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Jose Anaya @ ZKSync
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Table of Contents
What We’re Looking at 👀
🌟 Summer’s almost over, but Web3 isn’t cooling down — it’s heating up. 🔥
From AI-powered smartphones to stablecoin rails to cross-chain liquidity wars, capital is pouring in and the bets are getting bolder.
Institutions are backing everything from Rain’s $58M stablecoin play to Portal’s $50M Bitcoin rails while Everlyn dreams up on-chain video agents and Magne AI promises a phone from the future.
Add Google’s L1 push, Circle’s Mastercard deal, and Solana’s Alpenglow upgrade — the next wave of crypto isn’t speculative, it’s infrastructural.🌟
Money Moves(Funding/M&A): 🤑
From Introduction.com Members 💳️
Magne AI
Magne AI, new kid on the block, makes a splash this August with some flashy tech and fancy funding 💅
What’s Happening 📰
Magne AI, a new Web3 + AI smartphone company, has announced a $10M strategic raise.
The company has ambitious plans to build an AI-driven Web3-native smart phone, with a dual chain ecosystem to boot.
Its aim: to reshape how users interact with decentralized applications, from the ground up.
Who They Are 🤔
The company is new and secretive 🤫
There is very little info on founders and team members.
That mystery, combined with its sweeping vision, has generated buzz and positioned Magne as one of the more hyped emerging players in the space.
The Funding Signal 💸
The round, led by Castrum Capital and DuckDAO with backing from TB Ventures and Becker Ventures, shows community-wide support for Magne’s ambitious vision.
But while $10M validates the hype, it’s far from enough to deliver a fully integrated hardware + AI + blockchain stack, meaning more raises will likely follow.
Competitors & Context 📱
For comparison, Solana Mobile was announced in June of 2022.
It launched as the Saga smartphone, a custom Android device. It was designed to make Web3 wallets and dApps run natively.
Magne AI, by contrast, is aiming for something much bigger and riskier.
Scope
Solana: Built a Web3-focused Android phone to make Solana wallets and dApps run natively.
Magne: Aiming for a multi-layer stack combining AI + blockchain + dual-chain rails + hardware integration.
Hardware
Solana: Off-the-shelf Android base with custom secure enclave for wallet storage and Solana-native app optimization.
Magne: Designing a purpose-built AI smartphone with on-device inference and tight coupling between hardware and blockchain logic.
Ecosystem Ambition
Solana: Limited to Solana-native ecosystems, targeting crypto-native adoption.
Magne: Building a dual-chain framework to unify AI data, decentralized compute, and stablecoin payments across multiple networks.
Execution Risk
Solana: Delivered a working device, leveraging an existing chain and established tooling.
Magne: Pursuing an end-to-end vertical with novel hardware, custom chains, and AI integration — all on far less funding and without a shipped product.
What to Watch 👀
Magne plans to use this funding to develop its smartphone, expand its dual-chain ecosystem, and build AI-powered tools for Web3 users.
The big question: can it turn hype into substance before momentum fades, or will this raise just be the on-ramp to a much larger seed round?
Rain
When it rains it pours.
After partnering with Visa last month, Rain announces a $58M Series B with Sapphire Ventures.
Rain: Bringing Stablecoins to Everyday Spending 🌧️
Rain is a stablecoin settlement layer. Think credit and debit cards built on stablecoin infrastructure.
Founded in 2021 by Farooq Malik (CEO) and Charles Naut (CTO).
Rain’s mission is simple: make stablecoins instantly usable in the real world by powering compliant, seamless card-based payments.
Key Company Milestones 🚀
2021 — Founded with a vision to bridge stablecoins and mainstream payments.
2022 — Built out settlement APIs enabling stablecoin-to-fiat conversions in real-time.
2023 — Secured a high-profile strategic partnership with Visa to bring stablecoin spending to millions of merchants.
2025 — Closed a major funding round to scale adoption and strengthen integrations.
How It Works ⚙️
On-Chain Settlement — Rain converts stablecoins into fiat instantly at the point of sale, without users needing to swap manually.
Unified APIs — Developers integrate Rain’s single settlement API to enable stablecoin-powered card payments in existing apps or wallets.
Compliance Layer — Rain automates KYC/AML checks, ensuring every transaction aligns with regulatory frameworks.
Merchant Reach — By piggybacking on card networks, Rain allows stablecoin spending at 150M+ Visa-accepting merchants globally.
The Visa Partnership 🤝
Rain partnered with Visa to issue stablecoin-backed cards, giving users instant access to their on-chain funds anywhere Visa is accepted.
This deal put Rain’s tech in front of millions of consumers and positioned it as the bridge between stablecoins and global commerce.
Latest Funding Round 💰
Rain’s most recent funding round, led by Sapphire Ventures, signals growing investor conviction in its role as the stablecoin-to-card settlement layer.
Following the Visa integration, this capital will accelerate merchant adoption, developer integrations, and regulatory scaling as Rain positions itself as the default layer powering stablecoin payments worldwide.
Everlyn
Everlyn raised a $15 million seed round valued at $250 million.
Everlyn stands out as the only prominent venture in the space explicitly combining AI-generated video with blockchain infrastructure, making Everylyn and team essentially first to market.
Who They Are 👤
Everlyn, founded in 2024, is building a next-generation video-AI model (“Everlyn-1”) that powers interactive, on-chain video agents inside a virtual world called Everworld.
Its mission is to deliver “your dreams as video”, photorealistic, agentic video experiences governed by users.
Their Tech ⚙️
Everlyn’s innovation centers on Everlyn-1, a next-gen AI engine for creating lifelike, interactive video agents.
The tech is ambitious because it blends advanced AI modeling, decentralized compute, and on-chain integration into one ecosystem.
Industry Buy-In 💱
The project command’s attention with backing from heavyweight names like Mysten Labs (Sui blockchain), Aethir, io.net (decentralized compute), MH Ventures, Selini Capital, Baseline, and angel support from players tied to Amazon, Google, Meta, Tencent.
It also highlights academic contributors like Philip Torr and Serge Belongie, bringing elite AI credibility.
The Funding Round 🤑
The money is explicitly intended “to build the future of cinematic-quality, on‑chain video”, according to their announcement.
This suggests the capital will be used to develop advanced AI models, scale video infrastructure, and fuel the launch of their Everworld on-chain ecosystem.
Looking Ahead: The Dream 🔮
AI video is heating up fast. Google’s Veo 3, Runway Gen-3, Pika Labs, Adobe Firefly, Stability AI, and OpenAI’s Sora dominate with cinematic-quality video generation and strong developer ecosystems.
But these players don’t offer on-chain ownership or monetization. Everlyn’s edge.
Other agent-focused platforms like Inworld AI and Character.AI lead in lifelike NPC-style agents but lack decentralized provenance and creator economies.
Everlyn is aiming to fuse the two worlds: cinematic AI video generation plus tokenized ownership.
To stand out, Everlyn needs to:
Deliver Web3-native provenance: Proven ownership and programmable rights via Everworld + Lyn Protocol.
Compete on model quality: Match Veo 3, Sora, and Runway on realism and usability.
Build creator economies: Marketplaces for AI-generated video agents to be owned, traded, and monetized.
If Everlyn executes, it could become the first platform to merge cinematic AI + on-chain ownership + agent economies. This ambitious bet that could redefine both content creation and monetization.
Industry Leaders 🤠
Hemi
Hemi gets fuel injected with another $15M round ⛽
What Is Hemi 🔍
Hemi is a Bitcoin-focused “supernetwork” designed to unlock DeFi and programmable applications directly on BTC.
By embedding a full Bitcoin node inside an EVM-compatible environment, it enables lending, staking, and trading without leaving Bitcoin’s security umbrella.
What Sets Them Apart 🚀
Hemi anchors all state updates to Bitcoin for native finality while connecting seamlessly to Ethereum tooling, making it the only platform bridging Bitcoin’s security with Ethereum’s ecosystem scale.
Valuation & Use of Funds 📊
The round values Hemi at around $100M post-money, positioning it as one of the most well-capitalized early-stage Bitcoin DeFi plays.
Funds will be used to expand developer tooling, integrate cross-chain “Tunnels” for Ethereum liquidity, and onboard the first wave of BTC-native DeFi apps.
Looking Ahead 🔮
The fresh capital injection is telling.
🚦Investors believe in Bitcoin 🚦
Whether it be because of visibility or technology catching up, this play shows the future of DeFi may lie in blue-chips like BTC.
The Clearing Company
Institutional Investors Predict big W with $15M seed round.
Who they are 👤
They build what the industry couldn’t—an on-chain, permissionless prediction market that’s compliant and retail-friendly.
Co-founded in 2025 by ex-Polymarket and Kalshi leaders like Toni Gemayel (former growth head), the platform marries regulated infrastructure with decentralized innovation. 
What’s Happening 📢
The Clearing Company just raised $15M in seed funding, led by Union Square Ventures along with Coinbase Ventures and others, valuing the company at an estimated $100M–$200M post-money based on market comparables.
The capital will be used to build compliant, on-chain prediction markets, integrate liquidity mechanisms, and expand its regulatory-ready architecture for mass adoption.
Why They’re Different ⚡️
Everyone’s making bets, but The Clearing Company is betting on being the house.
Here’s how they stack up:
Kalshi → Fully regulated but slow-moving; primarily U.S.-only with narrow market coverage.
Polymarket → Massive volume (~$1B+ monthly) but geo-restricted after CFTC settlements, limiting U.S. accessibility.
Manifold → Viral for “play-money” forecasting but lacks real-money liquidity or institutional-grade rails.
The Clearing Company → Combines Kalshi’s compliance rigor with Polymarket’s on-chain speed, targeting global reach and institutional trust in one stack.
Why It Matters & Looking Ahead 🔮
Prediction markets are gaining legitimacy as regulatory frameworks mature and demand surges across sports, elections, and macro events.
By marrying compliance with scale, The Clearing Company is positioning itself as the go-to venue for the next wave of real-money on-chain markets.
With institutional backers onboard and retail adoption accelerating, the backers are predicting a huge W.
Polymarket
Prediction Summer Heats Up 🔮
Polymarket just secured a major investment from 1789 Capital, the Trump Jr.–backed venture firm betting big on the future of prediction markets.
The round signals deep conviction in Polymarket’s role as the leading global platform for real-money event trading.
The Landscape ⛰️
Prediction markets are having their breakout summer.
Between Polymarket’s explosive growth, Kalshi’s integration with Robinhood, and The Clearing Company’s institutional push, the ecosystem is scaling fast. Here’s a quick lay-of-the-land.:
Polymarket (On-Chain, Crypto-Native)
Has recorded over $7.74 billion in trading volume so far in 2025, with August alone contributing more than $618 million.  
Consistently processes $1 billion+ in monthly volume, indicating enduring engagement beyond election cycles.  
Kalshi (Regulated U.S. Platform)
In the first half of 2025, sports accounted for 75–79% of its trading activity, with standout events like March Madness generating $208 million in volume. 
The company is now valued at $2 billion, backed by a $185 million funding round led by Paradigm, with investors like Sequoia and Multicoin. 
Manifold (Play-Money Forecasting)
Uses non-cash “Mana”—great for social engagement and virality—but no financial volume to report since play-money replaced real-money betting in March 2025. 
Why It Matters 🧩
Having the Trump family back a major prediction market obviously speaks to the industry’s maturity. Web3 based companies are mainstream and profitable enough to garner big name capital.
🚦This investment also signals something bigger 🚦
The potential for regulatory approval.
Think about it.
Portal to Bitcoin
Massive $50M round for Portal to Bitcoin signaling continued support for BTC as markets mature.
This round secures its positioning and places it squarely in the top of the pack amongst other Cross-Chain infra companies with low valuation estimates at $250M.
What’s Happening 📣
Portal to Bitcoin just secured $50 million in fresh funding led by Paloma Investments, bringing the total raised to approximately $92 million.
Funds will be used to supercharge BitScaler, its custodial-free cross-chain swap infrastructure.
Portal vs the Other Guys (Tech) ⚙
Cross-chain liquidity is getting crowded, but Portal to Bitcoin is carving its own lane.
Here’s how the field looks:
Portal to Bitcoin (BitScaler)
You trade native Bitcoin across chains directly, keeping full control of your coins and reducing bridge-related exploit risks.
THORChain / THORSwap
Great for quick user-level swaps across chains, but designed as a DEX, not institutional-grade settlement rails.
Stargate (LayerZero)
It’s the go-to for moving assets inside EVM ecosystems but doesn’t integrate Bitcoin settlement at the protocol level.
Synapse Protocol
Strong for DeFi token portability but lacks the Bitcoin-native security model Portal offers.
Relay Protocol
Flexible for dApps but not designed for BTC-first settlement or DeFi-scale liquidity routing.
What the investment means 🔍
Markets are shifting.
What used to be speculative experimentation is now strategic infrastructure.
Institutions are now committed to building Bitcoin as the cross-chain settlement layer.
And Paloma Investments and team just staked a major claim in Portal to Bitcoin’s Cross-Chain rails.
Events 📆
IRL:
NYC; 9/18 🗽
Seoul, Korea; 9/23 - 9/24 🇰🇷
Warszawa, Poland 9/5 - 9/7 🇵🇱
Marina Bay Sands, Singapore 10/1 - 10/2 🇸🇬
Top Stories 📰
Google L1
Quick Recap — What Is GCUL ❓
Google Cloud unveiled GCUL (Universal Ledger) in March 2025, a permissioned, institution-grade Layer-1 blockchain.
It’s positioned as the “Google Docs” of settlement layers: accessible, reliable, and ready to scale.
What’s New & Why It Matters 🗺
In August 2025, Google rolled out Python smart contract support and emphasized GCUL’s goal of remaining credibly neutral.
Circle x Mastercard and Finstra
Stablecoin Summer Rolls Into September 🌐
Circle is doubling down on mainstream adoption, aligning with Mastercard and Finastra to push USDC deeper into global payment rails.
What We Know So Far 📺
Finastra: Integrating USDC settlement into its flagship payments hub Global PAYplus (GPP), which processes $5T+ in payments daily.
This effectively puts USDC into workflows used by major banks worldwide.
Mastercard: Circle announced an expanded partnership to enable USDC settlement and acceptance across select Mastercard-connected networks.
Exact program details are pending, but this signals early alignment at the card-network level
What’s Still Missing 🧩
No hard go-live date for either integration.
No disclosed pilot banks, corridors, or volumes tied to Finastra’s rollout.
Mastercard hasn’t released a technical breakdown—scope, regions, and merchant categories are still unclear.
Why It Matters 🧠
Finastra’s $5T-per-day payment hub connects thousands of banks globally, and embedding USDC settlement directly into that stack is a potential distribution unlock at institutional scale.
Meanwhile, Mastercard’s alignment hints at a future where USDC can flow seamlessly across retail payments, cross-border settlement, and merchant acceptance.
This positions Circle as the leading stablecoin issuer integrated at both enterprise and consumer payment layers, setting up a domino effect for adoption across banking corridors, PSPs, and card networks.
Solana Votes in Alpenglow
An Alpe a day keeps the doctor away? 🍏
What’s Happening 🗞
Solana validators are approving Alpenglow (SIMD‑0326), a consensus overhaul that promises to cut transaction finality time from 12.8 seconds down to 100–150 milliseconds.
Quick Recap ⏪
The upgrade replaces Proof-of-History and TowerBFT with two new components: Votor (fast finality engine) and Rotor (optimized data propagation).
The vote has overwhelmingly passed with 99% support and over 33% quorum reached—making its activation all but certain.  
What It Means for Users 🎮
Expect near-instant transaction confirmations on Solan.
Real-time DeFi trading, gaming responsiveness, and lightning-fast payment experiences.
Concerns to Watch 🚨
The new flat 1.6 SOL Validator Admission Ticket (VAT) simplifies costs but could squeeze out smaller validators, risking reduced decentralization over time.
While larger operators benefit from lower, predictable fees, fewer active validators may impact network resilience and long-term health.
What We Don’t Know Yet ❓
The activation timeline depends on client readiness (e.g., support from Agave or Firedancer); no date confirmed.
Full details on gas pricing, governance economics, and edge-case security remain undisclosed.
Market Reaction 📈
Solana’s ecosystem is responding positively, AUM for Solana-focused investment products jumped $3.2B, totaling $177M, as investor confidence surged around the upgrade.  
Why It Matters 😎
Alpenglow isn’t just a speed upgrade, it repositions Solana as a real-time settlement layer on par with Web2 infrastructure.
This unlocks entirely new classes of applications and pushes Web3 one step closer to mainstream adoption.
GDP Data Published on Chain
What’s happening 📺
The U.S. Department of Commerce has started publishing real GDP figures for July 2025—3.3% growth—across nine public blockchains (including Bitcoin, Ethereum, Solana).
Why it matters 🚨
While the move was mostly symbolic, it shows the deeper mainstream trust and adoption of Web3 and blockchain technology.
Wrap Up ✌
✨ The lines are blurring — between finance and Web3, AI and infrastructure, and retail and institutional rails.
From stablecoins going mainstream to Bitcoin’s DeFi moment and Solana’s speed run, the foundations of tomorrow’s financial internet are being laid right now.
If this summer was about hype, this fall is about execution — and the winners are already racing ahead.✨
