Filecoin Early Investors Had Chance to Make 100x
Also, Rally's RLY token launch, Lido enters ETH2 staking party, Polymarket goes to L2.
|Oct 16, 2020|
Hello Defiers! Here’s what’s happening,
Filecoin token launches at many times the 2017 presale price
Rally is the latest player in the creator coins space with RLY launch
Lido wants to make ETH2 staking easier
Polymarket moving to Layer 2 as volume climbs
Vesper is latest platform aiming to simplify DeFi investing
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🙌 Together with Zerion, a simple interface to access and use decentralized finance, Perpetual Protocol, which provides decentralized perpetual contracts for any asset, and HackAtom V, a two-week virtual hackathon organized by Cosmos.
Filecoin had a record breaking $257M token sale in the 2017 boom days, promising to bring decentralized file sharing to the world, but all investors had to show for it in the three years since, was FIL token IOUs as the project repeatedly delayed its launch.
The day finally came yesterday, and for many, it was probably worth the wait.
FIL jumped to as high as $114 in the hours after it was listed, according to Coingecko. That’s about 100 times higher than what early VCs and accredited investors were able to buy three years ago. Thursday was the first time they were able to cash out.
Filecoin’s token has more than halved from its peak and is now trading at around $46. With a circulating supply of ~15M, its market cap is at almost $800M, already within the 30 most valuable coins in crypto. Its max supply of 2B puts its fully diluted valuation at a whopping $100B.
Andreessen & Sequoia
The project had raised $52M from around 150 investors including Sequoia Capital, Andreessen Horowitz, Union Square Ventures and Winklevoss Capital, who were able to buy the token at $0.75, and another ~$200M at an ICO limited only to accredited investors, who were able to buy the token for between $1 and $6.
FIL is used to incentivize a distributed network which provides file sharing and storage, and aims to become a cheap and censorship-resistant way of storing data.
Filecoin is the latest of major ICOs to finally deliver (others this year include Polkadot and OMG), chipping away at the narrative that token sales of the boom days were all scams.
🌱 Sign Up for Seed Club Hackathon!
Seed Club Hackathon (from @seedclubhq) is a two-week hackathon for developers to build tools for creators and their social token based projects. There are Over $10k in bounties/prizes - register here https://gitcoin.co/hackathon/seed-club-hacks/onboard
Rally Launches RLY Token with Delegated Vault Mining
Rally has released its native governance token RLY to become a backbone for creators to issue their own tokens.
Lido Enters the ETH2 Staking Conversation
Lido wants to make it easier to stake ETH during the initial phase of Ethereum’s biggest-ever overhaul.
Prediction Markets Platform Polymarket Joins Layer 2
Rising prediction market Polymarket has taken their talents to Layer 2 to offer free trades with instant execution, credit card support and email logins.
Ex Bitcoin Dev Jeff Garzik Builds DeFi Investment Platform
DeFi trading strategies are growing increasingly more complex. Bloq co-founder and former Bitcoin developer Jeff Garzik is launching Vesper to provide an easier gateway into open finance investing.
There’s an AMM versus order book debate going on in crypto Twitter. Here’s one of the most interesting threads.
SBF @SBF_Alameda1) Can you fix AMMs?
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About the founder and editor: Camila Russo is the author of The Infinite Machine, the first book on the history of Ethereum, and was previously a Bloomberg News markets reporter based in New York, Madrid and Buenos Aires. She has extensively covered crypto and finance, and now is diving into DeFi, the intersection of the two.