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🚀🔥 Exciting News! 🔥🚀
📅 Mark your calendars because the CrossFi Incentivized Testnet is kicking off on March 15th! Get ready to dive into a world of rewards and innovation. Here's everything you need to know in this thread! 🌟
👤 **Who is eligible?**
Whether you're a Validator, Developer, or User, you can join the fun! Just make sure you have the XFI Console and Metamask. Validators, don't forget to fill out the application—top 64 validators will snag rewards!
❓ **What are the required activities?**
Validators, get ready to answer 11 questions and dive into the testnet program. Then, join the Dev Community, grab those test MPX Coins, run your validator, and compete for glory! 💪
💰 **What are the rewards?**
Get ready to earn big! CrossFi has allocated a whopping 4.88% of the total token supply for rewards. How much you get depends on your role and performance in the system. Check out the details for more info! 💸
⏰ **What is the timeline?**
This program spans three phases, each focusing on different initiatives. Validators kick things off for ~3 months starting February 20th, followed by Developers for ~2 months beginning March 10th. Finally, it's the Users' turn for ~2.5 months starting March 15th! 🗓️
🌐 **What is CrossFi?**
CrossFi is revolutionizing decentralized finance with its multi-asset adaptor protocol. By enabling cross-chain interoperability and providing liquidity to trapped assets, CrossFi is democratizing DeFi for everyone! Learn more about this game-changing platform.
💥 Don't miss out on this opportunity to be part of the future of finance! Stay tuned for more updates and get ready to join the CrossFi Incentivized Testnet starting March 15th! 🚀🌟 #CrossFi #TestnetLaunch #DeFiRevolution
#Write2Eam

In 2023, despite Bitcoin's strength, the #Web3 #startup industry faced a drastic drop in investments. Crunchbase reported a 76% reduction in capital attracted compared to the previous year, totaling only $1.8 billion in the second quarter. The total number of deals dropped by 51% to 322. The first half of 2022 was even worse, with Web3 projects attracting only $3.6 billion, a 78% decrease.
Sergey Kovalev, founder of #Afford.Capital described the situation as "grotesque" as funding decreased nearly tenfold. High-value projects traded at significant discounts, and startups were dwindling.
Large venture capital firms managed well, but smaller companies struggled, some even suspending operations. Alexander Mamasidikov, founder of #CrossFi noted that the crypto startup funding #market matured and shifted from a 'revolution' perspective to an 'evolution' view. More interest was directed towards projects bridging TradFi and DeFi.
In the first six months of 2022, 15 investment rounds exceeded $100 million each, but this year saw only three such rounds, indicating a significant decline. Notably, big investors shifted focus to artificial intelligence, which attracted $25 billion.
Mamasidikov highlighted the need for proper positioning, niche identification, audience engagement, community building, and continuous technological improvement for successful projects.
In a challenging market, startups seek funding through grants, corporate funds, accelerators, or crowdfunding platforms. UNICEF, for instance, offers non-equity contributions. Polkadot Foundation and grant programs like NEAR and Harmony Ecosystem Fund support Web3 initiatives.
In conclusion, while the venture capital market faces difficulties, large firms fare better than smaller ones. The crypto startup funding market is evolving, focusing on projects bridging traditional and decentralized finance. Success hinges on proper project management, with inexperienced staff and a lack of clear strategies causing many startups to fail.