3x Capital Newsletter: January 2023
January 2023 marked another exciting month for?3x Capital, and we wanted to share some of our recent accomplishments with you.
Team News
We're proud to welcome one designer and two investment analysts to our team this month. This expansion will further strengthen our internal departments and enhance our ability to execute our strategy for 2023.
Education and Outreach
With the goal of educating the next generation of Web3 investors, we successfully launched our fourth cohort of NFT-gated?Web3 Investment course. In addition, we hosted 5 online events that brought together more than 1500 Web3 enthusiasts, further solidifying our brand awareness and position in the venture space.
Partnerships
We're thrilled to announce that we signed 7 new partnerships with venture funds, investor hubs, marketing agencies, and development companies last month, strengthening our network and expanding our reach in the Web3 community.
Portfolio Updates
January was a noteworthy period for several of our portfolio companies, and we are pleased to provide an update on their recent accomplishments:?
You can find our full portfolio here:?https://3xcapital.fund/portfolio
Industry Insights
3 key insights from the report:
-?The recent rally from $16.9k to $24k has shown confluence with the Percent of Supply in Profit significantly surging from 55% to over 67%.
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- The total BTC balance held on the exchanges is around 2.251M BTC, representing 11.7% of the circulating supply, and a multi-year low that was last seen in Feb 2018.
- There have been over $495M in short futures contracts liquidated across three waves, notably with declining scale as the rally played out.
Summary of the report:
- The top decentralized applications by circulating market cap (CMC) are Uniswap ($5.0B, 76% liquid supply), Chainlink ($3.4B, 51% liquid supply), and Lido ($1.6B, 82% liquid supply).
- In comparison to a 75% market total value locked (TVL) decrease in 2022, top Defi projects lost significantly less value than the market on average.
- The absolute leader by cumulative earnings is OpenSea with $445M
- Users' preferences were tied to NFT marketplaces and Dexes (decentralized exchanges), as the top platforms by DAU (daily active users) are PancakeSwap and Opensea.
Key metrics from the report:
- The most active Blockchains by users are Binance Smart Chain (715.7k DAU), Polygon (320.2k DAU), Ethereum (303.6k DAU), Solana (130.1k DAU) and Near (79.7k DAU).
- The most active Blockchains by developers are Ethereum (155 AD), Kusama (142 AD), Polkadot (142 AD), Cardano (126 AD) and Cosmos (120 AD).
- The largest amounts of fees paid by users : Ethereum, Binance Smart Chain, Bitcoin, Avalanche and Filecoin.
Last but not least, you can join our Investment Club for the opportunity to invest in cutting-edge Web3 startups on a deal-by-deal basis alongside us. Currently, an active project is?Natix?- a people-powered map enabled by the Internet of Cameras. We have prepared detailed analytics on Natix, which you will find inside our club.
We believe these achievements reflect our commitment to delivering real value and driving our mission forward. We are happy to continue sharing our progress with you in the months to come.