November 5, 2024
Here’s your Weekly Wrap of all things crypto funding, ending November 2, 2024.
This week’s crypto funding landscape featured moderate activity, with a total of $199.98 million in disclosed funding raised across 32 projects. Notable sectors highlighted significant investments in the AI, DeFi, and Bitcoin sectors. AI saw a total of $35.68 million raised across five projects.
The Bitcoin sector attracted considerable attention as well, with bitSmiley.io securing $10 million for its BTC-backed DeFi platform, Chainway Labs raising $14 million for Citrea, Bitcoin’s first ZK rollup, and PumpBTC securing $10 million for its liquid staking protocol on Babylon.
The DeFi sector raised $26.8 million across four projects, including Ellipsis Labs' $21 million for its blockchain for verifiable finance, CAP Labs’ $1.9 million for its stablecoin engine, and Magma’s $3.9 million for its liquid staking protocol on Monad.
Below is a summary of the recorded projects receiving funding this week.
Category | Organisation Name | Project Description | Money Raised this Round |
AI | 35,680,000 | ||
Axal | Autonomous onchain agents built on Movement Chain | 2,500,000 | |
Naptha AI | Creating Autonomous AI agents | 6,000,000 | |
Open Origins | Deepfake detection using Blockchain | 4,500,000 | |
Sapien | Data collection startup | 10,500,000 | |
Titles | Platform to Create onchain AI art | 12,180,000 | |
Bitcoin | 34,000,000 | ||
BTC-Backed DeFi Platform | 10,000,000 | ||
Chainway Labs | Building Citrea, Bitcoin’s First ZK Rollup | 14,000,000 | |
PumpBTC | Liquid Staking Protocol on Babylon | 10,000,000 | |
DeFi | 26,800,000 | ||
Blum | Fast-growing Telegram trading app | UNDISCLOSED | |
CAP Labs | Stablecoin engine | 1,900,000 | |
Ellipsis Labs | Building the blockchain for verifiable finance | 21,000,000 | |
Magma | Liquid Staking Protocol on Monad | 3,900,000 | |
DePIN | |||
AiGO | Decentralized Geo-Location Data DePIN | UNDISCLOSED | |
GEODNET | Depin Developing Location And Mixed-Reality Technologies | UNDISCLOSED | |
Energy | 30,000,000 | ||
Glow | Solar DePIN | 30,000,000 | |
Gaming | 11,500,000 | ||
81RAVENS | Free-to-Play Shooter Game PARAVOX | 4,500,000 | |
Alliance Games | Decentralized AI infrastructure | 5,000,000 | |
Delabs Games | Playable Layer powered by $GAME | UNDISCLOSED | |
Game Beast Studio | WEB 3 Cross-chain Gaming Platform | 2,000,000 | |
Gunzilla | AAA Game Dev of Off-The-Grid | UNDISCLOSED | |
Infrastructure | 28,700,000 | ||
Gelato | Rollup-as-a-Service Platform | 11,000,000 | |
KRNL Labs | Multichain software registry for Web3 | 1,700,000 | |
Spire Labs | Building the "Based Stack" of Ethereum | 7,000,000 | |
Streamflow | Digital Asset Management Infrastructure Project | 5,000,000 | |
Termina | SVM Network Deployment Platform | 4,000,000 | |
Insurance | 2,600,000 | ||
Native | Global Crypto Insurance Broker | 2,600,000 | |
Security | 29,500,000 | ||
Nillion | Private Data Ecosystem | 25,000,000 | |
Phylax Systems | Hack prevention protocol | 4,500,000 | |
Social | |||
Talent Protocol | Blockchain-Based Talent Marketplace | UNDISCLOSED | |
Web3 | 1,200,000 | ||
Amplify World | Web3 Music Artist and Fan Platform | 1,200,000 | |
Libraro | Web 3 community-driven platform | UNDISCLOSED | |
Phi | Decentralized credentialing system on Base | UNDISCLOSED | |
Grand Total | 199,980,000 |
Infrastructure
Infrastructure projects captured substantial funding, with a total of $28.7 million raised across five notable initiatives. These projects focus on enhancing the foundational capabilities of blockchain technology, ensuring that applications can scale efficiently and effectively to meet the growing demands of users.
Gelato raised $11 million for its Rollup-as-a-Service platform, which aims to enhance the scalability of Web3 applications through efficient rollup solutions. Gelato's technology is designed to automate smart contract interactions, streamlining operations for developers and users alike. The funding will be used to further develop their services and expand their team to support a growing user base. As decentralized applications (dApps) gain traction, solutions like Gelato’s will be crucial in maintaining performance and user experience.
KRNL Labs has raised $1.7 million to develop a multichain software registry for Web3. This infrastructure project aims to provide a comprehensive solution for managing and tracking software across multiple blockchain networks, improving interoperability and scalability for Web3 applications. The funding will be used to enhance the platform’s capabilities, enabling developers to more easily navigate and integrate software solutions across different blockchains. As Web3 continues to expand, tools like KRNL Labs' registry will be essential for streamlining the development process and ensuring seamless communication across decentralized networks.
Spire Labs secured $7 million to continue building the "Based Stack" of Ethereum, facilitating enhanced functionalities for decentralized applications. This funding will allow Spire Labs to refine its technology and increase the adoption of its stack, which is designed to simplify the development of dApps on Ethereum and enhance interoperability across different blockchain networks. As the demand for Ethereum-based solutions continues to rise, Spire Labs is positioned to play a significant role in this ecosystem.
Streamflow received $5 million to support its digital asset management infrastructure, essential for managing assets in decentralized networks. Streamflow’s platform provides tools for users and developers to manage their digital assets securely and efficiently. The funding will help Streamflow enhance its features, ensuring that users can easily navigate the complexities of asset management in the ever-evolving crypto landscape.
Termina raised $4 million to develop its SVM network deployment platform on Solana, which is crucial for scalable Web3 applications. Termina aims to provide developers with the necessary tools and infrastructure to deploy applications quickly and securely on the Solana network. This funding will enable Termina to optimize its platform, attract more developers, and contribute to the growing Solana ecosystem.
Security
The Security category was prominent this week, attracting a total of $29.5 million across two major projects. As the cryptocurrency market matures, the importance of security becomes even more pronounced, with investors keenly aware of the risks associated with digital assets.
Nillion successfully raised $25 million to develop its private data ecosystem, focusing on advanced privacy features critical for Web3 applications that manage sensitive data. Nillion's platform employs a decentralized approach to data storage, ensuring that users retain control over their personal information. The funding will be used to enhance the platform's capabilities and expand its reach within the privacy-conscious crypto community. With increasing regulatory scrutiny on data privacy, Nillion's solutions could provide a valuable service to users seeking security and anonymity.
Phylax Systems garnered $4.5 million for its hack prevention protocol, which addresses ongoing security challenges in the cryptocurrency landscape. Phylax aims to develop innovative solutions to protect crypto assets from cyber threats, with a focus on creating a more secure environment for users and businesses alike. The funding will support the further development of Phylax's technologies, helping to build a safer crypto ecosystem as security breaches continue to pose significant risks.
Bitcoin
Bitcoin projects raised a total of $34 million this week, underscoring the continued investor interest in this sector. As the original cryptocurrency, Bitcoin remains a cornerstone of the blockchain ecosystem, and projects leveraging its capabilities are attracting significant attention.
Chainway Labs raised $14 million to advance the development of Citrea, Bitcoin's first ZK rollup, aimed at improving transaction privacy and scalability. This innovative solution allows for more efficient processing of Bitcoin transactions while maintaining user confidentiality. The funding will be used to further refine Citrea’s technology and expand its application, positioning Chainway Labs as a leader in the integration of zero-knowledge proofs within the Bitcoin network.
bitSmiley.io secured $10 million for its BTC-backed DeFi platform, which seeks to leverage Bitcoin's value in the decentralized finance ecosystem. The platform aims to bridge the gap between traditional finance and cryptocurrency by providing users with innovative DeFi solutions that utilize Bitcoin as collateral. This funding will help bitSmiley.io enhance its platform's features and expand its user base, capitalizing on the growing trend of Bitcoin integration in DeFi applications.
PumpBTC raised $10 million for its liquid staking protocol on the Babylon network, facilitating innovative staking solutions for Bitcoin holders. This platform allows users to earn rewards on their staked Bitcoin while maintaining liquidity, addressing a common pain point in the staking process. The investment will be used to further develop the protocol and attract users looking for efficient ways to participate in the staking ecosystem.
DeFi
The DeFi sector experienced strong activity, raising a total of $26.8 million through three key projects. This sector continues to evolve rapidly, with innovative solutions emerging to meet the diverse needs of users.
Ellipsis Labs raised $21 million to build a blockchain platform for verifiable finance, enabling transparent financial transactions on the blockchain. The platform aims to provide users with access to a wide range of financial services while ensuring the integrity of each transaction. This significant funding will enable Ellipsis Labs to accelerate development and expand its reach within the DeFi landscape.
Magma secured $3.9 million for its liquid staking protocol on Monad, aimed at improving liquidity for staked assets. Magma’s innovative approach to staking allows users to maintain access to their assets while earning rewards, addressing a key challenge in the staking process. The funding will help Magma enhance its protocol and attract users seeking efficient staking solutions.
CAP Labs raised $1.9 million to develop a stablecoin engine focused on unreachable yield opportunities. This project aims to create stablecoin solutions that provide users with reliable and profitable options in the DeFi space. The funding will support CAP Labs in refining its technology and expanding its offerings, catering to the growing demand for stablecoin solutions.
Gaming
The gaming sector remains a focal point of interest within the crypto landscape, with significant funding being directed toward projects that integrate blockchain technology into gaming experiences. Projects in this category raised a total of $11.5 million this week, demonstrating ongoing enthusiasm for decentralized gaming solutions.
81RAVENS raised $4.5 million to fund its free-to-play shooter game PARAVOX on the Solana network. This project aims to provide a decentralized gaming experience that attracts mainstream audiences while leveraging blockchain's capabilities for ownership and asset management. The funding will be utilized to enhance game development and marketing efforts, ensuring a successful launch and user engagement.
Alliance Games secured $5 million for its decentralized AI infrastructure for gaming, enabling advanced AI-driven experiences specifically tailored for the gaming industry. This funding will support the development of innovative gaming solutions that integrate AI technologies, enhancing gameplay and user interaction. As the gaming industry continues to evolve, Alliance Games is well-positioned to capitalize on the intersection of AI and blockchain.
Game Beast Studio raised $2 million for its cross-chain gaming platform, designed to connect gaming ecosystems across multiple blockchain networks. This project aims to facilitate interoperability between different games and platforms, enabling players to transfer assets seamlessly. The funding will be used to develop the platform further and expand partnerships with other gaming projects.
Energy
The energy sector is increasingly becoming a vital focus within the crypto funding landscape, reflecting the growing interest in sustainable practices and solutions.
This week, Glow raised $30 million for its Solar DePIN (Decentralized Physical Infrastructure Network), focused on using decentralized infrastructure for sustainable energy solutions. This investment highlights the potential of blockchain technology to revolutionize the energy sector by promoting transparency, efficiency, and renewable energy adoption.
Conclusion
The funding trends this week underscore a growing focus on projects that integrate blockchain technology with AI, DeFi, and gaming, signaling a shift towards innovative and user-centric solutions. The substantial investments in AI-driven gaming experiences reveal the sector's interest in immersive and intelligent entertainment, while significant funding for DeFi platforms highlights ongoing interest in decentralized financial systems that provide transparency and accessibility.
The strong market interest in these sectors continues to demonstrate maturation of the cryptocurrency ecosystem, showing a clear preference for projects that not only push technological boundaries but also offer real-world utility and enhanced user engagement. This focus on practical applications and advanced technologies reflects the industry's movement toward mainstream adoption and a more integrated digital economy.
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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