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Cosmos-built EVM-ready blockchain Cronos selects 1st cohort of $100M accelerator

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Cosmos-built EVM-ready blockchain Cronos selects 1st cohort of $100M accelerator

Cronos, the first EVM-compatible layer-1 blockchain built on the Cosmos SDK, announced today the nine participants selected for the first cohort of its flagship $100M-backed Cronos Accelerator Program.

The Cronos Accelerator is a 10-week program designed to accelerate the growth of top project teams building on the Cronos chain. The Cronos Accelerator Program is funded by the $100M Cronos Ecosystem Fund and will feature 3-4 accelerator cohorts per year.

Since the official announcement of the Cronos Accelerator Program in June, Cronos received over 300 applications across a variety of DeFi, web3 gaming, and infrastructure projects.

Applicants were assessed based on their market potential, product attractiveness, team experience, and the synergies they have with Cronos Chain.

After a rigorous selection process, Cronos Labs has selected the following nine participants for its inaugural accelerator cohort:

1. D.G.Pals (Web3 Gaming)

D.G.Pals is an interoperable multi-game, multi-genre NFT web3 Gaming Project across V-pet simulator, 5v5 auto-battler, Virtual town, Simulation SLG Tower Defense.

2. Eyeball Pool (Web3 Gaming)

Eyeball Pool is a multiplayer skill-based mobile game that lets players utilize NFTs across Pool events, tournaments, and head-to-head games to earn rewards.

3. Harbor (Web3 Gaming)

Harbor aims to be a web 2.5 multi-genre mobile gaming platform amplifying Free-to-Play experiences with a crypto-economic layer.

4. The New Resistance (Web3 Gaming)

The New Resistance is a First Person Shooter game offering both a Multiplayer PvP experience with custom game modes and a Co-op PvE Generative Dungeon.

5. Wild Forest (Web3 Gaming)

Wild Forest is a Free-to-Play & Play-to-Earn mobile real-time strategy game with direct unit control, and deep card collecting elements.

6. Bubble Maps (Infrastructure Analytics)

Bubblemaps is a supply auditing and analytics visualization tool for tokens and NFTs. The platform’s unique and colorful bubbles make on-chain data easy to understand.

7. Meshlink (Infrastructure Analytics)

Meshlink is an all-in-one smart-contract management and transaction analytics platform.

8. ReferReach (SocialFi)

ReferReach is the first-of-its-kind referral platform that lets users easily discover, organize and prioritize business referrals. The platform integrates artificial intelligence with users’ network knowledge to create more business opportunities.

9. Glass Finance (DeFi)

Glass Finance is a DeFi protocol offering an innovative Discretized-Liquidity-AMM DEX model that maximizes capital efficiency by allowing users to deploy liquidity in certain price ticks and enabling non-custodial on-chain limit orders.

These nine participants will be matched with reputable industry mentors who will be providing them with dedicated mentorship. Furthermore, these participants will benefit from weekly workshops led by Cronos labs and external subject matter experts, covering key topics relating to early-stage protocol building.

“Cronos is dedicated to supporting a vibrant and growing ecosystem of dApps and users of DeFi, GameFi, SocialFi, and infrastructure analytics. Ultimately, this first cohort of the Cronos Accelerator Programme established a precedent for our program to champion projects that have the potential to lead the way in engaging and onboarding the next generation of web3 users. We are eager to be working closely with these exceptional participants to fast track their growth on Cronos and beyond.”


– Ken Timsit, Managing Director of Cronos

The Cronos Accelerator features a line-up of venture funds, gaming guilds, and infrastructure partners who will provide support to the participants through workshops and panel discussions.

Partners include Spartan Labs, Mechanism Capital, Crypto.com Capital, Ubisoft, IOSG Ventures, OKX Blockdream Ventures, Lingfeng Innovation Fund, Protocol Labs, Altcoin Buzz, Dorahacks, NGC Metaverse Ventures, AP Capital, Simmons & Simmons, AvocadoDAO, PathDAO, Re:base Ventures, and more.

Additionally, the Cronos Accelerator has also onboarded several mentors who will offer dedicated mentorship and tailored advice to the participants.

Mentors include:

  • Benson Yan (Partner, OKX Blockdream Ventures)
  • Eric Yang (Managing Partner, Fundamental Labs)
  • Eugin Lee (Angel Investor)
  • Eva Wu (Principal, Mechanism Capital)
  • Jon Russell (Partner, Crypto.com Capital)
  • Josh Wang (Venture Investor, PathDAO)
  • Ken Timsit (Managing Director, Cronos Labs)
  • Nicole Zhang (Partner, Lingfeng Innovation Fund)
  • Queenie Wu (Partner, IOSG Ventures)
  • Shashwat Gupta (CEO & Founder, Altcoin Buzz)
  • Shaun Heng (Head of Spartan Labs)
  • Usman Choudhry (Head of Crypto, AP Capital)
  • Zihao Chen (Managing Director, NGC Metaverse Ventures)

“Cronos has quickly become one of the leading web3 ecosystems and I’m excited to see its progression super-charged with the Cronos Accelerator program. The line-up of quality mentors and access to resources will enable founders and teams who enter the program to build impactful web3 companies.”


– Jon Russell, Investment Partner at Crypto.com Capital

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Ethereum

Huobi Founder Keen On Selling Majority Of His Stake At $3 Billion Value: Report 

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Huobi Founder Keen On Selling Majority Of His Stake At $3 Billion Value: Report 
  • Crypto exchange Huobi’s founder Leon Li is reportedly in talks with financiers to sell his stake in the firm
  • Potential buyers include Justin Sun of Tron and FTX CEO Sam Bankman-Fried

Per a recent Bloomberg report, Huobi founder Leon Li is currently in talks with a bunch of investors to sell the majority of his stake in the Huobi crypto exchange at a price of nearly $1 billion. 

Huobi Founder Is Reportedly In Talks To Sell 60% Of His Stake

Per a recently published Bloomberg report, Huobi’s founder is reportedly in talks with financiers to sell 60% of his stake to potential buyers. The report further states that the deal could be finalized sometime later this month. 

Citing people familiar with the matter, Bloomberg added that the potential list of buyers involves prominent crypto industry names including Justin Sun, founder of cryptocurrency Tron and Crypto billionaire and CEO of FTX exchange Sam Bankman-Fried. The report also adds that SBF and Sun had earlier established talks with Huobi concerning the acquisition of shares.  

In addition to this, the report mentions ZhenFund and Sequoia China as “existing backers,” who were made aware of Huobi’s decision in the shareholder’s meeting held in July. Per the report, Li is seeking a valuation between $2 billion to $3 billion. 

A Huobi spokesperson has shed more details on the matter, reporting that Li is currently in process of conducting a discussion with several international institutions concerning the stake sale, but has refused to offer specific details concerning the transaction. 

“He hopes that the new shareholders will be more powerful and resourceful and that they will value the Huobi brand and invest more capital and energy to drive the growth of Huobi,” the spokesperson said in an emailed statement to Bloomberg

Launched in 2013 in China, Huobi is one of the leading crypto exchanges that has consistently been expanding its work portfolio. The exchange has recently acquired a license to operate and offer services in Australia and had earlier acquired the necessary permissions to operate in New Zealand. 

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Ethereum

Robinhood To Face US Market Manipulation Claims Over “Meme Stock” Rally : Reuters Report

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Robinhood To Face US Market Manipulation Claims Over “Meme Stock” Rally : Reuters Report

TL;DR

  • According to a U.S judge, the stock trading platform Robinhood Markets Inc should face market manipulation claims.
  • This lawsuit was one of many brought against the platform after it temporarily barred customers from purchasing stocks back in Jan 2021, such as GameStop and AMC.
  • Robinhood prices surged in May after the CEO of FTX SBF announced that he had purchased stake in the company.

Robinhood Judge Rules That Robinhood Should Face Market Manipulation Claims

According to Reuters, a U.S Judge ruled on Thursday that stock trading platform Robinhood Markets Inc should face market manipulation claims.

Judge Cecilia Altonaga said in the ruling that investors in GameStop Corp (GME), AMC Entertainment Holdings INC (AMC), and seven other stocks could proceed with the proposed class action lawsuit.

This lawsuit comes after retail trading company Robinhood temporarily barred customers from buying certain stocks in January 2021. 

The “meme stock rally” was mainly social media-fueled, and the shares of the companies mentioned were involved in a short squeeze that led Robinhood and other trading platforms to restrict retail trading. 

Attorneys for Robinhood did not reply to a request for comment. 

Robinhood Stocks Soared after SBF Confirmed he had Stake in company

Robinhood stock prices surged earlier in May of this year after the CEO of crypto exchange FTX Sam Bankman-Fried announced he had purchased a 7.6% stake in the company.

According to the filing, SBF paid a total of $648 million to acquire a 7.6% stake in Robinhood.

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Ethereum

Ethereum Merge Tentative Date Is Set And It’s Sooner Than You Think

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Ethereum Merge Tentative Date Is Set And It’s Sooner Than You Think
  • The Ethereum core developer team has discussed the tentative dates for the Merge to take place.
  • The dates are not definitive; however, the devs have agreed that the Bellatrix update would land on September 6, and the Paris update would target September 15.
  • The Merge is planned to take place before the end of September.
  • It aims to resolve the core problems Ethereum faces today, such as security, scalability, and environmental stability.

The Ethereum Core developer team suggested possible dates for the Merge on their latest Consensus Layer Call earlier today. 

The Merge, which successfully completed the final testnet phase on August 11 of this month, is one of the most anticipated events in Ethereum’s history. 

Read more: Ethereum Price Headed to $2,000 as Ethereum Goerli Merge Goes Live

The initial dates were set on September 17; however, during the call, the core developers agreed on roughly two dates for the main upgrades. The consensus so far is that the 144896 epoch for the Bellatrix upgrade would land on September 6, and the Paris upgrade would be completed by September 15.

As discussed on the call, the developers mentioned that the dates are not definitive and can be changed within the coming weeks. 

The Merge should occur after the Bellatrix mainnet upgrade before the end of September. Ethereum’s Eth token has already rallied 17.5% in anticipation of the Merge. The upgrade will go as scheduled unless the Ethereum hash rate falls significantly, which would cause lower block times and delay the Merge’s expected time. 

The Merge aims to resolve security, scalability, and environmental sustainability. All of these issues have been concerns that have halted Ethereum adoption and the adoption of other cryptocurrencies on the Ethereum network.

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