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.
Blockchain gaming network Immutable is charging ahead after the US SEC (Securities and Exchange Commission) closed its investigation into the platform’s native token, IMX, in late March.
Co-founder Robbie Ferguson shared key milestones on X (Twitter), signaling a turning point for the company and the broader Web3 gaming industry.
Immutable’s Ferguson Highlights Network’s Growth
Immutable executive Ferguson revealed that the blockchain-based gaming platform has made commendable strides despite a regulatory clampdown.
“Despite the SEC inquiry, this last year we’ve onboarded 5 million wallet users, partnered with 3 multi-billion dollar companies, and doubled our signed games to 500+. Now the investigations over, so lock in, because we’re only accelerating from here,” Ferguson wrote.
High-profile collaborations with firms such as Tencent and Temasek reinforce the company’s momentum, signaling growing institutional confidence in the Web3 gaming model. Its flagship tools, like Immutable Passport, simplify onboarding for mainstream users, allowing seamless access to decentralized game economies.
According to Ferguson’s post, Immutable’s ecosystem may be on track to become one of the most expansive in the space. With over 500 games now in development or live on its platform, it holds one of the largest libraries of blockchain-enabled titles.
Beyond volume, this growth reflects a shift in how games are built and played. By leveraging NFTs (non-fungible tokens), players gain actual ownership of their in-game assets. This represents a stark departure from major publishers’ traditional walled-garden approach.
Immutable’s Treeverse Season 1 Reward Campaign Starts April 19
A key part of this ecosystem is Treeverse, one of the most anticipated Web3 titles launching on Immutable. Backed by the END token and boosted by additional IMX and MON rewards, the game’s first season emphasizes merit-based progression and asset utility.
“Treeverse officially launched on all stores (iOS, Android & Windows) on March 18th. Almost a month later we are finally launching Season 1, beginning with a 30-day reward campaign…on 19th April [4 PM GST/1 PM BST/12 PM UTC/7 AM CT] Season 1 will commence,” a campaign breakdown on Endless Clouds articulated.
Treeverse rewards genuine engagement with NFT-based multipliers, exclusive gear, and a transparent reward model for real gamers.
“2 days until Treeverse Season 1 launches! – 2.76% of END token supply – Bonus IMX & MON token rewards – Packs, Boosts, and Exclusive Crowns available – Holder multipliers – up to 1.75x for NFTrees. Treeverse rewards real gamers on Immutable,” the network shared in a Thursday post.
Based on Ferguson’s highlights, industry voices are pushing back against the controversial crypto nemesis.
“Saw Gary Gensler’s talk today and how he was talking about 10-15k tokens besides Bitcoin not having fundamental value. When asked what he thinks about SEC charges being dropped, him still trying to go at it like every coin they pressed on had no fundamental value. Was some clown takes,” commented Meta Alchemist.
Alchemist urged builders like Ferguson to keep pushing forward. In the same tone, Jason, CEO and founder of the Genome Protocol, lauded Web3 gaming.
Immutable’s resurgence comes when the Web3 gaming sector is poised for explosive growth. It is projected to expand from $4.6 billion in 2022 to nearly $65.7 billion by 2027.
With its regulatory hurdles cleared and infrastructure battle-tested, Immutable may be poised to go beyond just keeping pace.
Donald Trump’s long-awaited White House Crypto Summit disappointed the crypto space. Its promises were underwhelming, and the community was undervalued. Bitcoin’s price fell slightly instead of an anticipated jump.
Several Trump-aligned crypto executives praised the President’s attempts to curtail federal regulators and suggested the industry was “doomed” without his intervention. Still, this frustration hasn’t boiled over into an all-out schism yet.
“Welcome to the first ever White House Digital Assets Summit. I know that many of you have been fighting for years for this, and it’s an honor to be here with you. Last year, I promised to make America the Bitcoin capital of the world… and we’re taking historic action to deliver on that promise,” Trump claimed.
However, the most bullish expectations of Trump and the Crypto Summit quickly fell. He addressed his Crypto Reserve plans in brief detail, offhandedly suggested that he could help FIFA launch a token, and postponed his timetable for friendly regulations to become law.
Mostly, crypto executives praised him as a savior of the industry, sparking backlash:
“That Summit was the most embarrassing thing I’ve ever witnessed. This is really what we’ve come to? Is everyone just worshipping Trump? Meanwhile, he has no idea what he’s reading off of, he’s just riffing on what David Sacks wrote him. We used to be cypherpunks, we used to be anti-government, now we [just] want the price to go up,” popular NFT trader Clemente claimed.
Excessive Deference Causes Pushback
Specifically, the televised Crypto Summit only lasted a little over 20 minutes, most of which did not involve Trump himself speaking.
Several close allies, such as Coinbase CEO Brian Armstrong, excessively praised the President’s attempts to curtail the SEC and other regulators. They suggested that Trump saved the industry from excessive enforcement under Gary Gensler.
This deferential attitude towards Trump, the Summit’s short duration, and lack of substantial promises created an overall negative impression.
By suggesting that the industry was “doomed” without Trump’s help, these executives ignore the community’s strength, resilience, and innovative spirit. Is it any wonder Bitcoin’s price fell afterward?
Participants at Trump’s Crypto Summit lauded his attempts to totally defang financial regulators, which is already sparking unprecedented turmoil within the federal government.
“The Crypto Summit is a disgrace. It’s a national embarrassment. The crypto faction that has captured the White House is precisely what our Founding Fathers warned us about. It will be a blight on whatever legacy Trump leaves and marks a low point for the presidency and the USA,” wrote Peter Schiff, financial commentator and crypto critic.
Ultimately, it doesn’t look like this Crypto Summit will precipitate a real break between Trump and the community overnight. People are dissatisfied, true, but some may yet benefit.
For example, Armstrong already announced that Coinbase will hire 1,000 more employees. It may take real economic losses for this ambient frustration to boil over.
However, overall, the summit remained largely underwhelming. It did not offer any significant positive development signal for the industry outside of the US market.
