We attracted investments as part of a seed round led by Paradigm and Arena Holdings, as well as with the participation of other investors. The amount is not disclosed.
Arena Holdings is an investment firm whose founder worked for Tiger Cub Fund (not crypto investors).
Twitterscore - 6, very low. They are being watched by StarkWare, Starknet and investors.
There are less than 100 people in Telegram Reddio.
The project is old, exists since November 2021. Due to the unpopularity of Starknet, they decided to pivot and embrace the gaming and DePin narratives as part of the development of L2 Parallel EVM.
The Parallel EVM testnet and the opening of the withdrawal of staked funds are planned for Q3 2024.
The project audit was carried out Beosin Blockchain Security . Among the companies audited by them were large hacks. However, the Wintermute (loss of $160 million) and Harmony (loss of $100 million) hacks were associated with the compromise of private keys that went beyond the audit of smart contracts.
Team
Reddio is registered in Singapore. According LinkedIn has at least 5 employees.
The company has vacancies for the following positions: smart contracts engineer, full stack engineer, backend engineer and head of ecosystem. They are presented as on their site, so Paradigm.
Neil HAN is the founder and CEO of Reddio. He studied at Peking University, the National University of Singapore and the Stanford School in Singapore, majoring in software engineering and management and technology. He has extensive experience: he worked as the head of APAC & EMEA at PingCAP, and was a co-founder of Twilio APAC. He also lectures at Nanyang Technological University, Singapore. He spoke at StarkWare Sessions 23 and ETH Vietnam in 2023.
Competitors and evaluation
As competitors, you can look at other L2 EVMs with point programs.
Manta Network is a multi-layered ecosystem for applications using ZK technologies. They made the first drop for points at the beginning of this year. We collected more than $60 million from Polychain, Binance, Multicoin and other funds.
Manta came out with a FDV of ~$2.6 billion, however, is now trading close to its ATL - DFV of ~$700 million.
Activities
Reddio launched a platform with various tasks with points for completing them. The bulk of points are awarded for staking ETH and USDT.
The withdrawal of locked ETH and USDT will only be opened in Q3 2024.
Currently there is a x1.1 (10%) multiplier for Early Bird and an additional x1.1 for those verified through Worldcoin.
What we do:
- Let's go to site
- Conectim wallet (invite code required)
- Complete social tasks (connect Discord and Twitter)
- B Discord you can get roles for activity
- (Optional) deposit free ETH and USDT
Total
The project was working on infrastructure on Starknet, but decided to pivot because... Starknet has lost audience interest. As part of the pivot and creation of L2 Parallel EVM, we decided to launch a point program. It seems that this is the initiative of lead investor Paradigm, who, together with Pacman (Blur/Blast), launched this whole narrative last fall.
The program looks damp and makes you wary.
