Vitalik Buterin Just Invested in This Little-Known Blockchain Project – DL News

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General manager, Time Here.

Here’s what’s caught my attention recently in the DeFi space:

• The biggest names in crypto are flocking to MegaETH.
• Why Lido Mobilized After Jump Crypto’s Leadership Change.
• A project by Solana DePIN challenges Google Maps.

Mega ETH’s Mega Surge

You’ve heard of ETH, but what is MegaETH?

That’s what many, including me, thought when they heard that the little-known project had just raised $20 million.

MegaETH is a new blockchain (yes, another one) that claims to be the first to run in real time.

This, it statementsmeans it can reach “100,000 transactions per second with millisecond-level responsiveness.”

Transactions on existing blockchains like Ethereum can take up to 13 seconds to process.

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Dragonfly Capital led MegaETH’s seed funding round.

I don’t know if MegaETH will live up to the hype. But many respected figures in the industry certainly thought it was a good investment.

Informal investors include:

Some observers have compared MegaETH to Monadanother project that promises improvements in speed and productivity over the current generation of blockchains.

In April, Monad Labs raised 225 million dollars in a round led by Paradigm.

The symbolic gatherings of the Lido

Apparently, the resignation of Jump Crypto President Kanav Kariya was a good thing for Lido’s LDO.

After Kariya announced his departure on June 24, LDO jumped about 7%.

The reason, according to observers, is that under Kariya, Jump Crypto sold more than five million LDO tokens in 2022 and 2023, causing the asset’s price to plummet.

It is unclear whether Kariya was personally involved in Jump’s sale of LDO. He did not immediately respond to a request for comment.

“It’s a mix of a joke and a little bit of truth,” said Will Sheehan, founder of crypto data platform Parsec Finance.

“Jump sold Lido through 2022 and 2023, and sometimes in cryptocurrency [crypto Twitter] the joke becomes a real negative narrative.”

Hivemapper token problem

Hivemapper, a mapping project based on Solana, has big ambitions.

It wants to overtake Google Maps and to do so it is using symbolic incentives.

Like many so-called DePIN projects, short for decentralized physical infrastructure network, Hivemapper issues a token, called HONEY.

Anyone who uses a dashcam to contribute to the project’s mapping service can earn HONEY.

Hivemapper CEO Ariel Seidman said DL News This incentive setup “can produce street-level imagery that is 20 to 100 times more up-to-date than Google’s.”

But there’s a problem.

Hivemapper is having difficulty generating demand for its product and, consequently, demand for HONEY.

The token’s price has dropped 85% from its December peak.

Data of the week

Solana’s memecoin launcher Pump.fun surpasses $50 million in cumulative revenue.

At the current rate, pump.fun is expected to generate over $252 million annually. (DefiLlama)

This Week in DeFi Governance

VOTE: GnosisDAO to Fund New Venture Fund GnosisVC

VOTE: Lido Takes Another Step Forward by Bringing stETH to Ethereum Layer 2

VOTE: Compound Votes to Launch USDT Market on Its v3 Version

Post of the week

Ethereum co-founder Buterin writes a blog post about how to speed up transaction confirmation on Ethereum.

What are we looking at?

DeFi users are withdrawing Ether Liquid restriction tokens from protocols at an unprecedented rate.

Have a DeFi tip? Contact us at tim@dlnews.com.

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