Author | Hu Feitong

Although the launch of Aleo has been delayed repeatedly, it is just around the corner. All the community members who have experienced the last cycle will feel familiar with this scene. Four years ago, everyone waited for Filecoin and was annoyed by the repeated failures, and now it is repeated on Aleo. If you think about it carefully, the two projects do have many similarities, which may also lead to some similarities between the two projects in the two cycles.

A breath of fresh air outside the mainstream narrative
 
The mainstream narrative in the last round was DeFi and NFT, which was mainly reflected in the booming Ethereum ecosystem. As the first public chain with strict cryptographic storage proof, Filecoin received widespread attention in the DeFi Summer at that time due to its technological breakthroughs, creating a storage track.

Wu said that according to SoSoValue data, the total net outflow of Ethereum spot ETFs was 54.2704 million US dollars yesterday (August 2, Eastern Time). Yesterday, Grayscale Ethereum Trust ETF ETHE had a single-day net outflow of 61.4314 million US dollars, and the current historical net outflow of ETHE is 2.117 billion US dollars. The Ethereum spot ETF with the largest single-day net inflow yesterday was Fidelity ETF FETH, with a single-day net inflow of 6.0176 million US dollars.

Wu said that according to SoSoValue data, the total net outflow of Bitcoin spot ETFs was US$237 million yesterday (August 2, Eastern Time). Yesterday, Grayscale ETF GBTC had a net outflow of US$45.9462 million, and Grayscale Bitcoin Mini Trust ETF BTC had a net inflow of US$9.8788 million. The Fidelity ETF FBTC had the largest outflow yesterday, with a net outflow of US$104 million.

With several popular Web3 Game projects listed on mainstream exchanges such as Binance, OK, and Bybit, the wealth-creating effect has also begun to take shape, and many community users who have developed with the games have entered the carnival in advance. The Web3 game track has also gradually become hot. But in addition to Axie, which is well-known in the last cycle, what paradigm changes, innovations, and changes in the new infrastructure environment are there in the games of the new cycle? These are issues that both the industry and investors need to think deeply about.   Chain Tea House specially invited Fire Phoenix Capital, an investor in popular games in this cycle such as Matr1x FIRE and Catizen.   The exclusive interview with this Chain Tea interview is Chen Yuetian, partner of Fire Phoenix Capital. As an investor, he shared his unique insights and future development trends in the crypto market, introduced Fire Phoenix Capital's strategy for supporting Web 3 game development teams, and listed successful case projects invested by Fire Phoenix. In addition, they will also reveal how to evaluate and select investment projects with potential in a complex market environment.   Please follow us to explore the future of Web 3 games. 1. Briefly introduce yourself and Fire Phoenix Capital Our company, Fire Phoenix Capital, was founded in 2021. I have more than ten years of experience in the field of equity investment, focusing on the fields of youth culture and entertainment, especially China's two-dimensional: animation, comics and games. My goal in founding Fire Phoenix Capital is to continue previous investments. Although equity investment in the Chinese media sector has faced challenges in recent years, I still believe that investment in the cultural media and entertainment sector is worth persisting and supporting. The main goal of Fire Phoenix Capital is to continue to invest in content production, commodity consumption, and business models in the field of youth culture. Our capital tools have gradually expanded from equity investment to cooperation with listed companies and secondary market stock investment. With the rise of Crypto as a new capital tool, we are also actively adopting it. Fire Phoenix Capital (English name: Initiate Capital) is currently focused on the Crypto field, especially Crypto game investment. Since its establishment in January 2023, the fund has invested in more than twenty projects. For example, Catizen, a popular game in the TON ecosystem, and Matr1x Fire, a Southeast Asian gun game.We also invested in Space Nation, Arena of Faith, and MyShell.ai, an AI+Web3 application layer project, which are under development.   Since the fund was established during the bear market, we focus on investing in early-stage projects and see that these teams are doing very well in construction. Whether it is the number of users, activity, revenue, or the exploration of business models, there are many new highlights worth discussing. Although the industry has experienced a bull-bear transition, we are confident in the future and are willing to share our insights with everyone to help rebuild confidence.   2. Since you have mentioned so many cases, can you share your investment story with a case, from encountering the project to the final decision, what is the process like?   The five or six projects I just mentioned have different experiences, but they are all very representative in their respective fields.   For example, Catizen’s team made a blockchain game in the last cycle. At that time, the innovation was to find a way to move the game to the mobile phone and simplify its operation. So in the end, they made a very simple mobile terminal, a web game-like experience. Then they put the token in as the circulating currency in the game. At that time, the innovations were limited, but in the market of 21 years, everyone felt that this was enough. The performance of the token issuance was also good, and the investors actually made money. I had not yet contacted this team. Later in 22 years, when I decided to delve deeper into Crypto Game, I met this team. It was also introduced by friends to each other, and we talked about the innovations of their new project. They said that they wanted to make lighter and more casual (games). Not for mainstream Web3 male users. Because everyone knows that traditional Web2 games have a large proportion of female users. I think it’s good, but the main problem facing casual games is how to spread. At that time, there was no such thing as Telegram’s development ecosystem. A serious game development team strategically understood that casual games are more social, and they had to find an underlying social network. Then they happened to encounter Telegram to come up with its own Mini APP, and everyone’s needs matched at once.Catizen needs a social infrastructure for better dissemination, and Telegram has never cultivated or monetized its application ecosystem, so the needs of both sides matched immediately.

"Wu Says Podcast: Dialogue with NAVI on how to do DeFi projects in the SUI ecosystem" In this podcast, Elliscope, a core contributor to the NAVI Protocol project, gave a detailed introduction to the development history, core business and future plans of NAVI Protocol. As the largest DeFi project in the Sui ecosystem, NAVI focuses on lending and liquidity staking business, and is actively expanding new cooperation and products. Currently, NAVX has successfully integrated with more than 20 DeFi projects in the Sui ecosystem. It is also planned to connect with 30 to 50 new Sui project parties within this year to build more DeFi solutions based on NAVI. Listen on Youtube Listen on Xiaoyuzhou Listen on Apple

Top 10 News of the Week

1. Powell: If inflation tests meet targets, the Fed may cut interest rates as early as September link

Fed Chairman Powell said that if inflation tests meet the target, a rate cut could be made as early as September. Powell pointed out: "The question is whether the overall picture of the data, the changing outlook, and the balance of risks are consistent with increased confidence in inflation and maintaining a stable labor market. If this condition is met, a rate cut may be considered as early as the next meeting in September." Powell emphasized that the decision to cut interest rates will not be affected by the upcoming presidential election and the Fed will remain absolutely neutral. Powell made it clear that a 50 basis point rate cut is not currently under consideration.