StarkNet Airdrop Post $225M Raise

Arbitrum $23M Backfund | Hivemapper 10% Global Roads

Marco Manoppo & Karon Pangestu
December 04, 2023

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Good Morning. The markets are up with the total crypto market cap sitting above $1.6T. Celestia (TIA), Bittensor (TAO), and THORChain (RUNE) are large cap winners in the past week. Respect the pamp, cautiously 🫡

In Today's Email:

What Matters: STRK airdrop 🎁
Products: Easily launch rollups 🚀
Charts: Hivemapper growth, 24,000 DIMO vehicles 📈

For faster daily news and recap, follow our telegram.

Narratives: Up only (I miss Cobie and Ledger podcast banter) — pay attention to capital rotations and beta play.

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WHAT MATTERS

StrakNet Token is Coming

We have seen that a preview of an iteration of a possible provisions portal has been shared on social media. As noted a year ago in the original announcement of the STRK token, the Starknet Foundation is developing plans to distribute the token to certain users/contributors for… twitter.com/i/web/status/1…
— Starknet Foundation (@StarknetFndn)
10:22 AM • Dec 1, 2023

State of play: On November 13, @Auri_0x shared a screenshot from Starknet's website, revealing the criteria for the STRK Airdrop.

A day later, Starknet addressed the screenshot, confirming plans to distribute STRK.

The tweet clarifies that the screenshot is just a ‘front-end test’ and ‘the screenshots contained draft plans that are still under development’.
The tweet also said that the cutoff for any criteria determining token distribution is in the past, and current activity won't affect eligibility.
When ready, Starnet Foundation will share the finalized official criteria and details around the provision allocations.

The airdrop plan is not surprising; the potential for a community reward was mentioned a year ago in a Stark token announcement:

STRK will be used as a staking token for participation in Starknet’s consensus mechanisms, as a Governance token, and for paying transaction fees.
An initial 10B STRK will be minted and allocated to StarWare’s investors (17%), core contributors (32.9%), and the foundation (50.1%).
Tokens allocated to shareholders, employees, and independent software developers are locked for four years.
The 9% from the 50.1% granted to the foundation or ~450M STRK will be allocated for Community Provisions.
Community Provisions will be given to past StarkEx users, allocations will be determined based on verifiable usage of StarkEx’s technology that took place before June 1, 2022.

What’s next: The STRK distribution is still in the planning stage but the ‘front-end test’ shows that it might come soon.

Our take: StarkNet has raised $225M to date. It’s one of the most hyped L2 network, arguably after Arbitrum and Optimism.

STRK token launch will have a substantial impact on the state of the crypto markets, they also time it right with the bull market environment.

For builders and investors: Pay attention to grants or incentives for developers and projects that will integrate StarkNet.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCTS OF THE WEEK

Zeeve, an Enterprise-Grade Blockchain Automation Platform

Zeeve

Zeeve is an enterprise-grade blockchain infrastructure automation platform.

Zeeve’s Rollups-as-a-Service platform enables launching your Optimistic or zk Rollups with enterprise-grade infrastructure, Enterprise SLA, and security.

Zeeve is a low-code platform that is highly configurable with cost-optimized performance.
Zeeve offer end-to-end Rollup solutions, backed by 24/7 monitoring and an Enterprise SLA.
Zeeve is an ISO 27001 and SOC 2 Type 2 compliant platform.

Other cool products:

Eniblock, a wallet-as-a-service solution.
Chainspect, a blockchain analytics platform.
Stargaze, a community-driven blockchain for NFTs.
Vaultody, a custody technology solution for managing digital assets.
Vitruveo, a vertically integrated decentralized ecosystem for creators.

CHARTS OF THE WEEK

Hivemapper Maps 10% of the World's Roads

Hivemapper - OurNetwork

State of play: OurNetwork reported that Hivemapper has now mapped 90M total road KM in its first year, more than 6M of which are unique road KM of street-level imagery.

With more than 8,000 dashcams delivered worldwide, everyday drivers are helping to build the world's freshest map with Hivemapper.
The network's rapid growth highlights its effectiveness, community enthusiasm, and growing adoption.
Hivemapper's Map AI pipeline is fully operational, autonomously generating map features from road imagery.
Over 2,000 AI Trainers monthly validate system outputs.
Last week, the system processed 4.2M reviews, a significant increase from 500K in September.

Our take: DePIN projects like Hivemapper have real use cases that require token incentives as a coordination mechanism — what remains to be seen is how token holders will participate in monetization

24,000+ Vehicles Earning DIMO Rewards

Dune - @olreliable

State of play: DIMO is an open-connected vehicle platform that gives drivers insight into car health & driving habits while rewarding users with $DIMO tokens.

Since its launch in Q4’22, there have been 24K+ vehicles added to the network and 7.3k+ unique drivers, averaging 3.4 cars connected per user.
72% of cars are paired using onboard software, with the other 28% using DIMO hardware devices connected to the car's OBD2 port.
DIMO began distributing its tokens in December 2022, by rewarding users for maintaining their vehicle's connection to the network.
Token retention — 52% of users that received DIMO rewards are still holding 100% of any token rewards received from the protocol.
Users can earn rewards by using service providers available in the DIMO Marketplace.

Our take: DIMO is showing an interesting use case of NFT. The DIMO Registry smart contract can be found in the Polygon Block Explorer, and tracks transactions related to registering DIMO hardware devices.

DIMO Macaron, a bite-sized activity tracker, which is installed in the car's OBD2 port is minted on-chain as an NFT to configure its identity.

QUICK BITES

SoFi plans its exit out of crypto.
Binance told its VIP traders about the $4.3B fine.
Arbitrum DAO approves $23M backfund for projects.
Jupiter starts token airdrop for its Solana DEX aggregator.
MicroStrategy increases its bitcoin holdings, now at $6.6B.
Coinbase CEO said there are no plans to launch Base L2 token.
Platypus hackers cleared of criminal charges by a French judge.
Osmosis & UX Chain propose merger within Cosmos ecosystem.
Ukraine seizes $1.5M worth of crypto from former public officials.
US Lawmakers vying to throw crypto-related measures into EOY bills.
Grayscale is confident that a Bitcoin ETF will be approved by the SEC.

NOTEWORTHY READS & MEME

Jon’s read on TIA as modular money.
Delphi Digital’s read on Rollbit fundamentals.
Catrina Wang’s read on the Bitcoin thesis: the panda renaissance.

🚘
— BoldLeonidas 🧙‍♂️ (@boldleonidas)
2:27 AM • Dec 4, 2023

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