Adventure #7 - Cyan

Welcome to the 7th issue of web3adventures where I shed light on web3 businesses.

We’ll use a simple framework that covers:(1) the company(2) the founding team(3) hiring and funding(4) why the business excites me

Disclaimer: None of this is sponsored, I choose what to write about. This is not financial advice either!

Today we're looking into CYAN!

The company

Well, after seeing the picture above you can probably guess what the company does. But it's not only that. Let's go through their services:

Buy now, pay later (BNPL)You commit to buy the NFT and you pay for it over the next 3 months. After all that is done, the NFT is transferred to your wallet. In the meantime👇

Pawn your NFTThat's pretty simple - taking a loan against your NFTs (for value up to 33%). How this is different than BendDAO is that Cyan allows you to take loans against any NFTs. In contrast, BendDAO allows loans only if you collateralized a blue-chip (apes, mutants, punks, doodles, clones, azukis).

And also, Cyan also allows you to take flash loans which are up to 50% of the value and need to be repaid within 24 hours.

Stake into VaultsYou stake ETH and your (and other stakers) ETH is used to fund the other 2 services (BNPL and taking out the loans against your nfts i.e. "pawning them"). You also get yield.

The company has a great docs page that goes over everything, it's very very thorough. They even have videos!! Kudos to the team! I wanted to try out the platform in more depth but I'm in Spain & short on time + bad internet.

The founding team

They've got an amazing team's page - they've pretty much done all my homework haha.

Hiring and Funding

A) HiringCouldn't see anything on the website or in the discord but I'm assuming they'd be keen to hear from you. Shoot your shot, anon

B) FundingRaised $2M in a seed round of funding led by gumi Cryptos Capital (gCC) and Animoca Brands. Here's their announcement of it (23rd June)

Why this business excites me

Overall, I really like the concept. It allows people who don't have enough capital to buy into their favourite collections if they have the conviction. Also, timing is great - bear markets are the perfect buying opportunities!

Favourite meme of the week

Quick market thoughts

Before we get into this, let me say I've been traveling for some web3 events so I've only followed the macro. Here's a picture of Valencia 🇪🇸

The MergeWell, it went well right? Was super cool to experience this whole thing as it was happening. Feels like one of those moments that we'll be sharing exactly where we were when it happened! Such a cool experience!!

I've not had time to look into the actual data but I will soon. Want to look into the issuance of ETH post-merge and see if the centralization factor has increased!

Doodles raising $50 milI wrote about that on LinkedIn so will just drop the post below:

My on-chain activity:Nothing.

My IRL activity:London -> Valencia (currently) -> Alicante -> Denmark -> Sweden -> UK.I'd love to tell you more about it but we're heading for dinner in 20 minutes.TLDR: it's bloody amazing and will be doing more of that in the future!Was in London for our NFTUK event, and in Valencia for the NFT Show Europe.

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Anyway, that's it for today. Feels a lot shorter and less insightful than usual so I definitely need to plan better in the future. See you next Sunday 👋

Wishing you a productive week ahead!- Mitko