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Big Idea:

Lykos Therapeutics, formerly known as MAPS Public Benefit Corp., has raised over $100 million to advance a MDMA-based treatment for PTSD.

Why It Matters:

Treating mental health conditions, especially PTSD, persists as a challenge due to inadequate existing treatments. High dropout and low response rates, along with many patients retaining PTSD diagnosis after treatment, highlight the need for new, out-of-the-box therapies.

Key Details:

• The psychedelic drugs market is projected to reach USD $10.75 Billion by 2027, growing from USD 4.75 Billion in 2020.
• Lykos Therapeutics has developed an MDMA-based therapy for PTSD, showing promising results in two late-stage clinical trials.
• This therapy could address the high nonresponse and dropout rates in current PTSD treatments, benefiting an estimated 13 million Americans suffering from the condition.

"Our North star is to fundamentally change how the healthcare system holistically treats people with mental health conditions. We are working to articulate what it means to be a leading public benefit organization in the pharmaceutical space," Lykos Therapeutics, CEO Amy Emerson wrote.

What’s Next:

The future includes FDA approval processes, with a decision expected by mid-February on Lykos' application review. If approved, Lykos must integrate MDMA for therapeutic use, potentially by late 2024.

Dive Deeper: 

The FDA's draft guidance in 2023 on psychedelic drugs and the successful fundraising of companies like COMPASS Pathways demonstrate an increasing openness to these unconventional treatments. The success of Johnson & Johnson’s Spravato, a ketamine-based treatment for depression, is another example and projects $725 million in annual sales.

Big Idea:

Nexus Development Capital has invested $5 million in Standard Biocarbon, a pioneer in biochar production utilizing 100% sustainably sourced wood chips, to advance scalable carbon capture technology and soil improvement, transforming waste and biomass into climate-beneficial material.

Why It Matters:

Biochar's potential in carbon sequestration is on the rise, with the global market value reaching $702 million in 2023. Its effectiveness in trapping carbon dioxide and enhancing soil quality makes it effective in climate solutions. The International Biochar Institute estimates biochar could capture up to 3 billion metric tons of CO2 annually, reducing global emissions by as much as 6%.

Key Details:

• Biochar is a charcoal-like material made from plant residues, such as agricultural waste, transformed at high temperatures into an energy-producing, renewable resource.
• Standard Biocarbon's advanced biochar production facility utilizes biomass, such as wood or crop waste, to create a stable carbon sequestration solution.
• Standard Biocarbon's facility in Maine, backed by Nexus Development's investment, is set to produce 16,000 cubic yards of biochar annually, capturing 3,000 tons of carbon.
• The project enhances carbon capture technology and offers a range of environmental benefits, including soil improvement and hazardous waste remediation.

Joshua Kaufman, CEO of Nexus Development Capital said: “Biochar is one of the most cost-effective and commercially ready approaches for removing CO2 from the atmosphere. Scaling these types of carbon removal facilities is now one of our biggest opportunities. We see Standard Biocarbon as one of the first to bring these in-demand carbon sequestration solutions online to meet the huge appetite across multiple sectors.”

What’s Next:

The facility, starting operations in 2024, aims to boost biochar technology. As biochar production scales, monitoring competing technologies like direct air capture or synthetic methods is vital to adapt to shifts in carbon capture solutions.

Big Idea: 

The two-dimensional supercrystal technology developed at Ludwig Maximilian University is capable of generating hydrogen from formic acid using sunlight. Using plasmonic nanostructures to concentrate solar energy efficiently, these structures, made from a plasmonic metal (gold in this case), interact strongly with visible light, enhancing energy absorption.

Why It Matters:

The nanomaterial offers a new method to harness sunlight and photocatalysts, allowing light energy to be directly utilized for chemical reactions without the need to generate electricity. This contributes to sustainable hydrogen production without the need for fossil fuels and has broader applications in reactions such as converting CO2 into usable substances.

Key Details:

• Supercrystals use plasmonic and catalytic metals, such as gold and platinum, to concentrate solar energy, creating hotspots that drive efficient chemical reactions for hydrogen production.
• The supercrystal technology achieved a world record for green hydrogen production from formic acid using sunlight, demonstrating a rate of 139 millimoles per hour per gram of catalyst.

"Where the high-energy particles of sunlight meet atomic structures is where our research begins," says Emiliano Cortés, lead researcher. "We are working on material solutions to capture and use solar energy more efficiently."

What's Next:

We can expect continued research focused on enhancing the efficiency and scalability of these nanostructures.

Dive Deeper:

This breakthrough can offer an alternative to established methods such as photovoltaic and electrolysis-based hydrogen production in the clean energy sector. If produced at scale and affordably, supercrystals might reduce hydrogen production costs and become more widely available.

Big Idea:

Robin AI, a London-based AI-powered legal platform, has secured €24 million in Series B funding. Temasek, a global investment company based in Singapore, led the funding, with participation from QuantumLight, Plural, and AFG Partners.

Why It Matters:

The funding will enable Robin AI to capitalize on the demand for generative AI in the legal sector. The firm aims to democratize legal services, making them accessible to smaller firms and individuals. By automating the drafting and negotiation of contracts, legal teams can focus on more strategic tasks and increase the industry's efficiency standards.

Key Details:

• Robin AI has demonstrated a 5x YOY revenue growth, signaling market acceptance and effectiveness of its AI solutions.
• Robin AI integrates with Microsoft Word using Claude 2.1 and reduces contract review time by 85%.
• Clients include PepsiCo, PwC, Yum! Brands, AlbaCore Capital Group, and BlueEarth Capital. 

"We are building the AI platform for the legal sector - a service that deeply understands every aspect of the legal function, from drafting contracts, researching case law to explaining legal concepts - our AI will help people tackle every legal task," said Richard Robinson, CEO of Robin AI.

What's Next:

Robin AI’s plans include expanding its team in the U.S., where the majority of its revenue is generated, and establishing an office in Singapore to extend its presence in Asia Pacific. They will continue to develop their AI platform and address various legal tasks as well as bridge the gap between large and small law firms.

Big Idea:

CleanSpark, one of the largest US Bitcoin miners, is set to launch an in-house trading desk, seizing control of its substantial Bitcoin holdings to optimize returns. Against the backdrop of a bullish Bitcoin market, the move makes sense because of the company’s large Bitcoin holdings, fostering autonomy and risk management.

Why It Matters:

This is a growing trend among Bitcoin miners to employ their crypto derivatives and broaden their revenue stream beyond mining. Marathon Digital is selling Bitcoin call options contracts as a means of generating additional revenue and Hut 8 is pursuing AI opportunities after their merger.

Key Details:

• CleanSpark holds 2,575 Bitcoins valued at $97 million as of November.
• The in-house trading desk signifies a strategic shift for Bitcoin miners, allowing them to actively manage risks and capitalize on market expertise.
• As Bitcoin's value surges, the move is timely, aligning with optimism for a potential US-approved Bitcoin ETF, driving miners to explore diversified revenue streams.

Zachary Bradford, CleanSpark's CEO, affirms, "It just makes financial sense to do it in-house. That way, you can manage it with your own risk profiles and expertise and keep a really close eye on it."

What's Next:

CleanSpark plans to align its strategies with regulated crypto offerings like CME-traded option contracts, ensuring a secure approach to trading while safeguarding assets with reputable custodians like Coinbase.

Yes, but:

The strategy carries inherent risks, challenging the industry to balance newfound financial autonomy with the potential for market volatility.

Big Idea:

Therapeutic Plasma Exchange (TPE), traditionally a treatment for autoimmune disorders, has emerged as a new technique in longevity science. By cleansing the blood of aging-related cells and replenishing it with clean, individualized plasma-like fluids, this process supports the body and brain's ability to combat degeneration.

 Why It Matters:

TPE aligns with the focus on personalized medicine and regenerative therapies for combating aging diseases like Alzheimer's at the cellular level. With an aging global population, TPE's potential in reducing healthcare burdens and enhancing life quality gains relevance.

Key Details:

• TPE removes plasma containing aging-contributing cells, such as senescent cells and free radicals, and replaces it with therapeutic substances like albumin, offering a unique approach to treating aging and chronic diseases.
• Studies show TPE can reduce days on mechanical ventilation, ICU length of stay, and 35-day mortality in severe COVID-19 cases.
• This approach shows promise for treating a broad range of conditions, from autoimmune diseases to neurodegenerative disorders.

What’s Next:

TPE’s principle of 'spring cleaning' the blood is a radical way to treat aging. Specific figures are still pending but ongoing research and trials will reveal more results of TPE’s efficacy. 

Big Idea:

Rocket Lab has secured a $515 million contract to construct and manage 18 small satellites for a U.S. government agency, as revealed in an SEC regulatory filing. The customer is likely the Space Development Agency (SDA), an organization under the U.S. Space Force, working on the Proliferated Warfighter Space Architecture, a network of military satellites in low Earth orbit.

Why It Matters:

The small satellite (smallsat) sector, valued at $3.23 billion, is projected to reach $5.88 billion by 2030 due to innovative technologies and rising application demands. This trend highlights a shift towards versatile, cost-effective space technologies. Rocket Lab's contract supports strategic defense and communication advancements, underlining the growing commercial use of space by the military.

Key Details:

• Rocket Lab's contract involves designing, manufacturing, delivering, and operating 18 satellites with AI and advanced propulsion to enhance U.S. defense and intelligence in low Earth orbit.
• This deal represents a major growth in SDA's Transport Layer Tranche 2 Beta, a military satellite mesh network, which aims to expand the U.S. military low Earth orbit constellation with 90 satellites. 

What's Next:

Rocket Lab's ongoing projects, the Neutron rocket and the Photon satellites, showcase the company's forward trajectory, expanding operations and competing in the larger payload market. The satellite launches are planned for 2026 and 2027.

Dive Deeper:

The broader context is the U.S. making continued efforts to preserve their edge in the strategic space domain. The incorporation of advanced communication technologies in satellites such as using UHF and S-band frequencies for beyond line-of-sight connectivity highlights this.

By the Numbers:

• $1.4 trillion: Projected value of the space industry, including small satellites and private launches, by 2030.
• 82%: Percentage of smallsats launched between 2018 and 2027 that are part of constellations.
• 7,000: Number of smallsats expected to be launched between 2018 and 2027.

Big Idea:

Centralization of research and data has contributed to the lack of trust in scientific institutions and research, leading to a replicability crisis and wasting of taxpayer funds. The emergence of Web3 and blockchain technology provides a pathway for open access to data and manuscripts to ensure data integrity, scalability, flexibility, and data sovereignty while eliminating data silos. This model will create incentives for scientists to share research, data, and code openly, leading to progress and verifiable discoveries with the potential to improve human lives.

Why It Matters:

Open science practices, including open access to scientific manuscripts, are crucial to decentralize science within the FAIR principles (findable, accessible, interoperable, reusable). 

State Of Play:

VitaDAO is a decentralized biotech company dedicated to longevity science research. They communicate openly on platforms like Discord and Discourse and token holders can vote on strategic decisions.

Key Details:

• 47 out of 53 landmark cancer studies could not be reproduced, indicating a serious replication crisis.
• Decentralized Science (DeSci) utilizes Web3 and blockchain tools like IPFS to democratize access to scientific data, ensuring integrity and reproducibility.
• This shift could revolutionize scientific research, enhancing credibility, fostering collaboration, and increasing the pace of discoveries.
• DeSci initiatives like Molecule Platform, VitaDAO, and Antidote DAO are pioneering new models for funding and conducting scientific research.

What’s Next:

Open science raises questions about the balance between open accessibility and the need to protect sensitive data. However FAIR principles don't mandate blanket data accessibility and decentralized tools like IPFS allow controlled access. Funding agencies are also encouraging data sharing. It seems the adoption of open science practices is becoming essential for progress in scientific research.

Big Idea:

Microsoft has signed a 15-year agreement with Chestnut Carbon, an afforestation developer, to acquire carbon removal credits, with Chestnut providing potentially over 3 million tons of credits from its U.S.-based project.

Why It Matters:

This agreement is part of Microsoft's 2030 carbon negative goal and to remove all historical emissions by 2050, expanding the company's carbon removal portfolio that includes various technologies and approaches. This move reflects a growing trend among big tech like Alphabet and Meta in championing nature-based solutions.

Key Details:

• The project, deemed the largest U.S. afforestation initiative ever registered, aims to remove up to 2.7 million tons of carbon, starting with 362,000 tons in its first phase.
• Chestnut Carbon's approach combines reforestation, afforestation, and improved forest management, restoring marginal lands to plant native species and develop biodiverse ecosystems using proprietary technology and data sets.
• The Chestnut Carbon's project will expand to 500,000 acres, targeting 100 million tons of carbon removal by 2030.
• Following this deal, Microsoft signs another large-scale nature-based credit agreement with Brazilian reforestation startup Mombak, supplying up to 1.5 million credits from Amazon reforestation projects.
• Microsoft's carbon removal portfolio features technologies like direct air capture, ocean-based removal, and biochar methods.

“Microsoft’s 15-year purchase agreement with Chestnut Carbon for afforestation-based carbon removal credits is a positive step towards Microsoft’s carbon negative goals. We are excited to collaborate with Chestnut and its Sustainable Restoration Project for high-quality, nature-based solutions located in the United States,” said Brian Marrs, Senior Director of Energy & Carbon Removal at Microsoft.

What's Next:

The success of this project may boost future investments in nature-based carbon removal solutions.

Big Idea:

This past year, new decentralized RPC (Remote Procedure Call) networks have emerged, indicating a growing interest in the value of decentralized web3 networks. DePIN (Decentralized Physical Infrastructure) utilizes blockchain technology and token incentives to create decentralized physical infrastructure networks, offering an alternative to traditional models like AWS or Google Cloud. 

‍Why It Matters:

Grove is the first and largest RPC provider on a permissionless network (Pocket Network). Independent companies and RPC providers are opting to run gateways on Pocket or leverage Grove's services instead of managing all their nodes independently.

‍The Intrigue:

Grove has raised $7.9 million from Avon Ventures, Placeholder Capital, and Druid Ventures. The funding will be used to establish new partnerships, aiming to propel DePIN into mainstream adoption within the blockchain ecosystem. Their web3 infrastructure, powered by its POKT network, supports over 40 different chains with its native token (POKT). POKT has a market cap of over $150 million.

“Only a decentralized RPC protocol can handle the rapidly expanding universe of blockchains as we head deeper into a multichain world.” Said Joel Monegro of Placeholder VC. “The POKT team has delivered this key piece of infrastructure and we’re excited to see Grove make it even easier for companies and developers to use the network for their applications.”

‍Key Details:

• Grove aims to simplify the decentralization process for gateway providers and projects to build on top of Pocket Network, allowing partners to focus on core features.
• Grove processes tens of thousands of relays per second, passing customer performance tests, and offering competitive and transparent pricing.
• The company has established partnerships with notable entities like Aave, APY.vision, Infura, and others, showcasing the viability of building a successful business on top of a decentralized protocol.

‍What’s Next:

The trend is clear that web3 infrastructure will be decentralized to support a multichain world.

Big Idea:

Semiconductor leaders MediaTek and Nvidia have collaborated to innovate the next generation of AI-powered vehicles, focusing on in-car experiences and setting a new standard for smart vehicles.

Why It Matters:

The popularity of EVs is sparking the demand for smarter automobiles. The partnership promises to enhance road safety and efficiency through advanced AI and machine learning capabilities. 

Key Details:

• The partnership is set to deliver new user experiences, enhanced safety, and connected services across all vehicle segments.
• MediaTek's suite of innovative automotive solutions and system-on-chip (SoC) technology, including Dimensity Auto Cockpit and Dimensity Auto Drive, alongside Nvidia's AI and deep learning capabilities, aims to create AI-integrated autonomous driving systems and intelligent cockpits.

What's Next:

Beyond autonomous driving, the partnership involves advanced infotainment systems, natural language processing for voice commands, and personalized driver-assistance features. The AI technology will enable the system to learn and adapt to individual driver preferences.

Dive Deeper:

This partnership is part of a larger trend where other companies like Qualcomm and SoundHound AI are pushing the boundaries of automotive AI. This wave of innovation is setting new safety standards and making cars more efficient and high tech. 

Big Idea:

The U.S. Department of Energy's Office of Clean Energy Demonstrations (OCED) has committed $890 million to three carbon capture and storage projects, targeting two natural gas power plants and one coal facility.

Why It Matters:

The three selected projects in California, North Dakota, and Texas support President Biden's 2050 net-zero emissions goal. They have the potential to collectively reduce emissions by 7.75 million metric tons annually from the power plants. The goal is to demonstrate carbon capture, transport, and storage technologies to reduce emissions from natural gas and coal-fired power plants.

Key Details:

• 7.75 million metric tons of CO2 is equivalent to the annual CO2 emissions of 1.7 million gasoline-powered cars.
• The Baytown CCS Project, with $270 million in funding, aims to capture up to 2 million metric tons of CO2 annually.
• Project Tundra, with $350 million in funding, has the goal of capturing 4 million metric tons of carbon per year.
• The Sutter Decarbonization Project, with $270 million in funding, is aimed at capturing up to 1.75 million metric tons of CO2 annually.

"The DOE estimates that reaching President Biden’s ambitious plan for a net-zero emissions economy will require capturing and storing between 400 million and 1.8 billion metric tons of CO2 annually from emissions sources by 2050. Selected projects, once completed, will help reduce emissions from the power sector, which accounts for more than a quarter of U.S. carbon emissions,” according to a statement from the OCED.

Dive Deeper:

The Carbon Capture Demonstration Projects Program was launched in 2022 with a budget of $2.5 billion. The program aims to develop infrastructure that can be replicated and implemented not just for fossil fuels but in other industries like cement, pulp and paper, iron, and steel production.

Big Idea:

The North American lithium-ion battery industry is growing rapidly, fueled by advancements in technology and increasing demand for electric vehicles and energy storage systems.

Why It Matters:

The lithium-ion battery market in North America, currently valued at $15.7 billion, is expected to reach $40.83 billion by 2028, fueled by a shift towards electrification and sustainable energy solutions. These changes in battery technology and production could transform energy consumption patterns and hasten the shift to low-carbon economies.

Key Details:

• Tesla's 4680 battery cell provides 6X the power and 5X the energy capacity, enhancing EV range by 16%.
• LFP battery (lithium ferrophosphate) is gaining popularity, offering a less CO2-intensive alternative.
• The Inflation Reduction Act and the Li-Bridge initiative's focus on domestic battery production highlight the strategic shift towards energy independence and industrial policy.
• Key players include Tesla, CATL, Ford, Volkswagen, and startups like Sila and Natron.

What’s Next:

The sector is expected to witness innovative breakthroughs, including advancements in solid-state and silicon anode technologies, and expanded battery recycling capabilities.

Dive Deeper:

While the dominant view holds Asia, particularly China, as the leader in the battery market, North America's growth and technological innovations might challenge this narrative and offer new investment opportunities.

Big Idea:

Polychain Capital and Tribe Capital lead a $3.5 million seed round for Wynd Network, the developer behind Grass, a decentralized web scraping network powering AI models.

Why It Matters:

Wynd Network's approach addresses challenges faced by web scrapers, presenting a solution for industries relying on legitimate and unbiased data. Grass is a browser extension that utilizes individuals' unused internet bandwidth for web scraping, rewarding users with Grass Points. Wynd sells the scraped datasets to companies, particularly AI developers, showcasing a unique application of blockchain technology in AI development.

‍Key Details:

• Other participants in the seed round include Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik. 
• By using individual-operated browsers, Grass aims to bypass data center IP blocks, emphasizing user data privacy as Wynd does not have access to user data.
• Wynd employs blockchain to verify the legitimacy of scraped data, addressing concerns of bias in off-chain models.

"Grass showcases the power of blockchain in enhancing AI development, unlocking new possibilities for training models with legitimate data," says Chris Nguyen, CTO of Wynd Network.

‍What's Next:

Wynd Network aims to collaborate with open source-focused AI companies, exploring broader applications beyond AI, with potential discussions about a future token.

‍The Intrigue:

Despite challenges in the web scraping landscape, Grass's model showcases resilience and adaptability, raising questions about the future role of individuals in data-driven technologies.

‍Breaking the Narrative:

Wynd's innovative approach challenges assumptions about the limitations of blockchain in handling massive AI datasets, demonstrating the potential for efficient cryptographic solutions.

Big Idea:

knownwell, a weight-inclusive primary care and metabolic health company, has successfully raised $20 million in a Series A funding round led by a16z, with participation from existing investors including Flare Capital Partners. The funding is to expand its unique, weight-inclusive care model for teens and destigmatize obesity treatment.

Why It Matters:

The global obesity therapeutic market is projected to reach $100 billion by 2030, with U.S. obesity-related healthcare costs nearing $173 billion annually. knownwell's model provides a cost-effective, AI-powered solution, aiming to address the issue of obesity among the 14 million children and teens living in the U.S.

Key Details:

• Knownwell's recent funding raises their total capital to $24.5 million.
• Launching “knownwell teens”, a comprehensive approach to adolescent metabolic health, leveraging AI-powered tools and clinical expertise.
• The initiative could drastically reduce obesity prevalence among U.S. teens, currently at 22.2% for 12- to 19-year-olds, and mitigate long-term health and economic impacts.

“Patients with overweight and obesity know how hard it is to find comprehensive, insurance-based, non-stigmatizing and clinically-based healthcare. knownwell exists to be a healthcare home to patients who have been stigmatized for too long by the healthcare system because of their size,” said Brooke Boyarsky-Pratt, CEO and Co-Founder of knownwell.

What's Next:

With the new funding, knownwell aims to expand its enterprise solution to collaborate with health systems, payors, and employers. The company plans to enhance its telehealth services and brick-and-mortar clinics, enabling wider access to weight-inclusive care. Product development, including the incorporation of AI-powered patient stratification, asynchronous communication, and provider workflow tools, is a key focus. 

State of Play:

knownwell is partnering with major pharmaceutical companies to conduct and participate in clinical trials. The company emphasizes evidence-based and high-value obesity medicine to address the significant healthcare challenges posed by obesity from both clinical and cost perspectives.

Flashback:

Founded by Brooke Boyarsky Pratt, who has experienced lifelong obesity, and Dr. Angela Fitch, the President of the Obesity Medicine Association, knownwell focuses on a long-term, holistic approach that challenges the industry's reliance on quick-fix treatments like GLP-1 drugs.

Big Idea:

The NFT trading volume experienced a significant increase of $99 million in October compared to the previous month, breaking a yearlong downward trend. 

Why It Matters:

The resurgence in NFT trading volume coincides with Bitcoin's price bouncing above $35,000, reaching its highest in 16 months. Ethereum also experienced a 50% jump in NFT trading volume, maintaining its leadership position across all networks.

State of Play:

• Animoca Brands, a blockchain company, has raised $11.9 million in its second tranche of funding for its Mocaverse project, a new Web3 platform focused on advancing digital property rights in gaming and the open metaverse. 
• Animoca Brands' recent investment of over $31 million shows the increasing value of digital property in the large video game market and the metaverse, set to reach $829 billion by 2028.
• Line Next, a NFT division of Line Corporation, has secured a $140 million investment in a funding round led by the Peter Thiel-sponsored Crescendo Equity Partners. This is one of the largest funding rounds in the Asian blockchain Web3 industry in 2023.
• The capital raised will be used to support plans for the launch of Line’s NFT platform DOSI in January 2024, integrating it with Line's Japan NFT marketplace and offering DOSI as a mobile app globally.

Key Details:

• OpenSea, the largest NFT marketplace for a significant period, was surpassed by Blur.io in 2023. Blur.io achieved this by introducing a new fee structure offering 0% transaction fees and 0.5% enforceable royalties, making it faster, cheaper, and more authentic for NFT collectors.
• The recent resurgence in the NFT market is attributed to the rise of utility-based NFTs. Companies like Nike are investing in Web3 integrations and building ecosystems, emphasizing the importance of utility over speculative trading in the NFT space.

Flashback:

At its peak, the NFT market transacted over $40 billion on digital assets and artwork on Ethereum, followed by a significant crash in 2022, causing a 97% drop in the overall NFT market volume.

Big Idea:

Worldcoin, led by Sam Altman, is pioneering a new type of digital identification by integrating World ID with top platforms, offering a new approach to identity verification. The technology makes it easier to distinguish between bots and "verified humans" online, providing developers with a more streamlined way to build integrations.

Why It Matters:

Worldcoin combines blockchain technology with practical applications across platforms like Minecraft, Reddit, Telegram, Shopify, and Mercado Libre.

Key Details:

• Nearly 5 million global users have a World ID, with 2.6 million using the iris-scanning Orb hardware. 
• Worldcoin has expanded onboarding in Mexico and Singapore, with plans to bring the platform to more countries in Asia. 
• World ID 2.0 offers three levels of authentication, including iris and facial recognition, enhancing user verification processes.
• Worldcoin’s valuation reached $3 billion, with its Series C funding round bringing in $115 million.
• Key players include co-founders Sam Altman, Max Novendstern, and Alex Blania, as well as investors like Blockchain Capital, a16z, and Bain Capital Crypto.

Yes, But:

The company has faced criticism, including a ban in Kenya over concerns about data security and privacy measures. Critics have also alleged that Worldcoin targets developing countries, offering participants outside the U.S. and some other countries 25 WLD tokens (worth approximately $60.5) for signing up. However, Worldcoin remains focused on global expansion and improving its platform.

Dive Deeper:

The deployment of Worldcoin's technology in developing countries highlights blockchain's potential to provide solutions in varied economic landscapes while also raising concerns about 'crypto-colonialism' and exploitation in less-regulated markets.

Big Idea:

OneGold, a joint venture by APMEX and Sprott, is modernizing precious metal investments with its digital platform, offering a modernized approach to gold, silver, and platinum investments.

Why It Matters:

OneGold allows investors to convert their digital assets back into physical gold or silver, bridging the gap between virtual and real investments and offering a full-circle investment experience. The platform offers real-time market data, diverse product options, secure storage, and various payment methods. 

Key Details:

• In 2023, gold prices rose above $2,000, while platinum prices surpassed $1,100.
• OneGold introduces a digital platform specializing in gold, silver, and platinum, backed by physical assets, with features like 24/7 trading and AutoInvest.
• The platform makes precious metals investing more accessible and appealing to a broader range of investors.

Dive Deeper:

OneGold's appeal isn't just in digital convenience; it's the combining tangible security of physical metals with the efficiency of digital transactions. This dual advantage positions OneGold in the market, especially when compared to traditional physical holdings or metal ETFs.

By the Numbers:

• Storage Fees: Gold at 0.12% and silver/platinum at 0.30% per annum.
• Minimum Investment: $100, higher than some competitors.
• Premiums: 0.80% over gold, 1.00% over silver, and 3.70% over platinum spot prices.

Big Idea:

Balaji Srinivasan, the former CTO of Coinbase, has unveiled the Balaji Fund, an investment venture targeting startup societies and 'Network States'. This fund focuses on emerging sectors such as crypto/Web3, AR/VR, and genomics, and is supported by Silicon Valley billionaires, including Brian Armstrong.

Why It Matters:

Balaji has proved to be ahead of the curve on several defining technology trends including Bitcoin so he’s worth paying attention to. He’s digging in on the intersection of crypto and real world organization. It will be fascinating to see his thesis on 'Network States' and the emergence of the “Grey Tribe” and how they find a way to politically connect in the real world connected with technology. Balaji opening up a fund and democratizing access in and of itself is a signal and represents a daring expansion of the tech investment narrative beyond conventional boundaries.

Key Details:

• Crypto market cap increased by 98.61% in 2023, reaching $1.6 trillion; AR/VR industry projected to generate $32.1 billion in revenue in 2023.
• The fund is supported by notable figures such as Brian Armstrong, Naval Ravikant, and Fred Wilson, highlighting its strong ties to the tech and cryptocurrency industries.
• The fund's emphasis on Bitcoin and decentralized structures could radically alter the trajectory of digital governance and societal organization.

What’s Next:

The Balaji Fund may catalyze a new era of decentralized, tech-driven societies, potentially revolutionizing how communities and governance function. The fund's unique focus on Bitcoin-driven 'Network States' challenges conventional tech investment paradigms, proposing a novel approach to societal organization and governance.

Dive Deeper:

Srinivasan's decade-long work with the concept of 'Network States', rooted in decentralization and powered by Bitcoin, challenges traditional notions of governance, advocating for decentralized, tech-driven societies.

Big Idea:

The Multidisciplinary Association for Psychedelic Studies (MAPS) has submitted its application to the FDA for the approval of MDMA-assisted therapy for patients with PTSD.

Why It Matters:

This marks a significant moment in psychedelic research for therapeutic use following 30 years of clinical research. The anticipation of MDMA's regulatory approval reflects a growing understanding of its therapeutic benefits, challenging long-held stigmas associated with psychedelic drugs.

Key Details:

• The application is based on two phase 3 studies demonstrating the efficacy of MDMA in reducing PTSD symptoms.
• Treated patients showed a significant drop in severity scores compared to the placebo group, with nearly half of treated patients meeting criteria for remission after the third dose.
• If the FDA approves the application, MAPS aims to work with regulators to reclassify MDMA from a Schedule 1 drug (no medical use, high risk of abuse). 

What's Next:

MAPS’ MDMA application could see FDA approval by August with priority review. The organization’s goal is to explore the therapeutic potential of MDMA in areas where effective treatments are currently limited, with a particular emphasis on disorders that disproportionately affect women.

By the Numbers:

• 88% of participants in the first Phase 3 trial showed a significant reduction in PTSD symptoms.
• Nearly half of the treated patients reached remission criteria after the third MDMA dose, versus 21.4% in the placebo group.
• Durable improvements in symptom severity observed at least six months post-treatment.

Flashback:

Founded in 1986, MAPS initiated its first clinical trial involving MDMA for PTSD in 2004. The MAPS Public Benefit Organization, focused on FDA approval, was launched in 2014. 

Big Idea:

The European Union announced an additional €3 billion fund to add to their plan to rapidly accelerate its battery manufacturing capabilities, positioning itself as a key player in the global EV revolution and advancing towards energy independence and sustainability.

Why It Matters:

• Europe's aggressive shift towards electric mobility, driven by the need to reduce GHGs, has sparked a significant increase in demand for lithium batteries.
• The EU, aiming to secure a competitive edge in the global battery market, is poised to become the world's second-largest battery market by 2030, with an anticipated demand of 443 GWh.
• However, challenges such as dependency on imports for critical materials, technological hurdles, and stiff competition from Asian giants like China, Japan, and South Korea, which currently dominate the global battery industry, pose significant risks.
  

Key Details:

• This initiative is a response to global challenges, including the pandemic and geopolitical tensions, underscoring the EU's commitment to the European Green Deal's industrial goals.
• Data Point: EU battery production is projected to reach 238 GWh by 2025 and potentially 1,395 GWh by 2030.
• The shift towards local production and sustainable practices in battery manufacturing is expected to significantly strengthen the EU's energy independence and economic resilience.
• Stakeholders: Key players like Northvolt, Freyr, ACC, CATL, and Volkswagen Group and fund support tends to be a high signal to the startup ecosystem that this industry will grow and support new business. 

What's Next:

Europe's battery industry was on a trajectory to not only meet but exceed its current demand, with projections suggesting self-sufficiency by 2027. But the pandemic and Russian invasion of Ukraine added friction to the plan. This new $3 billion investment hopes to put things back on track. 

The Bottom Line:

This funding and the surge in gigafactory projects represent Europe's strategic pivot towards reducing dependency on imports for critical battery materials, aiming to fortify its economic and technological sovereignty. The EU’s strategic investments and industrial strategy includes over 50 gigafactory projects, reshaping global trade and power structures.

Big Idea: 

After recently merging with US Bitcoin Corp, Hut 8 is accelerating its growth by acquiring four Ontario natural gas power plants and a bitcoin mining site in North Bay from Validus Power Corp through their subsidiary, BidCo. The power plants combined have a capacity of 310 megawatts.

Why It Matters:

In 2023, the global Bitcoin mining industry doubled its capacity to a hashrate of 480 EH/s, consuming 95.58 terawatt-hours annually. This surge underscores the necessity for more high-performance computing. Hut 8's CEO, Jaime Leverton, emphasized that the acquisition aligns with the company's vision to scale rapidly and cost-effectively. The purchase of the Ontario sites through a stalking horse bid offers opportunities to utilize idle infrastructure, machinery, and enhance energy pricing certainty.

Key Details:

• Hut 8's post-merger operational capacity now boasts about 825 MW across six sites, including a significant self-mining capacity of 7.5 EH/s.
• The acquisition of four natural gas power plants in Ontario enhances sustainable energy use in Bitcoin mining and AI applications.

• 40 MW facility in Kapuskasing
• 110 MW facility in Kingston
• 120 MW facility in Iroquois Falls
• 40 MW facility and Bitcoin mine in North Bay

• This expansion enables Hut 8 to harness more sustainable energy resources for Bitcoin mining, potentially reducing the environmental impact.

State of Play:

Hut 8's acquisition strategy extends beyond cryptocurrency mining. The company aims to leverage its capabilities in data center infrastructure and software to tap into emerging markets, particularly AI infrastructure and computing.

Big Idea:

ATHA Energy has finalized two all-stock deals to acquire Latitude Uranium and 92 Energy, creating a leading Canadian uranium exploration company and positioning itself as a key player in the global nuclear energy market.

Why It Matters:

With control over extensive uranium assets in Canada's prime regions, the Athabasca and Thelon basins, ATHA Energy is set to capitalize on worldwide demand for nuclear power. Despite Canada no longer being the top exporter for uranium, ATHA Energy could revitalize the country’s position in the market.

Key Details:

• ATHA now controls over 6.1 million acres across key uranium regions, with a market valuation of C$267 million and C$55 million in cash.
• ATHA's expansive holdings in Athabasca and Thelon merge with Latitude's high-grade deposits in Nunavut and Labrador, and 92 Energy's Athabasca-based Gemini discovery.

“We are thrilled for ATHA to have such an incredible opportunity to create Canada’s premier exploration company during a period where the world’s increasing adoption of nuclear energy is calling for new supplies of uranium,” said Troy Boisjoli, ATHA Chief Executive.

What's Next:

ATHA Energy is set to accelerate exploration and development activities in 2024. The focus will likely be on the Gemini discovery and other high-potential sites within its extensive portfolio.

Big Idea:

Babylon, a project focused on creating a Bitcoin-secured decentralized world, has raised $18 million in a funding round. Polychain Capital and Hack VC co-led the round, with participation from several other venture capital firms.

Why It Matters:

The funds raised will be utilized to further develop Babylon's Bitcoin staking protocol. This protocol aims to convert the existing 21 million Bitcoins into a decentralized staking asset for the proof-of-stake (PoS) economy in a trustless manner. 

Babylon addresses the historical challenge in PoS chains where security is often tied to their native assets. Emerging chains face difficulties in attracting staking due to limited resources, resulting in high inflation to incentivize staking. This leads to a fragmented ecosystem where networks compete for staked capital.

Key Details:

• The DeFi market, a crucial component of blockchain technology, is currently valued at $77 billion, highlighting the vast potential impact of Babylon's technology.
• Babylon's protocol, the first to introduce Bitcoin staking in PoS chains, could dramatically increase the security and economic health of these networks without the need for high inflationary rewards.

Dive Deeper:

Babylon introduced the concept of Bitcoin Staking, allowing Bitcoin holders to contribute crypto-economic security to PoS systems and earn PoS yields by staking their Bitcoin. This development is aligned with the original spirit of Bitcoin and does not require any soft or hard fork of the Bitcoin chain. The recent Glassnode report highlighting a significant portion of dormant Bitcoins supports the need for such development, suggesting untapped potential to boost the economic security of PoS chains and decentralized applications.

"Babylon's introduction of a Bitcoin staking protocol not only unlocks Bitcoin’s potential but also paves the way for innovative Bitcoin-backed services and native blockchain advancements. We eagerly anticipate the ripple effects Babylon will create, positively influencing new chains and enhancing security across the entire blockchain landscape." - Luke Pearson, General Partner, Polychain Capital.

What’s Next:

The immediate focus is on further developing Babylon's technology, with plans for a second testnet and a mainnet launch later in the year.

Big Idea:

Groq Health introduces an AI-powered precision medicine app for personal health management. Created by Dr. Florence Comite, the app uses a personalized precision medicine approach to interpret users' genomic, metabolic, phenotypic, and digital health data. It aims to provide personalized action plans to improve healthspan and potentially prevent disorders such as obesity, diabetes, heart disease, cancer, and dementia.

Why It Matters:

The US projects there will be 80.8 million residents aged 65 and older by 2040. Groq Health's app uses AI, machine learning, and precision medicine to offer tailored solutions that tackle elderly care challenges and provide data-driven healthcare. The goal is to look at people's health prospectively, predicting and preventing age-related diseases before symptoms emerge.

Key Details:

• Dr. Comite, a precision medicine practitioner, combines her expertise with 20 years of longitudinal clinical outcome data to help individuals enhance their healthspan and longevity. 
• The app's focus on predicting and managing age-related disorders could significantly alter health outcomes for the aging population.

“From just a handful of biomarkers, we can tell what’s brewing and why – we can tell you the risks you have today, and we have the data to back it up,” said Dr Florence Comite, CEO & Founder of Groq Health.

What’s Next:

The Groq Health app is currently in pilot testing with businesses as a corporate health benefit, with positive early results reported. Users have shown improvements in sleep quality, energy levels, weight loss, and muscle gain. The app is expected to launch for consumers next year, and Groq Health has raised approximately $7 million from individual investors, including notable figures in the medical and investment fields.