The Daily: Microsoft-backed startup's $20 million raise, Aave Labs' proposed integration with BlackRock's BUIDL, MakerDAO's rebrand and more
Quick Take
- Microsoft-backed blockchain and AI startup Space and Time raised another $20 million.
- Aave Labs proposed integrating BlackRock’s BUIDL with the GHO stability module.
- MakerDAO rebranded to Sky, with the DAI stablecoin optionally upgradeable to USDS.
- The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Tuesday! In today's newsletter, a Microsoft-backed blockchain and AI startup raises another $20 million, Aave Labs proposes integrating BlackRock's BUIDL into its stablecoin system, MakerDAO rebrands to Sky and more.
Meanwhile, Anthony Scaramucci discusses the importance of not alienating the crypto vote in the latest episode of The Scoop podcast.
Let's get started.
Microsoft-backed AI, blockchain startup Space and Time raises another $20 million
Microsoft-backed startup Space and Time Labs raised $20 million in Series A financing, bringing its total funding to $50 million.
- The round was led by Framework Ventures, Lightspeed Faction, Arrington Capital and Hivemind Capital.
- The startup aims to enhance AI and blockchain development by providing data, tools and infrastructure to developers at the intersection of the technologies.
- The funds will be used to accelerate engineering, product development and community growth initiatives, the firm said, including the creation of verifiable large language models or LLMs.
- As the AI industry accelerates, some tech executives argue that blockchain technology's ability to help authenticate data could provide deterrents against some of the perceived risks of a world increasingly reliant on artificial intelligence.
- "With AI continuing to reshape both the global economy and job markets, blockchain empowers individuals to take ownership of what they build," the firm added.
- Space and Time Labs previously raised $20 million in a strategic funding round led by Microsoft's venture arm M12 in 2022.
Aave Labs proposes integrating BlackRock's BUIDL into GHO stablecoin system
Aave Labs proposed integrating BlackRock's tokenized BUIDL fund into its GHO Stability Module (GSM) to improve the efficiency of Aave's native stablecoin system.
- The proposal aims to enable 1:1 fixed-ratio swaps between USDC and GHO, using the USDC surplus that can result to mint BUIDL tokens as a potential dividend for users.
- "With this implementation, GSM can be more capital efficient while maintaining the high standards of backing as USDC is backing the GHO," Aave Labs said.
- The proposal is currently in the temperature check stage — a preliminary voting mechanism used to gauge community sentiment before it proceeds to a formal AAVE token holder governance vote.
MakerDAO rebrands to Sky, DAI stablecoin optionally upgradeable to USDS
MakerDAO has rebranded to Sky and will launch upgradeable versions of its DAI stablecoin and MKR governance tokens on Sept. 18.
- DAI holders can upgrade to Sky Dollar (USDS) at a 1:1 ratio, while MKR holders can convert to SKY tokens at a 1:24,000 ratio as part of the project's "Endgame" plan.
- Sky will distribute 600 million SKY tokens annually as rewards to users supplying USDS to the Sky Protocol through the Sky.money frontend app, with potential options to earn from other decentralized projects through future updates.
- The existing DAI and MKR tokens will remain active for the "foreseeable future," enabling users to choose between retaining their current tokens or switching to the new ones.
Nasdaq seeks SEC approval to list and trade bitcoin index options
Nasdaq, in partnership with CF Benchmarks, has filed with the SEC to list and trade Nasdaq Bitcoin Index Options (XBTX), tracking the CME CF Bitcoin Real-Time Index.
- XBTX aims to provide investors with new tools to manage and hedge bitcoin positions, enhancing the maturity of the digital assets market.
- If approved, the bitcoin index options would become the first cryptocurrency derivatives cleared by the U.S. Options Clearing Corporation (OCC).
- Nasdaq's proposed bitcoin options feature European-style exercise and cash settlement.
TON developers adopt Resistance Dog memecoin avatar to support Pavel Durov; token jumps 140%
Resistance Dog, the largest memecoin on TON blockchain, surged over 140% on Monday after being adopted as the official avatar for Toncoin across various community channels.
- The decision is part of a broader initiative by TON developers to align with what it calls the "DigitalResistance" movement.
- The move came after Pavel Durov, the founder of Telegram and a key figure in TON blockchain's ecosystem, was arrested in France over the weekend.
In the next 24 hours
- U.S. FOMC member Raphael Bostic will speak on Wednesday.
- WebX2024 kicks off in Tokyo.
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