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Welcome back to Chain Reaction.
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Last week we didn’t publish a Chain Reaction newsletter, thanks to Thanksgiving. But we’re back at it this week and saying goodbye to November after a long, eventful month filled with lawsuits, price changes and the typical crypto chaos.
Let’s get into it.
What’s happening in web3
The latest pod
Optimism is an Ethereum-focused layer-2 blockchain that focuses on scaling and speed, while also lowering costs for users. It helps users interact with Ethereum for about 10x cheaper through its blockchain and provides developers the ability to build decentralized applications (dApps) in a faster, scalable way.
Before taking on this new role at Optimism, Ryan had a little bit of a break, but was the president of Polygon Labs (he came on the podcast at the beginning of the year to talk about it) and before that, he was YouTube’s head of Gaming.
Jing co-founded Optimism in 2018. Before that she founded Plasma Group, a research firm focused on addressing challenges related to scaling Ethereum. She also previously managed blockchain projects at companies like Zcash and Nasdaq.
We discussed how layer-2 blockchains like Optimism are trying to solve scalability issues on Ethereum and where Jing and Ryan see growth opportunities right now.
We also talked about:
Base building with Optimism’s tech
Competition between Ethereum and other blockchains
Follow the money
Acctual raised $3.85 million to help crypto companies better manage their bills
Web3 education platform Open Campus got a $3.15 million investment from Binance Labs
Wind.app raised over $3 million to make DeFi accessible to average consumers
Decentralized perpetual exchange MYX raised $5 million in a seed round at $50 million valuation
Blockchain-built fitness and wellness app Coral got a $3 million investment from TealLink
This list was compiled with information from Messari as well as TechCrunch’s own reporting.
What else we’re writing
Want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week.
Follow me on Twitter @Jacqmelinek for breaking crypto news, memes and more.