Web3 coin project STEPN (GMT) is up 920% since its March launch. A crypto VC in a $120 million fund shares 2 alternatives with solid business models.
“Blockchain represents freedom to me”
Viktor Fischer, managing partner of the Rockaway Blockchain fund, grew up in Czechoslovakia, which he described as a communist country that offered little freedom until its dissolution in 1989. It represents freedom for us,” he says.
The craving for freedom fueled Viktor Fischer’s interest in Blockchain technology. “It really allows everyone to access the same financial services,” Fischer comments, and that’s why he’s passionate about it.
Which altcoins are included in the Rockaway Fund?
He currently manages the Rockaway Blockchain fund, Europe’s largest blockchain and decentralized finance (DeFi) fund, which has raised approximately $120 million in its initial funding, according to its website. The fund offers direct leverage to leading crypto investment firms from Multicoin Capital to Framework Ventures and altcoin projects such as Solana, Cosmos, Uniswap and Vega. Fischer says:
We are basically engineers. We run the staking operation. We also have a yield fund. We provide liquidity to protocols and it helps them to boot. Because then TVL grows sooner and then they can basically use the money we lent them to start operations.
An example of Rockaway’s support is the management of decentralized autonomous organizations (DAOs). On the subject, Fischer explains:
DAOs do not necessarily work, they are certainly not autonomous. So it has to be someone putting regular calls on the calendar, basically telling the guys there has to be a new version update and someone should do it when you’re early. And most of the time, it’s not the founders, because they have other priorities like development, like coding.
“We think now is the era of cross-chain bridges”
Fischer has an engineering approach to investing, but if one of the projects he invests in fails He doesn’t want to have to step in. A recent example of this is when Jump Crypto stepped in to stop Wormhole, a cross-chain bridge, after it was hacked and lost $320 million.
Fischer says Jump Crypto’s support for Wormhole makes sense as it’s a project within their ecosystem, but different for venture capital firms:
We don’t want to save projects because it sets a precedent I think it does. The founders and VCs need to be held accountable to make sure there aren’t any problems by hackers.
Despite the security issues faced by cross-chain bridges, this is an important area of investment for Fischer alongside oracles. “We think right now is basically the era of cross-chain bridges,” says Fischer, who recently invested in cross-chain bridge Axelar.
Fischer is on the rise in Web3 coin project STEPN (GMT)
The famous manager closely follows the move-to-earn and work-to-earn trend. You can get more detailed information from this article of Kriptokoin.com, STEPN, a Web3 coin project where players earn crypto by walking, jogging or running.
According to CoinMarketCap, since the token was launched in March, it has risen 900% to $1.44 on Monday, from $0.15 on March 9. But Fischer isn’t convinced of the business model yet, and he makes the following assessment:
I spoke to someone who uses STEPN and they told me it’s $500 to walk a mile. But STEPN is a different business model, basically you only get tokens when you do something, but on the other hand, there’s no use doing it.
points to two altcoins beyond the Web3 coin project
Fischer STEPN instead of Helium (NNT), a decentralized wireless internet network where individuals work but that output is valuable to someone else. looking at other players. He highlights two companies that do this:
1) Hivemapper
Hivemapper pays people to collect map data using a dash camera, and in return they receive BAL tokens. is earned. The company aims to create a community-owned map network where individuals will purchase map credits using BAL and then access the dataset.
2) RealityMaps
RealityMaps, a 360-degree image dataset platform on the Solana network. Individuals submit high-quality photos of urban areas and in return receive RealityCoins for their work after being verified by the network. Enterprise companies then use RealityCoin to access and pay for RealityMap data.
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