Polymorphic Capital

We are thrilled to announce our recent co-lead investment in Rise's Series A funding round, supporting their Web3-enabled payroll and compliance solutions for the global workforce. The future of work is becoming more remote, independent, and complex. Rise tackles key challenges faced by global contractors, such as navigating intricate compliance, limited fiat payroll options, and unstable crypto payroll solutions. Rise hybrid infrastructure bridges fiat and cryptocurrency, supporting over 90 local currencies and 100 cryptocurrencies across 150+ countries. Their platform enables businesses to seamlessly onboard, hire, and pay global contractors and employees in local currencies or stablecoins, while ensuring compliance with international tax and employment regulations. Blockchain technology is revolutionizing cross-border transactions by addressing key challenges like cost and speed. This investment aligns with our commitment to supporting companies that are building the future of finance. If you're a contractor, traditional or Web3 business, DAO, or protocol considering a hybrid payroll system, we highly recommend exploring @rise_pay's solution. As Vitaly Spassky - our General Partner noted: "Rise is building a next-generation, legally compliant payment network, with potential far beyond its current fiat-to-crypto payroll use case. Led by two accomplished and visionary founders, the company has demonstrated impressive operational and financial progress, showcasing its ability to disrupt traditional markets and validate Web3 payments. Polymorphic Capital is proud to continue our support in this Series A round." We are excited to collaborate with Draper Associates and other prominent investors as Rise expands its product suite, grows its team, and secures new financial licenses worldwide. Congratulations to Hugo Finkelstein, Andrew Maurer, and the entire team! 👉 More information: https://lnkd.in/d553UKTM

🚀 Excited to announce our investment in Naptha AI's $6M funding round! Naptha AI enables developers to build scalable, collaborative networks of intelligent agents that interact with personal and commercial economies. The platform’s unique decentralized architecture promotes smarter cooperation between heterogeneous AI agents, driving innovation and efficiency across industries. The current AI ecosystem is fragmented, with centralized companies creating walled gardens and limiting the composability of tools. This leads to inefficient resource use and makes it difficult for developers to build powerful AI systems. Here's what makes Naptha AI unique: – Decentralized Marketplace: Naptha AI provides a marketplace where AI developers can contribute models and build on existing workflows. AI consumers can easily discover and use these services without needing specialized engineers – Simplified AI Development: Naptha AI's SDK simplifies onboarding resources to decentralized AI services like BitTensor and Olas. It aims to automate low-level details, making the development process easier for infrastructure owners and AI developers – Modular and Interoperable: Naptha AI promotes a modular approach to AI, allowing developers to choose best-in-class services from various providers. This fosters interoperability and allows the AI ecosystem to grow more efficiently. We’re also excited to see Naptha AI collaborate with Nevermined to make payments for agents seamless and more granular. If you’re building in AI, you owe it to yourself to find out how you can get your systems paid right. Naptha AI is poised to become the unifying layer in the decentralized AI space, simplifying integration and empowering developers to build the next generation of AI applications. Happy to back the team together with Arche Capital , cyber•Fund, Seed Club Ventures, Halo Capital, GnosisDAO and other prominent investors. For more details: https://lnkd.in/dWeZCHik

If you're interested in exploring the future of Fully Homomorphic Encryption (FHE), privacy-preserving machine learning, and functional encryption – along with discussions on the legal aspects – don't miss the chance to hear from Gurgen Arakelov, founder of Fair Math, Inc, at the following conferences: – September 4th at the Verifiable Summit in Warsaw, Poland 🇵🇱; more info: https://lu.ma/vsummit24 – September 12th-13th at @tbc_munich in Munich, Germany 🇩🇪; more info: https://lnkd.in/dXYqWn8a The Fair Math, Inc team is eager to collaborate on new projects utilizing their FHE Decentralized Computer, offering support in both the development and launch phases. Potential applications of Fair Math, Inc's Decentralized Computer include: – Private Voting – Private Smart Contracts – Decentralized Private Databases – Confidential DeFi – Cross-Chain Privacy – Identity Solutions Feel free to reach out to Gurgen Arakelov directly or ping Natalia Laktionova in our team to help you facilitate this collaboration.

We are thrilled to announce our investment in Liquorice's (https://lnkd.in/ducxFWGM) $1.2 million pre-seed round, joined by partners from Greenfield Capital , HASH CIB, and L2 Iterative Venture (L2IV). Liquorice is on a mission to enhance convenience and capital efficiency for market makers in the Web3 economy, providing users with better rates while reducing dependency on centralized exchanges. Liquorice works closely with market makers to offer an advanced trading experience for liquidity providers (LPs) and DeFi users. Their goal is to significantly lower trading costs and lead the liquid token trading space by providing centralized exchange-level liquidity on decentralized platforms. For regular LP providers, Liquorice offers competitive lending rates and a comprehensive feature set to elevate their LP experience. Their innovative approach assigns price risk in LP pools to professional traders and market makers, ensuring seamless and efficient on-chain liquidity provision. The growth of intent-based trading in DeFi is fueled by the rising demand for more efficient and intelligent trading systems. As our associate Stefano noted, “Scaling DeFi necessitates improved experiences for both users and liquidity providers. Achieving intent-based just-in-time liquidity is a crucial part of this advancement.” We invite you to learn more about the project at www.liquorice.tech. Check the team's lightpaper here: https://lnkd.in/d46tEYi8 and stay tuned for more updates on their official social page: https://x.com/LiquoriceHQ

Recent efforts in decentralized social networks aim to create flexible systems that prioritize users over commodification. These networks empower creators, communities, and fans with unprecedented control over their social influence, avoiding reliance on platform providers. A prominent example is Farcaster, a leading decentralized social platform. Farcaster’s approach rejects the idea of using blockchain for all data, focusing instead on a minimalistic base layer as a pure social graph. Its on-chain component acts merely as a registry, while decentralized Hubs handle storage off-chain. This structure is regarded by creators and contributors as adequately decentralized. As Farcaster continues to lead the way as the dominant decentralized social media, the future seems bright for solutions that allow builders to create new use cases in the realm of decentralized social media. Our portfolio company Airstack is no exception. Farcaster's rise is partially attributed to the advent of Frames, a feature allowing users to embed interactive experiences within their posts or casts. Imagine playing the classic Doom game directly within Farcaster – we’re in that era. Note that the number of Farcaster DAU has increased by 1500%, escalating from nearly 5,000 in late January to approximately 70,000 by June. With the launch of Frames, the Airstack team stepped in to support developers by offering essential tools and APIs for creating on-chain applications. Notably, they simplified the launch of Frames for everyone with a handful of no-code builders. The Airstack team has been developing on Farcaster for nearly two years, having pinpointed a singularly crucial on-chain element that Farcaster lacks: economic incentives at the protocol level. And this is exactly what they aim to fill by launching Moxie. Moxie is a protocol that enables economically robust on-chain apps in Farcaster. Potential use cases encompass everything from paid memberships, monetization, and member-only benefits to Farcaster-native advertising models, built-in attribution, rewards, and revenue sharing. Moxie empowers creators to turn their followers into paid fans using Fan Tokens. These tokens offer exclusive content and benefits to their holders, boosting engagement and monetization. Only Farcaster Members with personalized soulbond NFTs, Moxie Passes, can obtain Fan Tokens. In just 4 days after Moxie was announced, over 30,000 Moxie Passes were minted, showcasing the enthusiasm surrounding the project with tangible impact. At Polymorphic Capital we advocate for teams that deliver genuine value, bringing Web3 closer to users. According to Jason Goldberg - founder of Airstack - Moxie is well-positioned for launch in a few days. To learn more, check out our latest blog post: https://lnkd.in/eXvH-Pw6

Traditional prediction market platforms often struggle with transparency, susceptibility to manipulation, and centralized control, leading to issues like unfair practices, delayed payouts, limited betting options, and unfavorable odds. azuro aims to address these challenges, and we're proud to have supported them from the start and through every subsequent investment round. azuro has impressive metrics:  – 28K+ users – $5M+ in transactions (with 360K transactions in the last 30 days),  – $390M+ in volume, – 28+ applications built on top You can dive deeper into the stats here: https://lnkd.in/e2xTNz28 Among the apps built on azuro, 5 have generated over $100,000 in revenue to date, with the largest surpassing $2M, demonstrating the strong incentives for projects building on Azuro. For those less familiar with the sports prediction market, interestingly, football (69.4%) and basketball (16.9%) dominate prediction volumes, reflecting global trends. Other sports, including tennis, ice hockey, American football, and various esports like Counter-Strike and Dota 2, capture smaller shares. azuro has just launched a token, so no more “wen token?” questions.  At TGE, the circulating supply is 15.2% with a starting price of $0.075. The token is launched on Ethereum mainnet Uniswap v3 & CEXs, and LP positions in the AZUR/ETH pair are incentivized with AZUR. In addition to standard governance and ecosystem incentivization, azuro features the SuperCombo Game. Participants can predict 15 different events packaged as a combo bet using USDT (or another stablecoin) for a chance to win a big Jackpot in AZUR, powered by AZUR holders staking their tokens in the dedicated SuperCombo liquidity pool and earning stablecoin rewards from user activity. Details here: https://lnkd.in/eA6-rBMz And here is additional information about the staking reward: https://lnkd.in/eG6dPzq3 Keep an eye on azuro and remember, especially during TGE moments, to beware of scammers and only trust the official Azuro account. Website: https://lnkd.in/eH9Z6HeN Docs: https://gem.azuro.org/ X: https://lnkd.in/e7NDci3p

Great to see teams collaborating on expanding the OpenFHE library. Now, Rust developers can leverage advanced FHE schemes. Whether you're building secure data processing applications or privacy-focused tools, this library simplifies the incorporation of encryption technology.  Keep it coming Fair Math, Inc OpenFHE 👏

Using your mobile device for crypto is super easy these days, especially with the Superlite app. Give it a try and let us know if it’s not one of the smoothest crypto experiences you've had.

"Web3 privacy cannot rely on proprietary technologies and no one can claim ownership of the mathematics” - as our Partner Eldar Khamitov rightfully noticed. Check out the manifesto on the launch of Collaborative FHE-(E)VM by the Fair Math, Inc team and gain insights into:  – industry trends and key bottlenecks;  – a comparison between FHE solutions and ZK-circuits;  – the implementation of a collaborative component, highlighting its significance in enhancing privacy and security in blockchain applications

According to the latest DevReport from Electric Capital, there has been a 24% year-over-year decline in developers overall, with the exception being developers with 2+ and 1+ years of experience. This downturn is concerning given that "developers are a leading indicator of value creation.” However, despite these global trends, our portfolio companies are actively expanding their teams, seeking talent not only in developer roles but across various functions. We are keen to support them in spreading this message within the community. Kindly share with your network to assist these exceptional teams in attracting fresh talent and fostering new value. Below is a curated list of projects and available positions: 1/ Fluence Labs - A cloudless computing platform, currently seeking: – Design Lead – Developer Relations Lead – Head of Growth – Blockchain Engineer – Core Engineer – Protocol Engineer (Aqua) – Rust Engineer (AquaVM) For more information, visit: https://lnkd.in/gaVvr_ZN 2/ Safe - secure smart wallet, currently recruiting for: – People Business Partner – Senior Research Analyst – IT/SaaS Admin For more details, visit: https://lnkd.in/eA62D_Sy 3/ Rise - a Web3 Payroll & Workforce Management solution, currently in search of: – Senior Financial Ops Analyst For more details, visit: https://lnkd.in/dm4zyKYu 4/ Zerion - a crypto wallet for on-chain assets, currently hiring for: – Senior Backend Engineer – Senior iOS Engineer – Support Specialist For more information, visit: https://lnkd.in/diitBj44 5/ Ceramic - a decentralised network for comparable web3 data, seeking a dynamic Head of Growth. For more details, visit: https://jobs.lever.co/3box 6/ Octav - DeFi Data Labelling and Analytics Platform, recruiting for: – Senior Marketing Manager – Business Development Representative For more details, visit: https://lnkd.in/ejtUhzzr Additionally, for those interested in delving deeper into the topic of Web3 employment, one of our portfolio companies, Rise, has released a report highlighting in-demand roles, essential skills, and top regions for blockchain professionals: https://lnkd.in/g6in74GE Do let us know if you want to receive regular updates on available positions across our portfolio companies in the future 🙌