone for the DeFi industry, have reached the tipping point with 30-day volume at its ATH of $65B recently. The field yet grows at the fastest pace due to liquidity inefficiency that hinders smaller tokens from merging with the rest of the DeFi ecosystem. By providing a revolutionary liquidity management tool altogether a seamless experience to end-users, XFai’s DEX liquidity oracle reshapes all aspects of decentralized trading space. Kyros strongly believes that XFai will go beyond the frontier of DeFi to pioneer in the future of finance.” 

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About Kyros Ventures

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: www.kyros.ventures

About XFai

XFai develops tooling for the DeFi space, graphing it to build game-changing products. The XFai DLO is set to invite mid and small-cap tokens to start earning APY on their token holdings, while the XFai LGE is set to become industry-first in providing a more efficient, transparent, and fair way for everyone to get involved at an early stage. The LGE for XFai’s native token, XFIT, is set to launch during the first week of April. We invite everyone to join the DeFi revolution, spearheaded by XFai.

For further information, please visit: www.xfai.com

Kyros Ventures confirms its faith in Decentralized Money Market protocols with the Konomi Network partnership

Interoperable Money Markets, powered by Polkadot

Konomi targets crypto users looking into investing, trading, and managing assets in an efficient way. It is currently deployed as an independent blockchain using the Substrate framework. At launch, it will support functions in trading, deposits, and lending. As the Polkadot parachains are launched and interchain communication protocols live, Konomi could support more financial products specific to the Polkadot ecosystem.

The Konomi IDO is set on 16 March through Polkastarter, and they’re seeking to raise just $200,000, with 0.5% of the total supply being sold. The TGE will be taking place in mid-march, and a public test-net will be launched soon too. 

Kyros will help Konomi enter the Vietnamese markets

Through this collaboration, Kyros Ventures will help Konomi Network make inroads into the Vietnam market and surrounding regions. Specifically, Kyros will leverage our in-depth knowledge and understanding of the Vietnamese crypto communities to introduce Konomi’s asset management solutions to local investors and traders. As TGE grows nearer, Kyros will explore other collaboration opportunities between Konomi Network and our partners’ network both domestically and abroad.

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About Kyros Ventures

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: Kyros.ventures

About Konomi Network

Konomi Network is a decentralized liquidity and money market protocol for cross-chain crypto assets. Its product matrix fulfills user demand in liquidity, borrowing/lending, and more advanced trading products in a decentralized way. KONOMI blockchain is built using the Substrate framework and supports smart contract development to seamlessly integrate with existing DeFi protocols. Konomi offers better blockchain infrastructure due to the base layer consensus, virtual machine, and more scalable system architecture.

For further information, please visit Konomi.network

Kyros Ventures Invested in My Neighbor Alice’s $2.1M Seed Round

Antler Interactive has just raised $2.1 Million for a new blockchain game product called My Neighbor Alice.

My Neighbor Alice is a multiplayer builder game, where anyone can buy and own virtual islands, collect and build exciting items and meet new friends. Inspired by successful games such as Animal Crossing, the game combines the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience as well as an ecosystem for players who want to collect and trade NFTs.

ALICE is the in-game currency, allowing players to buy items, NFT, and compete in different competitions. ALICE is also used to stake and receive rewards, as well as participate in the community’s governance. 

My Neighbor Alice’s investment round attracted the participation of many notable funding ventures such as Kyros Ventures, Coin98 Ventures, Asymm Ventures, Augment Ventures, Btx capital, Rarestone Capital and X21 Digital. Other prominent investors that need to be mentioned are Neo Global Capital, Bitscale Capital, Genesis Block. In addition, the project also has the participation of many angel investors such as Arpa and Bella protocol co-founder Felix Xu and Ankr co-founder Ryan Fang.

ALICE will be the 18th project to be launched on Binance Launchpool. Users will be able to stake their BNB, BUSD and CHR into separate pools to farm ALICE tokens over 30 days, with farming starting from 2021-03-10 00:00 AM (UTC).

ALICE Launchpool Details:

  • Token Name: My Neighbor Alice (ALICE)
  • Total Token Supply: 100,000,000 ALICE
  • Launchpool token rewards: 3,000,000 ALICE
  • Initial Circulating Supply: 17,400,000 ALICE
  • Smart Contract Address: ALICE (ERC-20); ALICE (BEP-20)
  • Staking Terms: No upper limit. No KYC required

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About Kyros Ventures 

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: https://kyros.ventures

About My Neighbor Alice

My Neighbor Alice is a multiplayer builder-game by Antler Interactive where players build their own virtual lands, interact with neighbors, perform exciting daily activities and earn rewards.

Players can design and decorate their lands with different in-game items, or NFTs. These are represented as plants, flowers, trees, buildings or animals, among other things. They also get to experiment with the landscape and use innovative in-game tools, such as an NFT Creator and a Game Builder to make their game experience as unique and special as they want.

For further information, please visit: MyNeighborAlice.com

Kyros Ventures announces collaboration with Umbrella Network (UMB)

Kyros Ventures is pleased to announce our collaboration with Umbrella Network, a community-owned Layer 2 Oracle solution for the DeFi market. Kyros Ventures will walk alongside this potential project as an investor and ambassador to the Vietnamese market. 

One of the biggest challenges that DeFi is facing in the industry is the users’ ability to receive real-time derivative information, including metrics on implied volatility and realized volatility. Without accurate data on-chain, many existing use cases couldn’t exist, and future use cases would be impossible. Thus, empowering blockchains with off-chain data is essential for building a new ecosystem of decentralized finance applications. 

Umbrella Network’s vision heads towards a more scalable, community-owned Oracle, which is not only possible but essential to creating a truly decentralized financial system. Umbrella uses Layer 2 technology to make it scalable while implementing Delegated Proof of Stake to ensure participants are economically incentivized to validate data accurately. 

Furthermore, Kyros Ventures highly appreciate Umbrella’s new approach in its ecosystem. Not all blockchain is willing to place the control into the hands of the community, allowing stakers, developers, and validators to govern how the network operates. The community will own a majority of UMB tokens and will elect nodes to serve as representative governing bodies over the Oracle service. 

Investing in Umbrella Network means investing in the future of DeFi access with a broad array of secure & up-to-date crypto asset data. Thus, Kyros Ventures is happy to be the gate between Umbrella’s oracle and Vietnam’s crypto adoption. We look forward to this new ecosystem where the community will be the key factor to determine the success of the project. 

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About Kyros Ventures

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: https://kyros.ventures

About Umbrella Network

Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.

Stay ahead of our latest updates. Follow Umbrella on http://umb.network

Kyros Ventures announces a strategic partnership with Unido (UDO) enterprise platform

Kyros Ventures, a prominent incubator of international cryptocurrency and decentralized finance (DeFi) projects in Vietnam, has invested in Unido’s Seed Sale Round and will assist the promising project in terms of community building, spreading brand awareness and localization.

Crypto-native enterprises and asset management firms often struggle to access DeFi and manage their crypto assets effectively due to severe limitations in security, governance and accessibility. Unido addresses these issues, enabling enterprises to securely access DeFi opportunities and seamlessly manage their crypto banking operations.

Furthermore, Unido is already developed with multiple active pilots running at a number of digital banks. Its main features are underpinned by Unido Core, a proprietary key management and transaction signing technology developed in 2017. These features include the centralized dashboard, DeFi vault, and crypto banking.

Unido’s token-powered ecosystem ensures value capture, whereby the UDO token is integrated in order to capture value across all products leveraging Unido Core technology.

Kyros Ventures has recognized the significance of Unido’s quest to build an enterprise platform for decentralized capital markets and has decided to support the project with its development as it works toward facilitating the management of crypto assets.

Dr Stan Nedic, Head of Research at Kyros Ventures, shared his views on Unido:

“Mass adoption of cryptocurrencies will partly rely on the ability of crypto-native enterprises and asset managers to seamlessly manage their digital assets, allowing them access to both DeFi opportunities and crypto banking management tools without limitations in security and governance. At Kyros Ventures, we see Unido’s solution as a significant enabler in this space, bringing a positive impact to the entire cryptocurrency ecosystem by addressing these issues. Furthermore, Unido is powered by the prominent Polkadot blockchain and its Polkastarter IDO launch promises to be very successful and immensely popular among the Vietnamese crypto communities.”

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About Kyros Ventures

Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.

For further information, please visit: https://kyros.ventures

About Unido

Unido is an enterprise platform for decentralized capital markets, enabling enterprises to seamlessly manage their crypto assets through an enterprise-grade platform with a suite of DeFi and crypto banking management tools. Led by a highly experienced team from Macquarie Bank, Wipro, Coca-Cola, and Goldman Sachs, Unido is the first enterprise-grade asset management platform being built on Polkadot and features native apps, already available in the App Store. Unido is launching its $UDO token via a Polkastarter IDO on March 3, 2021.

For further information, please visit: https://www.unido.us