September 4, 2024
Here's the Weekly Wrap. The week ending August 31st, 2024 witnessed a significant surge in crypto investment activity, defying the current flat market trend. Over $461 million was poured into 37 different crypto projects, representing a substantial increase of 58% in funding compared to the previous week. This translates to an additional $170 million invested and nine more projects receiving funding.
Category | Project | Project Description | Money Raised this Round |
|---|---|---|---|
AI | 43,900,000 | ||
Adot | Decentralized Search Network for AI Internet | undisclosed | |
Edge Matrix Chain | AI DePIN | 20,000,000 | |
Nextar AI | Immersive AI Companionship Platform | 3,900,000 | |
Space and Time Labs | Decentralised AI infrastructure provider | 20,000,000 | |
Bitcoin |
|
| 1,500,000 |
BTA Protocol | Decentralized Bitcoin Ecosystem Protocol | 1,500,000 | |
Uniquid Layers | Bitcoin Liquidity Management Platform | undisclosed | |
DeFi |
|
| 1,500,000 |
BSCS | Onestop Incubation Hub for Blockchain Start up | undisclosed | |
ODOS Protocol | Decentralized Exchange Aggregator | undisclosed | |
Origami Finance | Automated Leverage Protocol on Berachain | 1,500,000 | |
DeSci |
|
| 7,000,000 |
Animochain | DeSci Tokenizing Stem Cells | 7,000,000 | |
FinTech |
|
| 4,250,000 |
Biptap | Fintech for Offshore Privacy Banking Solutions | 2,000,000 | |
Kredete | FinTech Credit & Payments Firm | 2,250,000 | |
Xerberus | Cryptocurrency Risk Rating Protocol | undisclosed | |
Gaming |
|
| 25,170,000 |
double jump.tokyo | Blockchain Game Development Platform | 10,000,000 | |
Gameplay Galaxy | Web3 Game Development Studio | 11,170,000 | |
Legend of Arcadia | Web3 Play2Earn Strategy Card Game | 4,000,000 | |
Oasys | The Blockchain Optimized for Gamers | undisclosed | |
Investment |
|
| 265,000,000 |
Lemniscap | Crypto-Focused VC Firm | 70,000,000 | |
ParaFi Capital | Digital Asset Manager | 120,000,000 | |
Robot Ventures | Fintech/Blockchain Focused VC | 75,000,000 | |
L1 |
|
| 5,000,000 |
Quai Network | L1 POW Stablecoin using Energy to Create Value | 5,000,000 | |
Lending |
|
| 3,500,000 |
Echelon | Decentralized Lending Protocol | 3,500,000 | |
Meme Coin |
|
| 2,000,000 |
Parlay Labs | Mutichain, No-Code, Meme Coin Launchpad | 2,000,000 | |
Payments |
|
| 58,000,000 |
Bridge | Stablecoin Money Movement Firm, | 58,000,000 | |
R&D |
|
| 4,600,000 |
Chainbound | Ethereum Research Firm | 4,600,000 | |
Restaking |
|
| 15,600,000 |
Level | Restaking-Focused Stablecoin Protocol | 3,600,000 | |
Solayer | Solana Restaking Protocol | 12,000,000 | |
Rollup |
|
| Undisclosed |
SOON | Rollup Stack powered by SOON SVM | undisclosed | |
RWA |
|
| Undisclosed |
AlphaPoint | White-Label Software for Crypto Exchanges | undisclosed | |
Social |
|
| Undisclosed |
Mereo | Fan Engagement and Loyalty Platform | undisclosed | |
Tokenization |
|
| 3,000,000 |
Time Tokenization Platform built on Base | 3,000,000 | ||
Web3 |
|
| 18,000,000 |
ATT Global | Web3 advertising ecosystem | undisclosed | |
myco | Web3 Streaming Platform Provider | 10,000,000 | |
OneBalance | Web3 account framework | 5,000,000 | |
Verofax | Web3 services provider | 3,000,000 | |
X-to-earn |
|
| 3,000,000 |
FATTY | Play-To-Earn Game and Trading Bot | 3,000,000 | |
SnakeLite | Tap-to-Earn GameFi | undisclosed | |
Grand Total |
|
| 461,020,000 |
Investment Firms
The report highlights a particularly noteworthy trend: the prominent role of investment firms. These firms raised a staggering $265 million themselves, specifically to invest in new crypto ventures. ParaFi led the pack with a $120 million war chest, followed by Robot Ventures at $75 million and Lemniscap at $70 million. This substantial capital injection indicates a strong appetite from established investors for promising crypto projects. With these significant resources at their disposal, the report suggests we can expect to see funding directed towards groundbreaking new narratives emerging within the crypto space in the near future.
Artificial Intelligence (AI)
AI continues to be a major draw for investors, with projects applying AI to unique use cases attracting significant funding. A total of $43.9 million was disclosed as raised by four projects in this category. Adot, a decentralized search network designed for the AI internet, secured funding. Edge Matrix Chain (EMC) garnered $20 million for its AI-powered DePIN solution. Space & Time Labs attracted $20 million for its decentralized AI infrastructure, while Nextar AI secured $3.9 million for its AI companion app. These diverse applications showcase the seemingly limitless potential of AI integration within the crypto landscape.
Gaming
The gaming sector also enjoyed a strong funding week, with a disclosed $25 million raised across four projects. Gameplay Galaxy, a Web3 development studio, added $11 million to its coffers, bringing its total funding to $24 million. Blockchain game development platform double jump.tokyo secured $10 million, while Legend of Arcadia, a Web3 play-to-earn strategy card game, raised $4 million. Additionally, Oasys, an optimized gaming blockchain platform, secured an undisclosed amount of funding.
Web3
Web3, another prominent category, saw $18 million disclosed as raised by four projects. Similar to AI, Web3 applications continue to diversify, with funded projects operating in a variety of niche segments. Myco, a Web3 streaming platform, attracted $10 million in investment. OneBalance, a Web3 account framework similar to Particle Network, raised $5 million. Verofax, a Web3 service provider, secured $3 million, and ATT Global, a Web3 advertising ecosystem, received an undisclosed amount of funding.
Notable Mentions
Among the unique and noteworthy projects funded this week was SOON, a rollup stack that allows any Solana Virtual Machine (SVM) L2 to be deployed on any L1. While the funding amount remains undisclosed, the project's significant potential is underscored by the involvement of high-profile co-founders from Celestia and Caldera. This project is certainly one to watch in the coming months.
Another project worthy of mention is Animochain, a DeSci firm operating in the Decentralized Science space with the goal of tokenizing stem cells. According to SEC documents, Animochain raised $7 million.
The report concludes by highlighting the successful fundraising efforts of Parlay Labs, a new entrant in the highly profitable meme coin platform sector. With the ever-changing landscape of meme coin platforms favoring different blockchains each week from SOL to Base to TRON, Parlay Labs aims to be a multichain competitor to platforms like pump.fun. This multi-chain approach has the potential to cater to a broader range of users within the meme coin space.
Conclusion
In essence, the past week shows evidence of strong continued interest in crypto, even amidst a stagnant market. The significant funding secured by investment firms further emphasizes this point. While AI, Gaming, and Web3 remain key sectors attracting investment, the report also underscores a crucial trend: projects are increasingly niching down within these sectors, focusing on solving specific user problems. This indicates a maturing crypto landscape where innovation is targeted towards practical solutions. As the multi-chain ecosystem evolves, projects that prioritize user experience through interoperability will likely play a critical role in driving wider crypto adoption.
This week's crypto funding activity paints a picture of a resilient and evolving market, showcasing continued strong investment despite current market conditions.
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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