Monat: Juni 2022

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Immutable unveils $500M fund to support Web3 gaming adoption

Immutable, the firm behind Ethereum’s leading NFT scaling solution Immutable X, has announced a $500 million fund aimed at boosting Web3 gaming development, according to details shared on Friday.

Immutable will count on experience gained from the development of Gods Unchained and Guild of Guardians to help new developers. New talent is also being added to the team from leading game studios like Riot Games in a bid to provide the best in terms of game design, tokenomics, and marketing.

Venture and Grants program

According to the platform, the fund will be split into two – ventures and grants – with both layered on the objective of accelerating the global adoption of Web3 games.

The venture side of the fund will see Immutable partner with leading venture funds to provide developers access to the support they need to build on the platform. Firms already in the mix include BITKRAFT, Airtree, Animoca Brands, GameStop and King River Capital among others.

Grants will also involve Immutable X (IMX), the native token on the L2 platform. All token-related investments will be unlocked after 24 months.

Immutable says their goal is to help onboard the next big project on Immutable X, joining the likes of TikTok, GameStop, Illuvium, Opensea, Ember Sword and VeeFriends among other top gaming platforms and IP holders.

The post Immutable unveils $500M fund to support Web3 gaming adoption appeared first on CoinJournal.

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MANA price jumps as Decentraland DAO votes to give Decentral Games $1M grant

As the crypto market ructions continue, cryptos with metaverse backup like Decentraland (MANA) have stood tall as others nosedive. MANA, for example, registered some gains today after Decentraland DAO voted in favor of giving Decentral Games (DG) a $1 million grant.

At the time of writing, MANA was trading at $0.8399, up 1.98%.

Decentraland approves DG request for grant

Decentraland metaverse platform DAO approved the proposal made by the DG last month to give them a $1 million grant to support its liquidity pool. However, this grant is more than four times higher as compared to the $240,000 community grant that is paid out in MANA. The DAO uses these grants to support projects that steer the growth of their platform.

According to the DG’s proposal, the grant will offer rewards to its ICE-USDC liquidity pool on QuickSwap. DG play-to-earn ICE Poker game, launched in October 2021, uses ICE token. For those staking USDC-ICE LP tokens, the MANA from the DAO will be distributed to the users for over three months.

Decentral Games CEO and Co-founder, Miles Anthony said:

“This MANA allocation is a stepping stone to assist in boosting our in-game economy as we prepare to launch ICE Poker Sit-n-Go tournaments, along with other key initiatives that drive organic demand and utility for ICE and solidify our ecosystem’s long-term sustainability.” 

DG impact on the Decentraland ecosystem

According to Decentraland, DG has been a key player in its ecosystem with the ICE Poker game accounting for about 60% of its active users weekly and over 8000 active players daily in 12 different decentral venues, besides it has bought thousands of Decentraland land packages.

DAO members voted in favor of the proposal

For the proposal to be approved, a total of 191 DAO members with more than 11 million Voting Power (VP) voted, with 151 members voting in favor of the proposal against the 40 who opposed it. Voting Power determines the winners however it has to be with over 6 million VP threshold and in this case, there was a 6,162,990 VP against 4,952,747 VP.

The VP is calculated based on the total of LAND, MANA, and NAMES that are linked with the Voter’s wallet. In this case, big holders can sway a vote where only 10 voters accounted for 81% VP. But the DG team also played a big role by casting 2 million to reach the VP threshold.

The post MANA price jumps as Decentraland DAO votes to give Decentral Games $1M grant appeared first on CoinJournal.

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Three Arrows Capital to seek bailout or asset sale

Kyle Davies, one of the co-founders of Three Arrows CAPITAL (3AC), has said that the crypto hedge fund is exploring different options including getting rescued by another firm or asset sales. This comes after some top crypto exchanges liquated the firm’s leveraged positions.

Three Arrows Capital has grown to become one of the largest crypto-focused hedge funds over the past few years. However, after the Terra (LUNA) debacle a month ago and the current crypto market meltdown, the firm has been undergoing difficult times.

Liquidation of 3AC positions

Bitmex, Deribit, and FTX crypto exchanges have already Liquidated Three Arrows Capital Leveraged Positions.

While the two co-founders of Three Arrows remained mum on the fate of the hedge fund, Davies opened up about the dire situation that the firm was facing during an interview with the Wall Street Journal (WSJ).

During the interview, Davies admitted that the firm had suffered losses following the collapse of the TerraUSD (UST) and Terra (LUNA), currently LUNA Classic. In particular, Three Arrow Capital along with others had participated in a $1 billion token sale conducted by the Luna Foundation Guard. Three Arrow Capital had invested $200 million in the token sale.

Davies said:

“The Terra-Luna situation caught us very much off guard.”

Besides the Terra (LUNA) debacle, the plummeting crypto prices are also hurting 2AC long crypto positions.

Addressing the situation, Davies said:

“This has pushed 3AC into looking for desperate options, including asset sale and a rescue by another firm.”

But he was quick to note that they are not the first to be affected by the current situation saying that many other firms have also been affected.

The post Three Arrows Capital to seek bailout or asset sale appeared first on CoinJournal.