October 22, 2024
Here’s your Weekly Wrap of all things crypto funding, ending October 19, 2024.
This week’s crypto funding landscape was marked by significant investments across key blockchain sectors, emphasizing strong investor confidence and continued interest in innovative decentralized technologies. The total disclosed funding reached $405.9 million across 26 projects, with Bitcoin ($232 million), Gaming ($46.7 million), and Zero-Knowledge (ZK) ($29.5 million) categories emerging as the top performers. These sectors collectively underscored blockchain's growing role in enhancing digital finance, entertainment, and privacy-focused solutions.
Below is a detailed breakdown of the standout sectors and their significant projects.
Category | Organization Name | Project Description | Money Raised this Round |
AI |
|
| 6,000,000 |
Canyon Network | Onchain AI Oracle | 6,000,000 | |
Bitcoin |
|
| 232,000,000 |
Blockstream | Bitcoin infrastructure player | 210,000,000 | |
Hermetica | Bitcoin-backed Stablecoin Developer | 1,700,000 | |
Lombard Finance | Bitcoin liquid staking platform | 1,000,000 | |
Pell Network | Bitcoin Restaking Network | 3,000,000 | |
Plasma | Bitcoin focused EVM chain | 3,500,000 | |
Solv | Bitcoin Staking Protocol | 11,000,000 | |
Surge | Metalayer network to scale Bitcoin | 1,800,000 | |
DeFi |
|
| 14,000,000 |
Drop Protocol | Cross-chain liquid staking protocol | 4,000,000 | |
Mento Labs | Decentralized Local Currency Stablecoin Platform | 10,000,000 | |
DePIN |
|
| 2,850,000 |
Blockcast | DePIN Content Delivery Network (CDN) | 2,850,000 | |
FinTech |
|
| 33,000,000 |
Yellow Card | Stablecoin on/off ramp for Africa | 33,000,000 | |
Gaming |
|
| 46,700,000 |
Azra Games | Mobile Role-playing gaming firm | 42,700,000 | |
Flappy bird Foundation | Iconic Game from 2013 | 2,000,000 | |
Oxalis Games | Independent gamedev studio | 2,000,000 | |
World of Dypians | Multichain Gaming Platform | UNDISCLOSED | |
Infrastructure |
|
| 8,850,000 |
Hyve | Blockchain Data Availability (DA) Provider | 1,850,000 | |
Marketnode | Financial Market Infrastructure firm | UNDISCLOSED | |
Predicate | onchain rule interaction project | 7,000,000 | |
Social |
|
| 8,000,000 |
The Arena | SocialFi app on AVAX | 2,000,000 | |
Vue Labs | Decentralized social layer for Web3 | 6,000,000 | |
Trading |
|
| 25,000,000 |
Bitnomial | US Perpetual Futures Trading Platform | 25,000,000 | |
Wallet |
|
| UNDISCLOSED |
Armor Wallet | AI powered web3 wallet | UNDISCLOSED | |
ZK |
|
| 29,500,000 |
Opacity Network | ZK-based data verification platform | 12,000,000 | |
ZEROBASE | Zero-knowledge prover network | 5,000,000 | |
zkPass | Private data oracle protocol | 12,500,000 | |
Grand Total |
|
| 405,900,000 |
Bitcoin
The Bitcoin category led the funding landscape this week, securing $232 million in total funding. Blockstream, a prominent player in Bitcoin infrastructure, raised $210 million, demonstrating strong investor confidence in advancing Bitcoin's scalability and infrastructure. The substantial funding highlights the increasing demand for innovative solutions that enhance Bitcoin's functionality and ecosystem. Other notable projects, such as Solv and Plasma, emphasize the diverse developments within the Bitcoin space, including staking, stablecoins, and interoperability with Ethereum Virtual Machine (EVM) networks.
Blockstream secured $210 million, reinforcing its position as a leader in Bitcoin infrastructure. This funding will support efforts to scale Bitcoin’s network, enhancing liquidity and ecosystem growth. The investment highlights growing investor confidence in Bitcoin’s potential as a foundational element of decentralized finance and Web3.
Plasma raised $3.5 million to develop an Ethereum Virtual Machine (EVM)-compatible chain designed to expand Bitcoin’s functionality. This project aims to enhance interoperability between Bitcoin and Ethereum, broadening the scope of use cases for Bitcoin in the decentralized ecosystem.
Solv secured $11 million to build a Bitcoin staking protocol focused on optimizing returns and participation within the Bitcoin network. The funding underscores the growing interest in decentralized staking solutions that leverage Bitcoin’s security and stability for yield generation.
Surge raised $1.8 million to develop a metalayer network that enhances Bitcoin’s scalability and application capabilities. This funding reflects the ongoing push to expand Bitcoin’s utility beyond simple transactions, creating more sophisticated use cases within the network.
Pell Network secured $3 million to build a restaking platform leveraging Bitcoin’s security to enhance scalability and resilience. The investment highlights the increasing focus on improving Bitcoin’s security and scalability through advanced network protocols.
Hermetica raised $1.7 million to create a Bitcoin-backed stablecoin protocol. This funding reflects the growing demand for stable digital assets tied to Bitcoin’s value, aiming to facilitate more stable transactions and decentralized finance applications.
Lombard Finance secured $1 million to develop a liquid staking platform that enables the use of Bitcoin for decentralized finance applications. The project’s funding showcases a growing interest in using Bitcoin’s liquidity for DeFi solutions.
Gaming
The Gaming category followed closely, securing $46.7 million in total funding. Azra Games led the sector with $42.7 million, signaling growing interest in blockchain-powered entertainment and immersive gaming experiences. This funding underscores the sector's potential to revolutionize gaming through decentralized technologies, creating new opportunities for developers and players alike. Smaller projects like Oxalis Games and the Flappy Bird Foundation highlight the broader appeal of blockchain in gaming, from independent development studios to reviving iconic games.
Azra Games raised $42.7 million to advance its mobile gaming platform, integrating blockchain technology into role-playing games. The funding highlights the expanding role of decentralized technologies in transforming the gaming experience, offering more immersive and player-driven ecosystems.
Oxalis Games secured $2 million to develop Moonfrost, a highly anticipated blockchain-enabled game. This investment reflects growing interest in the potential of blockchain to revolutionize independent game development, providing new opportunities for creators and players alike.
Flappy Bird Foundation raised $2 million to bring the iconic 2013 game back with blockchain elements. The funding signals an increasing trend in leveraging blockchain to revive classic games and integrate new features for modern players.
Zero-Knowledge (ZK)
The Zero-Knowledge category saw $29.5 million in total funding, highlighting the growing focus on privacy and secure data verification in blockchain applications. zkPass led the category, raising $12.5 million for its private data oracle protocol. This indicates a heightened interest in leveraging zero-knowledge proofs for secure and private data sharing across networks. Opacity Network and ZEROBASE also made notable contributions, emphasizing the application of ZK technology in both verification and computation layers.
zkPass secured $12.5 million to develop a private data oracle protocol utilizing zero-knowledge proofs. This funding underscores the growing demand for privacy and secure data verification in blockchain applications, positioning zkPass as a leader in enabling secure and private data sharing across networks.
Opacity Network raised $12 million to build a ZK-based data verification platform aimed at enhancing security and trust in decentralized applications. The funding highlights the rising interest in utilizing zero-knowledge proofs for improved privacy and security in blockchain networks.
ZEROBASE secured $5 million to develop a zero-knowledge prover network focused on improving computational efficiency and scalability. The investment emphasizes the growing importance of ZK technology in enhancing the scalability and performance of blockchain systems.
Conclusion
This week’s funding activity underscores the expanding diversity and investor interest across the blockchain ecosystem. The Bitcoin sector led the funding with $232 million, with Blockstream securing $210 million, highlighting the robust demand for infrastructure and scalability solutions within the Bitcoin space.
In the Gaming sector, a total of $46.7 million was raised, with Azra Games leading the way with $42.7 million, reflecting growing enthusiasm for blockchain-powered gaming. The Zero-Knowledge (ZK) sector also demonstrated strong interest, securing $29.5 million, with zkPass raising $12.5 million for private data oracle solutions. These developments highlight the increasing focus on scalability, privacy, and the integration of blockchain across a wide array of industries, positioning the ecosystem for further growth and innovation.
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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