Author: Nancy, LianGuaiNews
After the outbreak of large-scale conflicts between Israel and Palestine, many Web3 projects based in Israel have attracted industry attention, and related concept tokens have also experienced consecutive gains. As a recognized technological powerhouse in the world, Israel, although small in size, has become a force to be reckoned with in encryption technology. This article by LianGuaiNews will take stock of the Israeli Web3 projects that have issued tokens, covering various fields such as Layer2, DeFi, Layer1, NFT, and gaming, among which StarkWare has a valuation of up to $8 billion.
Infrastructure
Layer2 DeveloperStarkWare (STARK, not yet launched)
StarkWare, an Ethereum Layer2 developer headquartered in Netanya, Israel, was co-founded by Professor Eli Ben-Sasson of the Israel Institute of Technology in 2018. It provides STARK-based zero-knowledge proof technology to improve the scalability, security, and privacy of blockchain. StarkWare has developed two Ethereum scaling solutions based on STARK: StarkEx and StarkNet.
In September of this year, StarkWare announced the token economic model of StarkNet. The maximum supply of STRK is 10 billion, with 7% allocated to investors, 32.9% allocated to core contributors, and 50.1% donated to the foundation by StarkWare. Among them, 8.1% of the tokens have not yet decided on their use, and the specific method will be determined by the community. According to the latest news, the first unlocking of STRK may occur on November 29. After a new round of large-scale conflicts between Palestine and Israel, community members inquired about the safety of the project and asked about token airdrops.
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So far, StarkWare has raised a total of $273 million in seven financing rounds, with a valuation of $8 billion. In January 2018, StarkWare completed a $6 million seed round of financing, with participation from Ethereum founder Vitalik Buterin, LianGuaintera Capital, LianGuairadigm, and Naval Ravikant; in July of the same year, StarkWare received a $12 million grant from the Ethereum Foundation; in October of the same year, StarkWare completed a $30 million A round of financing with participation from Intel and Sequoia Capital; in March 2021, StarkWare completed a $75 million B round of financing led by LianGuairadigm, and completed a $50 million C round of financing led by Sequoia Capital in November of the same year, with other investors including LianGuairadigm, Alameda Research, and Three Arrows Capital; in May 2022, StarkWare completed a $100 million D round of financing, with Greenoaks Capital and Coatue leading the investment and Tiger Global participating.
Blockchain IaaS Platform Orbs (ORBS)
Current Circulating Market Value: $81.946 million
Orbs is an Israeli blockchain IaaS platform that provides infrastructure for large-scale applications. Its product is positioned as an “independent execution layer between Layer1/Layer2 solutions and the application layer,” dedicated to building a decentralized public platform and helping the software application industry achieve blockchain technology transformation.
The President of Orbs, Daniel Peled, is the co-founder and CEO of LianGuaiyKey, an Israeli fintech startup. He is also a senior member of the Israeli Bitcoin community. His partner, Uriel Peled, was formerly the head of Mellanox, an Israeli high-tech company, and founded the VR startup Visualead, which was acquired by Alibaba. In May 2018, Orbs announced a $118 million financing round with participation from 21M Capital, Kakao Ventures, Nexus One, and others. In March of this year, Orbs announced plans to raise $10 million from venture capital firm DWF Labs.
Decentralized Payments InfrastructureFuse (FUSE)
Current market cap: $9.192 million
Fuse is an Ethereum-based, low-cost, fast, and powerful plug-and-play mobile-centric decentralized payments infrastructure. It also provides a platform for stablecoin issuance and management. To address scalability issues of public blockchains, Fuse Network has launched the Flutter Layer 2 Payments (FL2P) scaling solution, which is also an SDK that allows developers to integrate ZK rollups directly into mobile cryptocurrency wallet software. As of October 10th, Fuse’s official website shows that it has completed over 128 million transactions and has over 100 ecosystem partners. Additionally, Fuse CEO Mark Smargon previously founded Israel’s first Bitcoin exchange.
In May 2022, Fuse completed a $5 million financing round with investors including Aleph, Black Edge Capital, Blockchain Founders Fund, Collider Ventures, and Tectona Digital Assets.
DApp Application PlatformChromaWay (CHR)
Current circulation: $51.842 million
Chromia is an innovative cross-functional blockchain platform created by Swedish company Chromaway. It provides developers with easy-to-use scenarios for scalable decentralized applications (dApps). The team is distributed in Israel, Sweden, and Ukraine. In January 2022, ChromaWay announced a $10 million financing round with participation from CSP DAO, GEM Capital, Insignius Capital, MiH Ventures, and others.
Layer1
Privacy BlockchainSecret Network (SCRT)
Current market cap: $53.751 million
Secret Network is a privacy-focused smart contract platform built on the Cosmos technology framework. It is the first blockchain with privacy-preserving smart contracts and originated from a project called Enigma at MIT.
In 2017, Secret Network raised $45 million through an ICO. In 2021, it completed a $11.5 million seed financing round led by Arrington Capital and Blocktower Capital. In early 2022, Secret Network announced a $400 million ecosystem fund, with investors including DeFiance Capital, Alameda Research, CoinFund, and HashKey.
SLianGuaicemesh (SMH, not yet launched) – Space-Time Consensus Protocol Public Chain
SLianGuaicemesh, headquartered in Israel, is a fair and distributed Blockmesh operating system supported by a unique space-time consensus protocol. It aims to achieve a highly decentralized, high throughput, and high security blockchain network. In July 2023, SLianGuaicemesh announced that its mainnet had been launched and is operational. After the mainnet is launched, any user with a standard consumer-grade PC can participate in mining and earn Smesh coin. It is important to note that SLianGuaicemesh has not yet been listed on mainstream exchanges.
In May 2018, SLianGuaiceemesh announced a $3 million seed round financing with participation from Iangels, SinoLianGuaic Bancorp, BRM Capital, and others. In September of the same year, SLianGuaicemesh completed a $15 million Series A financing led by Polychain, with participation from MetaStable, LianGuairadigm, Coinbase Ventures, Bain Capital, 1kx, and others. In December 2021, SLianGuaicemesh received an additional $4 million in new financing, with investors including Leland Ventures.
Privacy Project – Beam (BEAM)
Current Circulating Market Cap: $3.723 million
Beam is a privacy coin project based on the MimbleWimble protocol. Unlike Monero, Zcash, and others, MimbleWimble coins enforce privacy at the protocol level rather than adding layers on top of the original blockchain to achieve privacy.
In February 2019, Beam completed a $5 million financing round led by Recruit Strategic Partners. In May 2021, Beam completed a $2 million financing round with participation from Collider Ventures, Altonomy, LionsChain, Alternity Capital, and others.
DeFi
DEX – Bancor (BNT)
Current Circulating Market Cap: $76.267 million
Bancor was launched by the Bprotocol Foundation in 2017. The foundation was founded by a group of Israelis with a Silicon Valley entrepreneurship background. It is headquartered in Zug, Switzerland, and operates a research and development center in Tel Aviv, Israel. In June 2017, Bancor raised $153 million worth of ETH through an ICO.
Bancor is a DEX based on Ethereum that allows the creation of liquidity pools for asset trading. It consists of smart contracts that execute algorithmic token trades and on-chain liquidity poolization. Bancor was also the first project to adopt AMM, but its centralized and security issues led to its own development being surpassed by projects like Uniswap. According to DefiLlama data, as of October 10th, Bancor’s Total Value Locked (TVL) is approximately $68.6 million, a decrease of about 97.2% from its peak of $2.4 billion.
On-Chain Service Tool – Dot Finance (PINK, not yet launched)
Dot Finance was originally a decentralized finance (DeFi) protocol based on BSC. In January 2022, it announced a migration to the Polkadot parallel chain Moonbeam. It provides users with access to a wide range of smart contract services and other on-chain services. These tools are built on the fast, secure, and scalable Polkadot platform. PINK has not yet been listed on mainstream exchanges.
Liquidity Protocol B.Protocol (BPRO)
Current Market Cap: $3.027 million
B.Protocol is a liquidity backstop protocol designed to improve liquidation on DeFi lending platforms and allow the DeFi ecosystem to scale securely and stably to the level of CeFi. Its creator, Yaron Velner, was formerly the CTO of Kyber Network and a co-designer of the WBTC protocol.
In December 2021, B.Protocol announced the completion of a $2.2 million seed round led by 1kx, with participation from Robot Ventures, SLianGuairtan Group, Primitive Ventures, and Angel DAO.
DeFi Platform Voltage Finance (VOLT)
Current Market Cap: $0.307 million
Voltage Finance is a decentralized finance platform based on the Fuse network, which launched Voltage DAO and the Volt (VOLT) governance token. In February 2022, Voltage Finance raised $3.4 million in funding, with investors including SLianGuairk Capital, TRGC, Collider Ventures, GBV Capital, and Tectona. However, a month later, Voltage Finance suffered a hack resulting in the theft of approximately $4 million.
Others
Web3 Education Platform Open Campus (EDU)
Current Market Cap: $77.142 million
Open Campus is the Web3 version of the education platform TinyTap, which is a technology startup based in Tel Aviv, Israel, that specializes in user-generated content (UGC). It was acquired by venture capitalist Animoca Brands in June 2022.
Open Campus is a Web3 education protocol platform that combines blockchain technology. It aims to create a more fair and inclusive ecosystem for learners, educators, content creators, etc., providing them with more avenues to access resources, new compensation opportunities, and true ownership of educational content. It aims to shape a new educational paradigm defined by the community. Open Campus was the 31st LaunchLianGuaid project by Binance and raised $6 million in a private token sale in 2022.
Crypto Exchange INX Limited (INX)
Current Circulating Supply: $62.2 million
INX Limited is a private Israeli company registered in Gibraltar that was founded in 2017. In 2019, INX Limited planned to raise $129.5 million through an IPO, which would be the first registered security token offering with the U.S. Securities and Exchange Commission (SEC).
Play-to-Earn Game Kryptomon (KMON)
Current Market Cap: $5.402 million
Kryptomon is a play-to-earn game that combines NFTs. Inspired by classic games like Pokemon and Tamagotchi, players can find and mint NFTs on the blockchain through the “Full Moon Treasure Hunt” game in the real world. Kryptomon has set two records for NFT blind box sales on the Binance platform and achieved $13 million in on-chain NFT trading volume within five months.
In August 2021, Kryptomon raised approximately $1.2 million through an ICO. In May 2022, Kryptomon announced the completion of a $10 million financing round led by NFX, with other investors including PLAYSTUDIOS, Griffin Gaming LianGuairtners, Tal Ventures, and former CEO of Citigroup, Vikram LianGuaindit.
NFT platform NFTrade (NFTD)
Current circulating market value: $582,000
Established in 2021, NFTrade is headquartered in Tel Aviv, Israel. It is a decentralized cross-chain NFT platform that allows anyone to easily create, buy, sell, trade, and earn NFTs, creating a one-stop shop for all NFT-based operations.
In September 2021, NFTrade completed a $3.7 million seed round financing with participation from SLianGuairkPoint, Magnus Capital, AU21 Capital, and Autonomy Capital. In March 2022, BNB Chain Fund announced the strategic acquisition of NFTrade’s utility and governance token NFTD.
Crypto application store Magic Square (SQR, not yet launched)
Magic Square is a multi-chain, community-driven crypto application store that combines the functionality of Web2 app stores with Web3 DAO mechanisms. Through community review mechanisms, it helps users easily access high-quality crypto products, including various applications, CeFi and DeFi, NFTs, games, and other services.
In February 2021, Magic Square completed a $1 million Pre-Seed financing. In July 2022, Magic Square completed a $3 million seed round financing led by Binance Labs and Republic, with participation from KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, and Alpha Grep. It also completed a $1 million financing at a valuation of $74 million in September of the same year.
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