In a strategic move to bolster the Web3 ecosystem, venture capital firm Lemniscap has unveiled a new $70 million fund aimed at early-stage blockchain startups. Announced on August 28, this latest initiative marks a significant expansion of Lemniscap’s commitment to nurturing blockchain innovation across multiple sectors.
The newly established fund is set to allocate resources to a diverse array of Web3 projects, including zero-knowledge infrastructure, consumer applications, emerging Bitcoin ecosystems, security, and decentralized physical infrastructure (DePIN). Notably, the fund has garnered support from Accolade Partners, a prominent fund of funds known for its focus on early-stage blockchain ventures.
Lemniscap, a veteran in the venture capital space, has been a key player in the blockchain industry since launching its first fund in 2017, just before the 2018 crypto market downturn. The firm has since established a robust track record, investing in over 130 Web3 projects and backing notable protocols such as Avalanche, Fairblock, Celestia, and Axelar. Lemniscap’s investment philosophy emphasizes long-term success over immediate gains, providing not just financial backing but also strategic guidance to its portfolio companies.
The Web3 startup ecosystem is showing signs of revival in 2024, following a challenging year marked by bankruptcies, regulatory hurdles, and a decline in crypto token prices. According to Pitchbook, crypto startups raised a substantial $2.7 billion in the second quarter of this year, with infrastructure projects like Monad and BeraChain leading the charge. Despite a 12.5% decrease in the number of deals, the increased capital per deal suggests a more selective but optimistic investor outlook.
In 2023, the crypto sector secured $10.1 billion in investments, and current trends indicate a potential increase to $10.8 billion by the end of 2024. This growth underscores the ongoing interest and confidence in blockchain technology, with investors focusing on projects with robust potential for long-term impact.
As Lemniscap’s new fund prepares to deploy capital, it stands as a testament to the enduring promise of Web3 innovation and the evolving landscape of venture capital in the blockchain space.
Web3’s future is being shaped by those who bridge technology and sustainability. As blockchain matures, real-world utility has become the currency of trust for both individuals and institutions. In this pivotal moment, VeChain CEO Sunny Lu offers a unique perspective on his company’s mission—and the larger transformation unfolding in crypto.
Sunny Lu is the CEO of VeChain, a pioneering enterprise blockchain platform recognized for its commitment to sustainability and mass adoption. BeInCrypto interviewed Lu in June 2025 to discuss the rollout of Stargate, VeChain’s new decentralization engine, and how the project’s evolving strategies aim to move beyond speculative hype into measurable impact.
Their conversation, held at the launchpad of VeChain’s most significant upgrade yet, illuminated ambitions for a truly democratized and utility-driven future, covering protocol upgrades, compliance, developer opportunities, and VeChain’s global reach.
The following interview reveals VeChain’s multi-layered approach, from grassroots ESG incentives to staking innovations that open decentralization to everyone. Lu makes it clear: this is VeChain’s renaissance—and its boldest step forward.
The Evolution of VeChain: Infrastructure, Adoption, and Sustainability
VeChain has gone through three major phases, each shaped by a white paper. The first, in 2017, focused on building the core infrastructure. By 2019, we had moved to enterprise adoption, working with companies like Walmart, BYD, and others on food safety and sustainability.
In 2023, we launched our third white paper, “Web3 for Better,” which marks our current focus: building sustainability-driven applications. We launched vBetterDAO to encourage people to take better daily actions—so far, we’ve reached 2.7 million users and over 40 applications.
Now, we’re entering what we call the VeChain Renaissance, the most significant upgrade in our history. Its first milestone is the Stargate platform, launching July 1, designed to enable decentralization at scale.
Stargate and the Road to True Decentralization
Stargate is the first step of the VeChain Renaissance. It includes major protocol and tokenomics upgrades aimed at true decentralization. Most users can’t run validators because they require technical skills. Stargate introduces a staking system using NFTs to simplify participation.
Users can stake VET into smart contracts, mint NFTs of different levels based on their stake, and delegate those NFTs to validators, without giving up control of their funds. This approach removes technical barriers and brings in real rewards.
Validators can earn up to 15% APY, and delegators up to 12%.
Importantly, VET and VSO have been deemed MiCA compliant by the Central Bank of Ireland since March 2025, and we also ensure our model aligns with SEC guidance.
Weighted Proof-of-Stake and Flexible Participation
We’ll support 101 validators, as we do now with our Proof of Authority model, but we’re evolving to include up to 500,000 delegators through a weighted delegated Proof-of-Stake system.
Legacy XNode and Econode holders can swap into new NFTs, while new users can mint from seven NFT tiers based on staking amounts. The system is flexible and deflationary—users can unstake and burn their NFTs anytime.
Sustainability as VeChain’s Pillar: Applications and Impact
It’s still a pillar. Our vBetterDAO fosters both startups and big corporations to build decentralized applications that incentivize sustainable behaviors. For example:
Markshaw and GreenCard reward people for using recycled mugs or buying organic goods.
EVN, using Tesla APIs, rewards Tesla drivers for eco-friendly charging behavior.
BYB (Build Your Body), co-developed with UFC, rewards users for physical workouts using motion detection.
These applications are highly engaging—some have over a million users with exceptional retention.
ESG, Greenwashing, and the Bottom-Up Alternative
We acknowledge that ESG can be politicized or used as greenwashing. Traditional ESG is top-down, driven by big corporations or financial institutions. We do the opposite.
Our approach is bottom-up, empowering individuals to make daily sustainable choices. These actions accumulate into real impact. Our vision complements traditional ESG with grassroots action and technology.
Opportunities for Developers
We offer several entry points:
DevRel support – Our developer relations team is ready to assist.
Grant programs – We incentivize developers to build applications aligned with our vision.
BCG Consultation Program – In partnership with BCG, we help top developers with go-to-market strategies and partnerships.
Ultimately, vBetterDAO acts as an incubator, offering developers everything they need to launch and scale.
Global User Base and Institutional Vision
We’ve mapped our users worldwide: the U.S., Europe, Southeast Asia, Africa—you name it. We’re present almost everywhere, except a few sensitive regions.
We started in 2024. Johnny Garcia, formerly of Vanguard and Bitwise, joined us to lead our institutional strategy. We’re onboarding institutions not just as investors, but as validators.
These are long-term supporters, not speculators. They’re contributing to network security and aligned with our sustainability vision.
Everything is possible. We’re keeping our options open.
A Turning Point: Real World Utility in 2025 and Beyond
2025 is a turning point. Regulations are becoming clearer—MiCA in Europe, and increasing clarity from the SEC in the U.S.
Institutions are looking for real-world utility, not just narratives. That’s what we offer—real applications, real users, and real value.
We’re transitioning from a narrative-driven market to a fundamentals-driven one. It’s just like the evolution of the internet. I’m confident and bullish about where VeChain is headed.
Conclusion
Sunny Lu’s vision for VeChain is centered on accessibility, transparency, and measurable utility. Stargate’s NFT-based staking and global compliance drive VeChain to the forefront of decentralization.
Through sustainability initiatives and bold partnerships, VeChain continues to empower both individuals and institutions to generate tangible impact, one step at a time. As regulations clarify and technology matures, Lu’s confidence signals a new chapter where fundamentals and real-world value define blockchain’s next wave.
North Korea-linked hackers are ramping up attacks on the cryptocurrency sector, with recent investigations pointing to the Lazarus Group’s evolving methods.
On-chain analyst ZachXBT has revealed a string of incidents tied to the regime’s cyber operations. These incidents include the use of fake developer profiles and complex laundering strategies.
Lazarus Hackers Steal Millions as North Korea Intensifies Crypto Attacks
On June 29, Zachxbt reported that the Lazarus Group scammed a user out of $3.2 million in digital assets on May 16.
1/ Multiple projects tied to Pepe creator Matt Furie & ChainSaw as well as another project Favrr were exploited in the past week which resulted in ~$1M stolen
My analysis links both attacks to the same cluster of DPRK IT workers who were likely accidentally hired as developers. pic.twitter.com/85JRm5kLQO
This series of attacks, which began on June 18, allowed the hackers to take control of several NFT contracts. They then minted and dumped NFTs, stealing an estimated $1 million from these projects.
ZachXBT’s investigation revealed that the hackers moved the stolen funds across three wallets. Eventually, they converted some of the ETH into stablecoins and transferred them to MEXC, a centralized exchange.
Meanwhile, the pattern of stablecoin transfers, tied to a specific MEXC deposit address, suggests that the attackers engaged in multiple crypto projects.
Moreover, the analysis uncovered links to GitHub accounts with Korean language settings and time zones consistent with North Korean activity.
“Other indicators revealed from internal logs point out irregularities in a suspected DPRK IT workers resume. Why would a developer who claims to be living in the US have a Korean language setting, Astral VPN usage, and have an Asia/Russia time zone?,” ZachXBT wondered.
In Favrr’s case, investigators suspect the project’s chief technology officer, Alex Hong, of being a North Korean IT worker. ZachXBT also reported that Hong’s LinkedIn profile was recently deleted, and his work history could not be verified.
Indeed, these incidents highlight North Korea’s ongoing role in cryptocurrency theft. Blockchain analysis firm TRM Labs recently linked the country’s hackers to nearly $1.6 billion in stolen funds, accounting for about 70% of all stolen crypto assets this year.
