Hivemapper, ImmutableX, Flare Network | Hidden Gems – Web 3
Review Date: June 7, 2022
TOKEN METRICS WATCHLIST
We scored many projects this week. Here are a few you should know about:
- Hivemapper
- ImmutableX
- Flare Network
Please keep in mind that some of these projects have not yet been subjected to our code review process, but we want to call them out here for preliminarily catching our eye based on our fundamental analysis process.
Hivemapper (78%)
Website – Documentation – Blog – Map
Hivemapper is building an open, decentralized global map built by individual contributors through car dashcams. It aims to bring the ethos of Web3 ownership to create a global network of high-quality maps for anyone to use.
Why we like it
Hivemapper has been referred to as the “Google maps of Web3”. Similar to Helium, users earn tokens by installing the necessary hardware, a dashcam in their car, and driving. Hivemapper creates a necessary use case for itself due to Google Maps being expensive and out-of-date. Because Hivemapper sells hardware equipment to independent contributors, it allows for decreased company costs and more up-to-date maps.
Investors
Hivemapper raised a total of $23.5 million across six private funding rounds from January 2013 to April 2022. Notable investors include Multicoin Capital, Solana Ventures, Spark Capital, and various angel investors including Anatoly Yakovenko and Raj Gokal, co-founders of Solana; Jason Waldman, former Apple maps executive; and Amir Haleem, CEO of Helium.
Team
Hivemapper was co-founded by Ariel Seidman (CEO) and Evan Moss (CTO). Ariel previously served as the Director of Product Management at Yahoo, developing Yahoo Maps. Evan has previous experience as a 3D product engineer at Scale AI, as well as a senior software engineer at the Minerva Project, Deepfield, and the University of Michigan.
Token Utility
$HONEY is the native token of the Hivemapper Network. Both dashcam operators and map editors earn $HONEY as a reward for contributing to the Hivemapper Network.
Where can you buy the token
TBA
ImmutableX (85%)
Website – Whitepaper – Blog
ImmutableX is the first layer-2 scaling solution for NFTs on Ethereum. By using ImmutableX, users experience zero gas fees, instantaneous trade execution, and carbon-neutral NFTs for marketplaces, applications, and games.
Why we like it
NFT projects on Ethereum see the most growth and traction through Ethereum network effects. Regardless, Ethereum’s gas fees are an issue for all network users. Gas fees create economic barriers that the average Web3 user cannot afford to pay, especially during times of network congestion. These fees are well-known to the NFT community who, even during a free NFT mint, may experience transaction fees of over $50.
ImmutableX relies on StarkWare’s zk-rollup technology for zero gas fees and increased scalability (roughly 9k TPS), all while inheriting Ethereum’s native security. In addition, ImmutableX recently introduced cross-rollup NFT liquidity with StarkNet. This is a necessary step to achieve full composability between NFTs on Ethereum rollups. This is also a major step for blockchain gaming to facilitate NFTs with utility across multiple games or metaverses. We are very excited to see how this technology will be leveraged in the future of blockchain gaming and metaverse technology.
Investors
ImmutableX raised a total of $285 million (at a $2.5 billion valuation) across four private funding rounds from July 2018 to March 2022. The latest round was a Series C that raised $200 million. Notable investors include Tencent Holdings, StarkWare, Coinbase Ventures, Galaxy Digital, Animoca Brands, and Sfermion,
The Team
ImmutableX is a team of 250+. The protocol was co-founded by brothers James and Robbie Ferguson in June 2018. James serves as the CEO of Immutable. He holds multiple degrees from the University of Sydney in finance and law. Robbie serves as the President of ImmutableX. He was named a Thiel Fellow in 2020 and has previous experience at KPMG in data analytics and blockchain.
Token Utility
$IMX is the native utility token of the protocol. It is an ERC-20 token used for fees, staking, and protocol governance. 20% of network fees must be paid in $IMX; stakers receive a proportional share of $IMX network fees; token holders can participate in governance proposals.
Where can you buy the token
Binance, Coinbase, FTX, KuCoin, Kraken, Crypto.com, ByBit, Gate.io
Flare Network (76%)
Website – Documentation – Whitepapers
Flare is a layer-1 that aims to enable secure, universal interoperability between blockchains by allowing all digital assets and on-chain information to flow freely between chains.
Why We Like It
Flare allows for true blockchain interoperability through its use of its state connector mechanism. This allows for the true state of any blockchain to be proven to the smart contracts on Flare. State connection will be facilitated through LayerCake, Flare’s cross-chain asset transfer protocol. LayerCake allows for FAssets to flow seamlessly between chains and dApps to unlock liquidity. In addition, Flare will begin its interoperability rollout as EVM-compatible, making it simple and easy for developers to port applications from Ethereum to Flare.
Investors
Flare has raised a total of $11.3 million across two private funding rounds from March 2021 to June 2021. Notable investors include Digital Currency Group, CoinFund, Borderless Capital, and Kinetic Capital.
The Team
Flare is a 30-person team. The network was co-founded by Hugo Phillion (CEO), Sean Rowan (CTO), and Nairi Usher (Chief Scientist) in 2018. Hugo holds an MSc. in Machine Learning from University College London (UCL). Sean also holds an Msc. in Machine Learning from UCL, as well as BSc.’s in Mathematics and Electronic/Computer Engineering from Trinity College Dublin. Nairi holds a Ph.D. in Quantum Computing from UCL and focused her postdoctoral research quantum computing for machine learning.
Token Utility
Flare has not yet announced the native token of the network.
Where You Can Buy The Token
TBA
