Deep Ventures Monthly Newsletter - November 2024

Kinto hits $80M in TVL, Bitcoin blasts through $100K, and more!

Hope everyone had a Happy Thanksgiving and are getting ready for the Holidays!

In this edition of the DV monthly newsletter, we talk about:

  • Kinto hitting $80M in TVL, Panther testing almost complete, and WeaveVM developments

  • Trump appointing a very crypto-friendly Cabinet

  • And much more!

Let’s go!

Portfolio Company Highlights

Kinto hits $80M in TVL

Kinto, the Safe L2 for Finance, has surpassed $80M in total value locked (TVL)!

They’ve achieved this by onboarding Brevan Howard as their first institutional client, who has deployed $20M into the Kinto ecosystem.

Additionally, their recent Japanese fall-themed campaign has been successful, bringing in over 3,000 new verified users and $5M in TVL.

Kinto perfectly fits into our “differentiated primitives” focus, where we believe that use-case specific protocols, not generalized infra, will lead the way.

WeaveVM hits 100K daily transactions

WeaveVM, the hyperscalable EVM on Arweave, recently hit 100K daily transactions!

They’ve also onboarded:

  • Multiple chains, including Dymension and Humanode, to use WeaveVM for data settlement

  • SEDA as the first oracle provider to provide price feeds and other industrial-grade data sets onchain

The team has also made massive speed and reliability improvements to the protocol.

Lots more exciting developments to come for WeaveVM!

Panther Protocol completes Stage 9 of internal testing

Panther completed internal testing for Stage 9, the final stage of Panther’s testnet.

This sets the stage for the launch of Panther’s Canary network, which will be run by the Swiss-based Panther Protocol Foundation and will serve as a critical proving ground for Panther’s privacy-enhancing capabilities.

Additionally, documentation and interface development for Panther’s Zone Manager continue to progress as the Protocol prepares to support financial service providers on its platform.

Panther will usher in a new era of privacy soon! Read more here.

New Content

Mik and Mike Crypto Cast

We have one new episode of the Mik and Mike Crypto Cast!

In this ep, we chat about Trump’s crypto-friendly cabinet picks, recent airdrops, new fundraises, and more!

Check it out here:

Let us know what you think about this episode, and if there are specific topics you’d like us to discuss.

Industry News

Bitcoin surpasses $100K

In November, Bitcoin broke through the huge $100K mark!

There were nearly $10B in net inflows to Bitcoin ETFs after the election, Saylor bought 15,400 more BTC, and Jerome Powell says BTC is like digital gold.

Up only for Bitcoin!

Trump appoints crypto-friendly cabinet

President Trump made some very crypto-friendly Cabinet picks, which is good news for the crypto industry in the US.

Tech executive and VC David Sacks was selected as the White House Crypto and AI Czar.

Howard Lutnick, CEO of Cantor Fitzgerald who is known for his strong advocacy for Bitcoin as a store of value, was chosen as Secretary of Commerce.

Scott Bessent, a supporter of crypto to attract younger retail audience, was selected as Secretary of Treasury.

Paul Atkins, an experienced crypto lawyer and former SEC commissioner who has been a vocal advocate for balanced crypto regulation, was picked as SEC Chair.

It’s token launch season

Two major token airdrops occurred in November.

HyperLiquid

Decentralized perp exchange HyperLiquid distributed its native token, $HYPE.

There are 333 million of the planned 1 billion tokens in circulation after the airdrop, and the price jumped to $14.31 (as of 12/11/24) from an initial $3.20 on the first day of trading, lifting the fully diluted value (FDV) to a whopping $14.2 billion.

This was a super successful airdrop for HyperLiquid that made all of their users happy.

WalletConnect

WalletConnect launched their first airdrop season.

50 million tokens have been allocated for distribution to over 160,000 eligible users. The tokens are initially non-transferable, but users can stake them for periods ranging from one week to two years, with staking rewards starting on December 19.

Conclusion

We hope you enjoyed this edition of the DV monthly newsletter!

Hit me up at [email protected] or @mikewchan on Telegram with your thoughts about the newsletter, what’s happening in crypto, or anything else!

Give us a follow on Xwitter @deepventuresvc, @mikewchan, and @sherm8n and Deep Ventures on LinkedIn.

Talk soon!