The Block Editor-in-Chief 5 Innovative Projects Worth Paying Attention to

Block Editor-in-Chief 5 Innovative Projects to Watch

Promising emerging projects include derivative protocols, governance platforms, and infrastructure, among others.

Author: Frank ChaLianGuairro, Editor-in-Chief of The Block

Translation: Felix

In the past year, FTX, Genesis, Voyager, and Three Arrows have all exited the crypto stage. It has been a year of significant transformation, not only for the entire crypto industry but also for the author. However, this has also provided an opportunity to focus on emerging small businesses. This is indeed exciting, especially for new entrepreneurs and first-time founders. They are still full of passion, not discouraged by the challenges of running a company, and are friendly and approachable. Therefore, this article focuses on five startups in the crypto industry that may one day replace the companies that closed last year.

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Ostium Labs

Crypto startup Ostium Labs has raised $3.5 million in funding and has received support from investors such as General Catalyst, LocalGlobe, SIG, and Balaji Srinivasan. The company is developing a digital commodity perpetual swap protocol that seeks to attract traditional commodity traders and cryptocurrency traders by offering a more transparent and flexible alternative to traditional derivative platforms. The platform will support perpetual trading pairs linked to assets such as oil, Bitcoin, and several major currencies, with the aim of bringing real-world assets onto the blockchain. The project has partnered with Chaos Labs and plans to leverage Chainlink’s price feeds. Ostium Labs aims to fill market gaps by directly providing on-chain trading for a wider range of asset classes.

JKLabs

JKLabs is a crypto startup that aims to address governance issues in the DeFi and web3 ecosystems by providing a platform that facilitates on-chain decision-making and community engagement. Unlike traditional governance platforms that rely on token voting, JKLabs utilizes on-chain reputation to determine participants’ influence in the governance process, enabling more meaningful and fair participation. This approach allows projects to organize competitions, hackathons, and grant programs while providing opportunities for community members to profit and expand their audience, with the goal of exploring more transparent and effective governance models for the crypto industry. The company recently raised $2 million in pre-seed funding from various investors.

Fractal

Fractal is a startup co-founded by Aya Kantorovich and Alex Elkrief, which has raised $6 million to develop a platform aimed at improving transparency in digital asset clearing and settlement. The company’s goal is to prevent user losses due to the bankruptcy of companies like Three Arrows and FTX, allowing customers to monitor their positions in real-time and limiting borrowed collateral to crypto blue-chip tokens to alleviate liquidity issues faced by counterparties.

Turnkey

Turnkey is a startup led by a former Coinbase Custody executive and has raised $7.5 million in seed funding. The company aims to provide a developer-first platform for protecting and managing digital assets in the crypto industry. The platform aims to offer flexible, programmable solutions for generating wallets and signing transactions across different blockchain networks, addressing the increasingly complex nature of on-chain transactions. According to Chainalysis, this move is in response to growing user concerns about the security of digital assets, as crypto hacks this year have resulted in a record $3.8 billion in losses.

Architect

Former President of FTX.US, Brett Harrison, has raised $5 million in funding from investors such as Coinbase Ventures and Circle Ventures to establish a new company called Architect. Architect will focus on providing software trading tools for DeFi to meet the needs of large investors and institutions. The company’s goal is to develop institutional-grade trading technology, simplifying access to decentralized protocols and centralized exchanges for companies, large traders, and institutional investors.

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