⚡ Flipkart's Web3 Loyalty Platform Launch, Crypto Banking News, DeFi Analytics Tooling, and More!

Discover the latest and greatest Crypto & Web3 products

Jun 15, 2023

Yesterday: Polygon dropped this big announcement around Flipkart launching their own Web3 Loyalty platform.

FireDrops will allow users to earn exclusive and exciting new rewards from top brands and more, all on-chain.

The waitlist is live and can be found at this link. After going to the link the QR code within their app, it lets you signup.

⚡ Why It Matters:

Major Onboarding Potential Into Web3: Flipkart is India’s leading Ecommerce company with over $7.7 Billion in revenue in 2022. If the experience goes well, it could onboard many new users into Web3.
Another Win For Polygon: Every major brand entering Web3, seems to be using a solution powered by Polygon (Nike, Starbucks, NHL, etc).
Early Rewards Opportunity: According to their tweets, the FireDrops 2.0 waitlist gets you early access to exclusive brand challenges, experiences, and rewards.

Full Announcement Post from Polygon

The SEC’s latest moves on regulations have put a damper on crypto markets, resulting in some platforms like Robinhood, eToro, and Binance US delisting specific alts.

But there are some positive movements around crypto + banking, including the two following stories:

BlackRock Close to BTC ETF Filing: BlackRock will be using Coinbase Custody for the ETF and Coinbase’s spot market data for pricing.

Hong Kong Regulators Push Banks To Embrace Crypto: Following the latest SEC moves, other international centers like HK are capitalizing. Reports suggest that Hong Kong is gently encouraging prominent banks to welcome cryptocurrency exchanges as clients. This move comes after the region's authorities announced a comprehensive regulatory framework designed to stimulate innovation in the field.

Poko / $4.5M — Web3 payments startup Poko has raised a $4.5 million seed round from notable investors including Y Combinator, NAZCA, Global Founders Capital, Goodwater Capital, Soma Capital, Amasia, CreditEase, Dentsu Ventures, OrangeDAO, and MS&AD Ventures. — Tech in Asia
Bit2Me / $15M — Cryptocurrency exchange platform Bit2Me has secured $15 million in a funding round led by Investcorp. — CoinDesk
Mnemonic / $6M — NFT intelligence data platform Mnemonic has raised $6 million in a seed extension round led by Salesforce Ventures. Polygon Ventures, OrangeDAO, Fin Capital, and FJ Labs also participated as investors. — CoinDesk
TaxNodes / $1.6M — Crypto tax computation and expert-assisted ITR filing platform TaxNodes has successfully concluded its seed funding round, raising $1.6 million. — Financial IT
Cheelee / $10M — GameFi short video platform Cheelee has closed its latest investment round, raising $10 million from VC SILA through SAFT. — GlobeNewswire
Connext / $7.5M — Blockchain interoperability startup Connext has raised $7.5 million in a strategic funding round at a valuation of $250 million. — Fortune

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Breadcrumbs

"Community-powered crypto analysis tools"

Type of Product: Blockchain Analytics

Purpose of Tool: Breadcrumbs is an open blockchain analytics platform that provides users with powerful tools to track and monitor cryptocurrency transactions. With its innovative user interface, Breadcrumbs makes it easier for crypto investors, traders and researchers to access and comprehend blockchain data, as well as gain insight into the attribution of different crypto addresses.

Honeypotting: This feature involves sending money to known exchanges in order to identify their deposit addresses. It is a dependable method for verifying ownership of an address.
Third Party Vetted Labels: To ensure accuracy of information on the platform, Breadcrumbs obtains labels from other open blockchain explorers like Etherscan, OXT and ethtective.
Community-Vetted Labels: The platform works with investigators from the crypto industry who add relevant labels for verification purposes.
Common-Input-Ownership Heuristic: This feature is especially useful when dealing with Bitcoin transactions since all input addresses are assumed to have the same owner in this case.
Self Declaration: Crypto entities often advertise their donation address or smart contract address on websites or social media platforms so these can be easily verified by Breadcrumbs' users

Team / Funding / Backers / Other Info: On December 16th, 2021, Breadcrumbs.app secured a $1.6 million seed funding round led by Cadenza Ventures, Distributed Global Capital, and Spartan Group. The company was founded by Lorne Lantz in response to being scammed by an ICO in 2018.

Originally created as a tool for investigating the origins and destinations of crypto assets, Breadcrumbs has since expanded its offerings to provide various services aimed at increasing safety within the cryptocurrency industry.

Link to product | Link to TFC listing

OpenOcean

“OpenOcean, the Most Efficient DEX."

Type of Product: DEX Aggregator

Purpose of Tool: OpenOcean is a leading DEX Aggregator, Web 3 middleware developer and cross-chain swap aggregator in the crypto space. It offers a suite of tools across 25+ networks and 300+ deep liquidity sources to bring users the best swap return for decentralized crypto trading. OpenOcean helps find the best price across multiple-exchanges and saves users time and money.

OpenOcean’s DEX aggregator integrates 20 blockchains, including EVM (Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Aurora, Harmony, Gnosis [xDai], Heco and OKC) and non-EVM (Solana, Terra Classic [deactivated], Ontology and TRON) chains. Layer 2 chains supported are Arbitrum, Optimism and Boba.

Recently, OpenOcean announced support for Polygon's new Ethereum Layer 2 rollup- Polygon zkEVM. Here are some of it’s features:

They offer an easy-to-use API & SDK toto help individuals or project builders develop workflow price quotes, token swaps, transfers, and price tracking on Polygon zkEVM
It supports Quickswap, MantisSwap and DoveSwap from launch which helps users navigate through their DeFi journey with the best possible trading experience in zero-knowledge on Polygon zkEVM.
By using Polygon zkEVM technology they are able to level-up and scale the main Ethereum chain, improve transaction speed and add more value to the burgeoning Polygon ecosystem.

OpenOcean also supports Cross-Chain Swapping, Limit Orders, Perpetual Futures, ETH Liquid Staking, and Liquidity Pools Farms & Vaults.

Team / Funding / Backers / Other Info: OpenOcean recently went live on Polygon zkEVM a few days ago on June 14, 2023. On July 5, 2021, Huobi Ventures Blockchain Fund had made a strategic investment in OpenOcean. OpenOcean has already attracted investments from prominent players in the industry such as Binance, Multicoin Capital, and OKEx Blockdream Ventures. Other investors include Kenetic, Altonomy, LD Capital, DAOMaker, AU21, FBG, TRON Foundation, Asymmetries Technologies and LIAN Group.

OpenOcean also has achieved over 200k active unique addresses with a total of approximately 730k transactions worth $2 billion USDT since its inception.

Link to product | Link to TFC listing

Mnemonic

“NFT data and analytics APIs for Web3"

Type of Product: NFT Analytics APIs

Purpose of Tool: Mnemonic is a revolutionary NFT intelligence data platform that provides developers, enterprises, and brands with access to powerful tools for building new web3 applications. Mnemonic was designed from the ground up to enable users to quickly create experiences tailored to the needs of the next billion Web3 users. The platform is currently in beta.

Wallets: Developers can use Mnemonic's API to create data-driven NFT wallets and portfolio experiences faster than ever before by simplifying NFT data and infrastructure complexities.
Recommendations: By analyzing users' past transactions, types of NFTs interacted with or purchased, and communities involved, Mnemonic allows personalization and recommendations via its API.
Pricing Strategy: With insights on purchasing behavior and propensity to spend, developers can craft an effective pricing strategy for their collections using wallet financial profiles, stats, analytics, and audience segmentation capabilities from Mnemonic.
Tax & Accounting: The API helps simplify complex taxation processes related to NFT transactions such as bundles, swaps or refunds by providing accurate pricing attribution for each transaction.
Analytics & Trends: Market intelligence on industry trends is available in real-time from Mnemonics so developers can identify emerging opportunities or track their own collection's KPIs over time.
Marketing Insights: Businesses and brands can benefit from valuable insights into audiences via wallet segmentation, behavioral profiles and analytics through simple APIs provided by Mnemonic.

Team / Funding / Backers / Other Info: On June 14, 2023, Mnemonic had successfully raised a seed extension round of $6 million. The funding was led by Salesforce Ventures and included participation from Polygon Ventures, Orange DAO, FIN Capital, and FJ Labs. With this new investment, Mnemonic has now raised a total of $10 million in funding. This marks a significant milestone for the company as they continue on their journey.

Link to product | Link to TFC listing

EigenPhi

“Full-Scale DeFi Deep Data Platform Covering MEV"

Type of Product: DeFi Analytics

Purpose of Tool: EigenPhi is an analytical tool that provides detailed information about MEV and liquidity on-chain data. It also offers users custom research to better understand the on-chain activities driving arbitrage, sandwich attacks, malicious tokens, and liquidation.

EigenPhi utilizes sophisticated algorithms to identify and analyze Market Expected Value (MEV) on the Ethereum and Binance Smart Chain networks. These algorithms are used to detect Arbitrage, Sandwich, and Liquidation opportunities that can be utilized by traders to gain a competitive edge.

The platform also provides users with enhanced insights into the underlying mechanisms of these MEV strategies through Token Flow charts. This helps educate users on responsible trading practices while making them more aware of the changing market conditions.

By using innovative approaches, EigenPhi enables researchers to analyze transaction structures, uncover hidden behavior patterns in trades, and reveal connections between entities.

In-transaction and between-transactions structure analysis – allowing investors to understand transaction costs and profits.
Behavior analysis – using automated and productive computing methods to uncover hidden information entropy.
Network analysis – revealing connections and intentions amongst entities in patterns.
Full data analysis – including on-chain, cross-chain, addresses, tokens and transaction behaviors.

Team / Funding / Backers / Other Info: EigenPhi also publishes their in-depth research articles on MEV Transactions. It is their Full-Scale DeFi Deep Data Research that covers MEV, Front Run, Liquidation, Flash loan, and Lending and more. Learn more here: Link

Link to product | Link to TFC listing