BanklessVC
@BanklessVC
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Early-stage fund empowering pioneers to explore the frontier of crypto and go #bankless
Joined November 2022
1/ We are proud to be backing @fhenixio in their $7.5M round to bring Fully Homomorphic Encryption (FHE) encryption to smart contracts. What is FHE?. FHE encryption enables computation to be done on encrypted data, widening the scope for on-chain confidentiality. ๐๐งต.
Introducing Fhenix: The first blockchain powered by Fully Homomorphic Encryption!. Fhenix enables direct computation over encrypted data without ever revealing the data to the server! . Click here to learn more!. #FHE #Web3 #Encryption
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1/ Private accounts are coming to Ethereum โ and they are being powered by @nocturne_xyz. Hereโs what that means ๐.
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Bankless Ventures summer internship is now open! . If you or someone you know is passionate about defi and likes diving deep into the world of crypto, come vibe with us over at BVC. Apply here:
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1/ Imagine a world where blockchains upgrade themselves and AI functionalities are embedded directly into smart contracts. This future is being pioneered by @ModulusLabs โ the first ZKML project bringing AI on-chain. Hereโs how ๐.
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Great to see everyone this week at @Permissionless !. Next events weโll be attending: @MessariCrypto mainnet next week & @ETHLisbon / @EFDevconnect in Nov!
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1/ In this research piece we broke down intents to understand whatโs happening under the hood. We categorised it into 2 sections:. 1. Intent capture ( front-ends, standards, DSLs, frameworks, etc.). 2. Intent execution (Solvers, fillers, searchers etc.).
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Thrilled to be supporting @ModulusLabs as they pioneer accountable machine intelligence onchain ๐ค.
Ecstatic to announce our $6.3M Seed round today, co-led by @1kxnetwork & @variantfund ๐. With participation from prominent funds & angels, we're building Modulus: the ๐๐ฐ๐ฐ๐ผ๐๐ป๐๐ฎ๐ฏ๐น๐ฒ ๐ ๐ฎ๐ด๐ถ๐ฐ company๐ช. How does specialized ZK bring AI on-chain?.
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The Bankless Media & BanklessVC Teams will be at the 3XP Web3 Gaming Expo @3XPgg in LA on June 8-9th ๐. If you're a Bankless Citizen (paid subscriber) and want to join us, we have tickets for you!. Reach out in the Bankless Discord to get the code โ. @3XPgg @BanklessHQ.
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We're looking for an Investment Analyst Intern for Jan to Apr'24. Responsible for supporting our team in sourcing and analyzing investment opportunities. This is an excellent opportunity to gain hands-on experience in venture capital and crypto. Please fill out this form if.
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Thanks for joining the ETHDenver Run today despite the cold at @EthereumDenver . @shaaa256 crushed it!. Next run in @token2049 in Dubai, weather should be better w/ @benlakoff & @0xKimberly sign up here:
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Private accounts ๐ค Ethereum . Proud to be supporting @nocturne_xyz!.
1/ We're excited to announce our $6M seed round co-led by @BainCapCrypto & @polychain with participation from @VitalikButerin and other members of the Ethereum community. This round will fund the deployment and continued development of private accounts on Ethereum.
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1/BSX: The first institutional grade, highly performant & liquid perp exchange on Base. We're thrilled to back @bsx_labs as they supercharge onchain trading for defi users. What can you do on BSX? Let's dive in๐.
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Exploring Validator-Backed Assets (VBAs) and the mechanism design behind @ionprotocol that allows them to efficiently unlock liquidity across defi .
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Many thanks to @arjunnchand and the @portals_fi + @routerprotocol team for helping us understand whatโs happening under the hood. Dive in here ๐.
1/ In this research piece we broke down intents to understand whatโs happening under the hood. We categorised it into 2 sections:. 1. Intent capture ( front-ends, standards, DSLs, frameworks, etc.). 2. Intent execution (Solvers, fillers, searchers etc.).
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Weโre thrilled to back @0xOthentic in their recent raise to accelerate shared security networks! . 1/ What is Othentic?.The Othentic stack is a library of components to build distributed systems in the shared security environment.
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If defi protocols are the lego blocks our ecosystem, then @Infinit_Labs is LegoLand. Thrilled to be part of the journey ๐ค.
INFINIT has successfully raised $6M in funding round led by @ElectricCapital, @mirana, @hashed_official, to build the first DeFi abstraction layer. This marks a pivotal step toward advancing INFINITโs goal of becoming the backbone of DeFi, providing end-to-end infrastructure for
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BanklessVC Run at ETHDenver is now Wednesday AM!. ๐Location: S Platte River Trail on 31st across from RiNo Liquor - ๐Time: 07:30a. Look for @shaaa256 and @ChrisBarrett who will be leading the run ๐๐๐โโ๏ธ. Details:
๐UPDATE ๐โโ๏ธ. with tomorrow's (Tuesday) weather looking rough, we've decided to move the run to Wednesday morning instead. also, since nearly 500 folks ๐คฏ have signed up we're doing the run down by the river.
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Excited to support!.
๐ฃ SEED EXTENSION ANNOUNCEMENT ๐. Today, weโve successfully closed a $500K Seed Extension to accelerate the creation of a #DeFi experience that's user-friendly, efficient, and comprehensive ๐
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A few of our portfolio companies are hiring! . Here are the available roles: . 1) @EclipseFND .- Software engineer.- Research engineer.- Marketing lead.- People Ops manager.- Growth marketer (memelord).- Lead DevOps engineer.Apply here: . 2) @Ether_fi .-.
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7/ Private accounts are an exciting development in the Ethereum ecosystem and we're especially proud to be backing the @nocturne_xyz team @luketchang @sebastienladuca & @airmailsavvy on their journey alongside other notable VCs.
1/ We're excited to announce our $6M seed round co-led by @BainCapCrypto & @polychain with participation from @VitalikButerin and other members of the Ethereum community. This round will fund the deployment and continued development of private accounts on Ethereum.
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7/ Intent infra projects are pushing the boundaries with new design mechanisms to be more developer friendly and bring composability. On the other hand, the application layer is growing with more & more dApps actively transitioning to an intent-centric design.
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BVC has entered the @defidotapp Arena!. Join our team to access the beta of one of the first killer super app in defi. - no gas.- no bridges .- no kyc .- no hassle . Lock in ๐๐.
๐ฎ Announcing: DEGEN ARENA ๐. โฆ Earn XP points through trades, PNLs & referrals.โฆ XP points = preferred access to public sale.โฆ XP points = leaderboards (top 50 ๐ bonus rewards).โฆ Join your favorite protocol/KOL factions. Thread ๐
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2/ A private account essentially enables onchain activities through a standard Ethereum account, with built-in asset privacy. It combines account abstraction, ZK, and stealth addresses to offer users a simple experience in conducting private transactions.
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6/ The protocol:. Within Nocturne, users have โinternalโ accounts. They can deposit or receive payments into their Nocturne account anonymously. Using ZK, they prove they own such funds and then use them for arbitrary transactions as desired (dex tx, pay a friend, stake, etc.).
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4/ The parties responsible for fulfilling an intent are:. 1. Application/prompter.2. Resolvers.3. Solvers.4. Fillers/takers.5. Searchers. They can be the same entity, though their algorithms may be different
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6/ Another confusing thing is when someone refers to a dapp as a solver. You might hear, โis a solver, so is 1inchโย โ this is true since both and 1inch have algorithms that are constantly looking for the optimal route for a trade
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6/ Generating this AI inference proof means that others can now verify a model without having to trust the creators of the model, and without having to run the entire computation themselves, only needing to check the generated proof.
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3/ The Othentic Stack of production-ready components can be leveraged by AVSs to abstract away error-prone infra details, and in the process decrease development barriers and minimize engineering overheads.
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3/ With stealth addresses specifically, users have a single private key that controls many ephemeral, one-time addresses. Nocturne employs its own stealth address scheme where a userโs โaccountโ is simply the collection of all their stealth addresses.
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3/ An intent infra looks different on each dApp depending on their mechanism design. For example; the intent capture and execution on UniswapX is very different than that of CoW swap. But ultimately they are both optimising for the same thing: better UX + price execution.
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2/ Intents need a whole new infrastructure because the way they are expressed & interpreted is structurally different than a typical transaction.
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7/ With this, we can have powerful AI on-chain without giving up on the decentralized and trustless nature of crypto โ a huge leap in both the AI and blockchain space.
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5/ We are thrilled to support the Othentic team alongside other key investors and are excited about the future of shared security!.
1/ Weโre thrilled to announce our seed funding led by @FinalityCap and @BreyerCap as we work towards facilitating the creation of innovation on @eigenlayer and @babylon_chain! ๐๏ธ
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5/ Since many things can be a solver and a solver does most of the computation for figuring out the path, we broadly use the term solver to mean the thing that fulfills the intent. (Sometimes we just refer to most of the things in the red box below as solvers)
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8/ Weโre proud to be backing the @ModulusLabs team (@realDanielShorr, @nayr_oac, Nick Cosby) alongside other notable VCs and look forward to the future of trustless autonomy!.
Ecstatic to announce our $6.3M Seed round today, co-led by @1kxnetwork & @variantfund ๐. With participation from prominent funds & angels, we're building Modulus: the ๐๐ฐ๐ฐ๐ผ๐๐ป๐๐ฎ๐ฏ๐น๐ฒ ๐ ๐ฎ๐ด๐ถ๐ฐ company๐ช. How does specialized ZK bring AI on-chain?.
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8/ Is it overhyped? Perhaps a tad bitโ but for good reasons! Intents would allow us to achieve the user experience and liquidity of centralized systems in a relatively decentralized environment. Weโre excited to see this ecosystem take shape.
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5/ To make this work, we need a system where John can create single or multiple addresses that belong to Chris, but no one else can tell that they're Chris's. Nocturneโs stealth address scheme allows for this in an easy, non-interactive manner.
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4/ Example:. Let's say John needs to send 1 ETH to Chris without revealing that Chris is the recipient. John also wants to do this without talking to Chris first.
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4/ For example: . - An NFT marketplace that curates NFTs you may like based on the NFTs in your wallet. - An AI-powered staking vault that finds the best and safest yield using on-chain data. - A layer 1 that upgrades itself . The possibilities are endless.
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5/ But how?. By following a similar mechanism to ZK-roll ups. Similarly to how ZK roll-ups create and put theย proof of computationย on Ethereum, we can create aย proof of AI inference call.
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2/ What is Modulus?. Modulus brings AI to the blockchain. They combine the power of Zero-knowledge (ZK) proofs with machine learning (ML) to offer โaccountable AI.โ This category is popularly known as ZKML (zero-knowledge machine learning).
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6/ E - Settling the Auction: You can use your secret key to unlock the winning bid and determine the final price to be paid. Fhenix makes this possible using their EVM which is anticipated to go live on mainnet in 2024.
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3/ To put AI on the blockchain means:. - Producing AI algorithms whereby anyone can verify that the algorithm is operating correctly/fairly. - It also means that dApps can now embed AI functionalities to offer users better experiences without having to trade off decentralization.
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4/ One of @0xOthentic's core goals is to support the creation of unique AVS use cases, such as coprocessors, privacy-preserving computations, AI inferences, decentralized solvers, bridges, relayer networks etc.
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2/ While EigenLayer offers services to leverage, Ethereum's economic security, complex low-level development is required for services with shared security.
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@ionprotocol X @ModulusLabs . ๐ค๐ค.
Teaser: @ionprotocol's bleeding-edge ZKML risk engine coming soon!!!. At a glance:.- 300,000 Eth validator AI risk scores๐คฏ.- One of the largest ZKML apps, ever๐ช.- ZK proven weekly in our next gen AI-prover๐๏ธ. More soon โ live on testnet, mainnet next:.
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4/ C - Calculating the Winning Bid: The smart contract, with your secret key, can perform computations on the encrypted bids. It can figure out which bid is the highest without actually revealing the amounts of the bids.
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5/ D - Announcing the Winner: When the auction ends, the smart contract can reveal the winning bid without revealing the actual amounts of the other bids. This way, the winner is known, but the privacy of the other bidders is preserved.
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6/ We are thrilled to be supporting the team behind @bsx_labs and are excited about the future of supercharged UX in defi trading. Read more here:
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2 / An example is a seal-bid auction:. A - Creating the Private Auction Smart Contract: You use FHE to encrypt the bids that people submit to the smart contract. Each bid is locked inside a virtual box that only you can open with your secret key.
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3/ Under the hood, BSX combines the speed of off-chain execution with the security and transparency of onchain settlements. It uses a central limit order book (CLOB) which is populated with liquidity from various market makers.
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3/ B - Bidding Anonymously: People can place bids on the artwork without anyone knowing how much they bid. Each bid is encrypted using FHE and sent to the smart contract on the Ethereum blockchain.
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2/ Core features of BSX: . - 10x Leverage on available markets.- Cross margin (inclusive of your unrealized PnL).- Market and limit orders.- Scalp trading functionalities.- 1-click trading.- Seamless API and SDKs.
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