DeFiance Capital
@DeFianceCapital
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Thesis driven crypto investment firm. Fundamental driven liquid venture investing.
Singapore
Joined February 2020
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0/ Play-to-Earn? Free-to-Own? Play-to-Own.
Bear markets are for long-form writing, excited to present our Web3 Gaming Thesis that has been in the works for some time.
We will offer a short primer on Play-to-Own & our Web3 Gaming thesis in this thread 🧵 :
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DeFiance Capital is proud to announce that we invested and have acquired 8 of the rarest Genesis Sipher INUs released by
@SIPHERxyz
Why we bought the INUs 🐶
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Thanks for the feature!
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DeFiance Weekly Portfolio Highlights
We plan to shine some light and raise the awareness of many DeFiance portfolio teams/protocols that have exciting developments ongoing via a weekly highlights thread. Here to the inaugural series!
A thread 🧵
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DeFiance Weekly Portfolio Highlights (Merit Circle $MC)
Today, we want to shine the spotlight on
@MeritCircle
, a vertically-integrated Gaming DAO defining the standard for being a valuable partner to games and crypto gaming enthusiasts.
A🧵
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DeFiance Weekly Portfolio Highlights (Trader Joe $JOE)
Today, we would be sharing more about
@traderjoe_xyz
, the one-stop decentralized trading platform on the
#Avalanche
🔺 blockchain.
A thread🧵
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We are not memeing using "DeFi eating TradFi" tagline.
Through sheer coincidence, all full-time team member of DeFiance worked in banks before except the founder.
DeFi is both a liquidity and talent blackhole.
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DeFiance Capital is hiring an investment analyst, we welcome DeFi enthusiast that want to be at the forefront of the industry to join us!
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Should probably call ourselves GameFi Capital at this point.
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You know you are doing well if you hit the initial fund-raising target purely from return alone.
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There is someone impersonating DeFiance Capital on Telegram. Please don't fall for it.
We don't have any Telegram account.
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Ethereum is our community and we are proud to back the
@gitcoin
Grants Round 7 to support public goods in Ethereum. We've been following Gitcoin CLR grants closely since the beginning and think it is playing a critical role in the Ethereum ecosystem.
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Excited to back
@paraswap
as one of the leading liquidity aggregators in the space.
We think the more liquidity in crypto will flow to DeFi in the future and Paraswap is likely to capture a major piece of that market.
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1/ Balancer ($BAL)
Balancer is an AMM that allows multiple assets in different weights in a single pool.
Think Uni V2 with:
- 2 or more assets
- weight options like 80/20 (vs 50/50)
- tighter prices, Curve-style stable swaps.
- More risk flexibility
Let's traverse the Balancer V2 Vault with Smart Order Routing (SOR)
A thread 🧵👇
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Official response from
@AlphaFinanceLab
team regarding the misinformation recently.
We would also like to add that Alpha Finance is one of the most professional and diligent team we have the pleasure to work with.
We'd like to share our response to the misrepresented information from
@defiyield_info
, as Defiyield does not fully understand the rationale which they would have had they reach out to discuss 👇
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21/ If what we’ve written resonates with you, we would love for you to share this piece.
We hope to invite all forms of constructive criticism and discussions.
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As gamers ourselves, DeFiance appreciates the potential of in-game NFT assets and will be looking to further support our portfolio in the burgeoning GameFi ecosystem.
Proud to join our friends at
@Delphi_Digital
, do give their original piece a read!
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20/ In this essay we dive into more details:
- Paradigm Shifts in Business Model of Games
- Factors accelerating the Play-to-Own movement
- What should a Successful Web3 Game look like?
- Our Framework for investing in games
- Our Thesis & Bull Case
Read the full piece here
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Excited to support Asia DeFi Network!
Are you a DeFi builder? Tap into the vast potential of Asia by joining our 12-week program to accelerate your project’s growth!
You can visit us at (1/4)
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19/ We predict that having games built on open peer-to-peer networks will unlock greater economic value and expand the Total Addressable Market (“TAM”) for the Gaming industry - with expectations of a trillion dollars in economic output to surface within the next 10 years.
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2/ Games are not jobs and should not emphasize the ability to earn money from playing. We recognize that returns are never sustainable or equitable in a game that is designed purely for financial objectives.
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13/13
TLDR
Trader Joe has been a stalwart of
#Avalanche
🔺 DeFi by building a feature-rich one-stop trading platform.
They are not stopping here, with the recent launch of their
@joepegsnft
#NFT
marketplace and the imminent revamp of their AMM design.
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We are proud to say that we will be renting out these valuable NFTs to our portfolio guilds like
@MeritCircle_IO
which have the ability to put the asset to better use. At the same time, Guilds that own such top-tier assets can better attract gaming talent.
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1/ What is Play-to-Own?
This terminology resonated with us the most as it implies an active effort to actually play games in the way they are intended in order to be rewarded with ownership of valuable assets rather than mindless click-farming in Play-to-Earn.
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Excited to support Switcheo in their efforts to build a cross-chain liquidity and derivatives trading protocol. Through relentless execution across market cycles, the Switcheo team has proven themselves as a force to be reckoned with.
🚩 Official Announcement 🚩
We are incredibly honoured to welcome
@DeFianceCapital
as our newest strategic partner, along with joining partners Three Arrows Capital,
@DigiAssetFund
,
@DeFi_Capital
&
@MXC_Exchange
Read more about the event on our blog!
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7/ Alternatively, users may be able to easily rent NFT assets from marketplaces via profit-sharing agreements and compete at a high level without spending a fortune upfront.
Simplified mental model:
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We believe decentralized derivatives will be one of the next major DeFi primitives to take off and Switcheo will be well-positioned to capture this market. We are excited to back them as one of the best builders in this space.🚀
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12/13
We will continue to back the strong team of builders at Trader Joe and we look forward to using the new features of Joepegs and trading on the revamped version of their AMM.
Bull or bear - the roadmap remains the same:
• Feature rich NFT marketplace on
@joepegsnft
• Cultivating a vibrant NFT ecosystem for creators
• A novel AMM model
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A bet on these Game NFTs is a bet on the team to execute on its ambitious roadmap.
We should see price appreciation of these INUs as the game gains a broad player base.
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5/ Unlike Curve where u lock CRV for veCRV, Bal locks BAL/ETH LP tokens for veBal. This creates a better token sink, utility and liquidity for $BAL
TL:DR, veCRV makes CRV more and more illiquid. veBAL solves this problem but using the locked liquidity for pools.
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5/ The best ones will prevent the concept of money from breaking the sanctity of the magic circle.
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3/ We define Play-to-Own to be
A blockchain-enabled game developed with the ethos of Web3 - which is incentive alignment and true stakeholder ownership. Players are rewarded for their play and contributions with ownership of the game in the form of tokens or in-game assets.
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Fin/
@BalancerLabs
veBAL is the catalyst for BAL battles - and will kickstart the $BAL flywheel.
various DAOs and projects are starting to show signs of interest.
We expect this to boil over with the start of
@CurveFinance
4 pools - as the dynamics vs diff stables change.
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Great write-up and interview on this round from
@TheBlock__
and
@Yogita_Khatri5
JUST IN: Decentralized derivatives exchange dYdX raises $10 million in Series B (via
@Yogita_Khatri5
)
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Excited to back Furucombo to make DeFi more accessible!
We are happy and honored to share that Furucombo has raised $1.85M in seed funding!🎉
The fund raised is set to fuel the exponential growth of Furucombo and strengthen the ecosystem's security! Can't wait to explore a new chapter with all of you!🥰
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4/ P2O games will focus on (1) fun gameplay and immersive social experiences, (2) a sustainable economy that balances supply with demand and (3) foster a strong sense of ownership of in-game assets and IP.
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16/ Usage of blockchain technology will also result in 0 to 1 innovations in game design and create new genres due to the possibility of storing of assets and game logic onchain.
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15/ Our Thesis is that the Best Games will form the Metaverse - due to the naturally deep economic & social gameplay loops, genres like MMORPGs and 4X Strategy games are much closer to this dream of a persistent virtual world.
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End/ We will continue to offer strong support and stewardship in the DAO to further our shared vision to accelerate the Play-to-Own movement and Web3 games.
Read more about the next steps and follow
@Marco_Merit
@tommyqeth
@Pentosh1
to learn more
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Key point to note is that benefits are provided in order of launch with INUs as the first collection followed by NEKOs and BURUs.
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18/ Stable Alpha: It only takes 16% of votes to receive 36% APY right now - with so many stable coins entering the BAL battles, it is eventual that a stablecoin pool will be able to achieve a high 10-20% APY - this will change the landscape.
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Genesis Sipher INUs are the first drops which will undergo cloning to create NFTs for players and we believe there will be collective recognition on the value of the genesis avatars.
In the Aesthetics department, our prized purchase is definitely the “Accursed”, 1 of 3 Deviants.
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8/ Why will more games head in this direction?
We look into Push & Pull Factors accelerating Play-to-Own. Let’s start with Push factors which can be generalized as misalignment of incentives in Web2 games:
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Our framework in thinking about NFTs centers around 3 factors.
-Utility
-Prestige
-Future Value
Sipher INUs will be Game NFTs with utility in the World of Sipheria. They are unique playable avatars with in-game abilities and attributes that correspond to the traits of the NFT.
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We also bought the unique [Full Sets], which have collectible value based on their matching traits.
Sipher INU
#3641
“Traitsmaster” in particular has 11 Traits making it one of six INUs that possess the max number of traits.
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6/ For example, the game could be Free-to-Play initially, allowing players to earn small rewards which are reinvested back into the game to acquire valuable game assets.
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18/ From the level of talent we see coming into the space, we are reasonably confident that the next generation-defining franchises will be built on Web3.
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Thrilled to continuously support InsurAce to make DeFi safer.
🔊
#InsurAce
is thrilled to announce the $3M strategic investment co-led by
@AlamedaResearch
@CapitalHashkey
, with continuous support from our Seed investors
@DeFianceCapital
@paraficapital
@hashed_official
@Signum_Capital
;
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9/ Push
#1
is that traditional games have restricted economies that prevent players from easily receiving real-world value from their efforts within games.
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3/ As BAL uses a single vault, any asymmetric pools contribute to the overall DEX liquidity. This means other stablecoins deposits will deepen the liquidity efficiency too.
A more in-depth article on how Balancer single vault model works:
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4/ veBal a game changer?
veBal is the new staking model for Bal tokens. Like Curve, voting power allocates LM to different pools. Teams can lock more tokens for a longer time to gain more voting power and revenue sharing.
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13/ Pull
#2
: Web3 games align incentives between players, investors and developers via Tokens and NFTs, creating strong player empowerment and community stewardship as everyone is invested in the success of the game.
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Excited to lead
@insur_ace
seed round and support them in building a decentralized insurance protocol to complement the exponential growth of DeFi space now.
Expect the DeFi insurance space to continue to grow and make DeFi safer!
DeFi insurance protocol InsurAce raises $1 million backed by DeFiance, Huobi and Signum.
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TLDR/
veBAL have started and we are already seeing neg token emission:
BAL buybacks for veBAL staking is larger than daily emissions. As of now, reduction is equal to ~64 days of regular BAL emission ( in just 1 month).
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6/ We see strong market interest in practice: the amount of veBal being locked up is climbing with +60% being locked in just 1mth. Thats ~4m BAL (10% of cirr supply) locked for ~10mths.
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8/NFT marketplace
The NFT Marketplace, targeted at gaming NFTs, will go live on 15th June with the first 10 collections (on Ethereum and Polygon) and subsequently expand to other EVM chains.
Games can easily launch a customizable marketplace with their own branding and design.
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Excited to work together with
@BoringDAO_Defi
to bring more non-Ethereum assets to DeFi through its cross-chain solution.
📢1/2 Official Announcement
We have completed our private round and received a total of $1.45 million in financing from several institutions including
@DeFianceCapital
,
@HashKeyGroup
,
@snzholding
,
@YoubiCapital
,
@altonomy
, Puzzle Ventures,
@SnapFingersCom
, etc.
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19/ Now the larger Curve players like $UST, $DAI and $FRAX have not entered BAL wars yet.
Since veBAL started, we have seen neg token emission for 1 mth: BAL buybacks for veBAL staking is larger than daily emissions. This reduction is equal to ~64 days of regular BAL emission
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17/ We think that the technical solutions are almost ready . Many games are already experimenting with a hybrid centralized & decentralized account & custody system while gas problems are alleviated with either L2 scaling solutions or separate sidechains.
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4/13
Banker Joe
Trader Joe’s next product was the Banker Joe money market. This allowed users to lend assets for yield, borrow to short, or leverage long all in one platform
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We are incredibly excited to back Union Protocol to bring uncollateralized borrowing to Ethereum!
Under-collateralized borrowing is one of the biggest financial primitives that yet to be tackled successfully in DeFi and happy to support
@unionprotocol
in tackling this.
I am excited to announce
@unionprotocol
has raised $3M!
Backed by some of the most insightful firms in the space:
@placeholdervc
@1kxnetwork
@coinfund_io
@DistributedG
@TheSpartanGroup
@variantfund
@KR1plc
@scalarcapital
@DeFianceCapital
InfiniteCapital
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We hear the concerns that big funds and whales can hurt a project by buying up the top-tier assets to hoard them and prevent these assets from being utilized in ways which they were designed for.
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8/13
Users, protocols and DAOs could also stake $JOE tokens for veJOE, which would give a boost in yield farming rewards. Given Trader Joe’s dominance in liquidity, this is a case where Curve’s e-model could work well in distributing incentives
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Another channel to tokenize BTC through
@BoringDAO_Defi
has launched!
🎉It's today!🎉 Don't miss out
🚀BoringDAO mainnet launch time: Nov 12 10:00 UTC+0！
1️⃣Parameters of BoringFarm Pools released
2️⃣BoringDAO BTC is set as oBTC (the beta version is bBTC)
3️⃣Testnet Bounty has ended
👇🏼
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11/ Push
#3
: UGC creators also face risks when rules are changed at a whim to benefit developers unilaterally.
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10/ Push
#2
is that a dichotomy exists due to incentive misalignment between players and developers. profits are increasingly prioritized by developers while players continually seek the cheapest and best products.
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11/13
Indeed, the past few weeks have been tough for the entire crypto community but remaining focused and keeping the innovation cycle going is more important than ever.
1/
Our address to the $JOE community in light of recent events 🧵:
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2/ Cleaner mechanisms + cheaper fees: BAL stable swaps are more efficient than Curve esp under $1m swaps. We expect this to extend as the pool deepens with more liquidity.
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9/13
Users looking to get in early into new projects could also stake $JOE for rJOE. Users can submit rJOE to enter new launches, which unlocks the ability for the user to deposit AVAX into launch pools.
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1/14
Trader Joe might have started out as a fork but has gone on to exceed expectations by innovating on new products while building a loyal community and brand
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7/13
These products play into the utility of the $JOE token.
Users who wish to share the revenue of $AVAX's leading DEX can stake $JOE tokens for sJOE, which pays the platform revenues to stakers
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1/ Merit Circle is currently the market leader in the segment of Gaming DAOs and Guilds by market capitalization with $126M in treasury assets (excluding $MC) and over 10k talented gaming scholars.
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6/13
Joepegs
Trader Joe then launched an
#NFT
marketplace that will feature a feature-rich launchpad and different collection tiers. Users can also look forward to the launch of TraderJoe’s very first NFT project 👀
1/
The story behind Joepegs NFT marketplace:
How and why we decided to lean into NFTs.
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14/ We believe there is a good chance for Merit Circle to become Steam for Web3 - a decentralized game publishing platform with its own games and marketplace to trade assets.
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17/ $FEI $ETH stakers stand to receive 16.5% of LM, giving an APY of ~36% ( up from 3%). Pretty decent for a 70/30 pool with low IL risk.
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3/13
TraderJoe currently has the deepest liquidity and highest volume amongst DEXes built on the C-Chain (outside of stableswaps like Curve and Platypus), making it the best location to trade on
#Avalanche
🔺
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2/ Achieving the vision of the leading Gaming DAO via the 4 Pillars: Investments, Studio, Marketplace & Gaming.
The $MC token is carefully designed for maximum value accrual in the form of token buybacks as the DAO directly captures fees from the success of each pillar.
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10/13
Check out this tweet to learn more about how you can use your $JOE tokens.
the Staking with $JOE mega 🧵
Choice, Options, Utility...Everything a DeFi Token should offer you, the holder.
With $JOE you get ample choice, from native options, and partner integrations 🤝
So, want to know how to put your Lil $JOE's to work?
Explore below 👇
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The Trader Joe team has done so by delivering on their public roadmap, staying accountable to their community and having a strong focus on user experience.
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5/13
Rocket Joe
Next was the Rocket Joe launchpad, which has unique features like POL & a fairer price discovery mechanism. So far, they have done 6 successful launches
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12/ Besides critical Push factors, the Pull factor is the value proposition of Web3 Games.
Pull
#1
: Deeper liquidity of secondary market leading to greater trading volumes + revenues
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4/ Merit Circle Investments
Since raising $106M via Copper Launch IDO in Nov2021, the core investment committee has grown it to $126M by end of Mar2022, an 18% increase or $20M.
Transparent reports are sent monthly, check out April’s report here
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10/ Curve war background: Started when CVX competed with YFI (and other stables) for Curve DAO power to give their pools higher rewards. This tension led to a higher CRV price.
We are starting to see such interest in BAL:
The Curve Wars.
If you're interested in learning about how the battlefield has dramatically changed, read this:
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15/ And compete they will - other DAOs are also getting ready to war
mStable proposal to upgrade their LPs to participate in veBal voting for more rewards
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13/ Merit Circle is a trailblazer at the frontier of Gaming DAOs as it continues to execute across its 4 Pillars making the $MC token one of the best vehicles that offer broad exposure to the Gaming & Metaverse vertical.
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The Sipher Team actively drives value to the NFTs with a plethora of benefits planned.
-Breeding to begin with the Genesis NFTs
-Early access to the game (opportunities to learn and earn more efficiently)
-Sipher Comic Mint Pass
-Limited edition Spaceship parts
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6/ Studio
Merit Circle will create value by being directly involved in the building of games. The expertise of working together with the games under their portfolio will increase the success of incubated games.
@Edenhorde
NFT for example has a successful start
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13/ “Convex” forks are just starting: Aura Finance forum proposal by maki
•
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