Summary
This week, there was a decrease in crypto fundraising activity as the digital asset sector adjusts to the approval of multiple spot bitcoin ETFs. Multicoin Capital led a $4.5 million round in GLIF, a decentralized storage provider for Filecoin. GLIF uses liquid staking to make file storage more capital efficient. GLIF allows FIL holders to deposit tokens into a pool in exchange for iFIL, a liquid staking token. Despite not being widely popular yet, GLIF’s total value locked was over $150 million, according to DeFiLlama. Analog, a Web3 platform focused on blockchain interoperability, raised $16 million to tackle the challenge of connecting different blockchains. Analog’s Timechain allows for seamless interaction between blockchains without intermediaries. Tether’s investment arm led a $25 million Series A round in Oobit, an app that facilitates tap-and-pay for crypto payments. Other notable fundraises include Superform, Flood, and Omega.
Key Points
1. GLIF, a decentralized storage provider, raised $4.5 million in a round led by Multicoin Capital. The funding round utilized liquid staking, making file storage more capital efficient.
2. GLIF allows FIL token holders to deposit their tokens into a pool in exchange for iFIL, a liquid staking token. This token can be traded on secondary markets or used within other DeFi protocols.
3. GLIF’s total value locked (TVL) was over $150 million, indicating growing popularity and adoption of its liquid staking protocols built on Filecoin.