September 25, 2024
Here’s your Weekly Wrap of all things crypto funding, ending September 21, 2024
This week's crypto funding landscape was characterized by a diversified range of projects securing capital. DeFi, CeFI, Infrastructure, DePIN, and Web3 initiatives all received significant investments.
A total of $276 million in disclosed funding was raised across 37 projects. While this represents a slight decrease from the previous week, it aligns with the average weekly funding trend. Notably, the number of funded projects remained above its historical average.
DeFi projects continued to dominate the funding landscape, with 7 initiatives collectively raising $57 million. CeFI, Infrastructure, Web3, and DePIN projects also secured substantial investments, totaling $12 million, $40.95 million, $41 million, and undisclosed amounts, respectively.
Two prominent Layer 1 protocols, Aptos and TON, further bolstered their financial positions through undisclosed and $30 million funding rounds, respectively.
Overall, this week's funding activity demonstrated a more balanced environment, with investments distributed across both traditional projects aimed at advancing the broader blockchain ecosystem rather than niche-specific initiatives.
Here is a summary of funded crypto projects this week and you can read more about any of these projects by their hyperlinked name.
Category | Project | Project Description | Money Raised this Round |
|---|---|---|---|
Bitcoin | 2,000,000 | ||
Bitcoin lending protocol | Undisclosed | ||
Decentralized Verification Infrastructure Provider | 2,000,000 | ||
CeFI |
|
| 12,000,000 |
EU Crypto Derivatives Venue | Undisclosed | ||
Digital Asset Exchange | Undisclosed | ||
Stablecoin-Native Trading Platform | 9,000,000 | ||
Italian Crypto-Exchange | 3,000,000 | ||
DeFi |
|
| 57,100,000 |
Liquid Staking Protocol On The Aptos Blockchain | 2,000,000 | ||
DeFI SuperApp on Solana | 25,000,000 | ||
Sei derivatives DEX | 1,100,000 | ||
DeFi ecosystem leveraging both Bitcoin and Ethereum | 15,000,000 | ||
DeFi Trading Superapp | 4,000,000 | ||
DeFI Platform | Undisclosed | ||
Decentralized Clearing Network | 10,000,000 | ||
DePIN |
|
|
|
Open Layer For Edge Compute On Solana | Undisclosed | ||
Users get rewarded for Unused Internet | Undisclosed | ||
AI DePIN Web3 cybersecurity solutions provider | Undisclosed | ||
Gambling |
|
| 3,000,000 |
Base Prediction Market with Daily Expiring bets | 3,000,000 | ||
Gaming |
|
| 6,000,000 |
The Omnichain Simulation Game (SLG) | 3,000,000 | ||
Blockchain-based (MOBA) | Undisclosed | ||
Web3 video gaming platform | Undisclosed | ||
High-Performance Engine for SOL Onchain Games | 3,000,000 | ||
Infrastructure |
|
| 40,950,000 |
Oracle Protocol | Undisclosed | ||
Universal Proof Generation Layer for ZK Proofs | 5,200,000 | ||
Solana Developer Platform | 21,750,000 | ||
Private Network Powered by FHEML | 4,000,000 | ||
DeVIN to rival Cloudfare | 10,000,000 | ||
Investment |
|
| 77,000,000 |
Web3 Venture Capital Firm | 77,000,000 | ||
Layer 1 |
|
| 30,000,000 |
Layer 1 blockchain | Undisclosed | ||
L1 blockchain on Telegram | 30,000,000 | ||
Layer 2 |
|
| 3,200,000 |
Gigagas Layer 2 | 3,200,000 | ||
Mining |
|
| 3,000,000 |
SOL-based POW currency that users can “mine” | 3,000,000 | ||
Wallet |
|
| 1,500,000 |
Making the onchain economy accessible to everyone | Undisclosed | ||
Crypto Phone wallet for emerging markets users | 1,500,000 | ||
Web3 |
|
| 41,000,000 |
SOL based Web3 health monitoring wearable | 5,000,000 | ||
Fan Owned Entertainment platform | 1,000,000 | ||
Web3-AI Social Media Ranking Technology | 10,000,000 | ||
Digital identity rights application | 25,000,000 | ||
Grand Total |
|
| 276,750,000 |
Here are some of the highlights from each crypto category.
DeFI
Category | Project | Project Description | Money Raised this Round |
|---|---|---|---|
DeFi |
|
| 57,100,000 |
Amnis Finance | Liquid Staking Protocol On The Aptos Blockchain | 2,000,000 | |
DeFI SuperApp on Solana | 25,000,000 | ||
Filament | Sei derivatives DEX | 1,100,000 | |
DeFi ecosystem leveraging on Bitcoin and ETH | 15,000,000 | ||
LogX | DeFi Trading Superapp | 4,000,000 | |
Velo Labs | DeFI Platform | Undisclosed | |
Decentralized Clearing Network | 10,000,000 |
Drift, a DeFI SuperApp on Solana, was the largest recipient raising $25M from well-known blockchain investor, Multicoin Capital. A trader focused DeFI app, which offers perpetual futures and spot trading with leverage. It allows users to trade various assets with up to 20x leverage, deposit multiple types of collateral, and earn yield automatically.
Hemi Labs received the next largest funding of $15m with investment from Binance Labs, Breyer Capital, and Big Brain Holdings. This funding will help Hemi Labs develop a modular blockchaini, which is built on both Bitcoin and Ethereum. This network aims to enhance scalability, security, and interoperability for decentralized finance (DeFi) applications.
A final notable mention in the DeFI space was Yellow Network which raised $10m from one of Ripple’s co-founders. Yellow Network is a decentralized clearing system designed to improve the efficiency of cryptocurrency trading. It uses state channel technology to facilitate real-time, cross-chain trading without the need for brokers to bridge assets. This setup helps reduce latency, enhance capital efficiency, and aggregate liquidity from multiple exchanges.
CeFI
Funding for CeFI projects was unusually active this week with 4 projects securing a disclosed $12m. Although the funded number is not large, the number of CeFI trading platforms is. With greater regulatory obligations, there appears to be appetite for localised centralised crypto exchanges to demonstrate compliance with evolving regulations.
Category | Project | Project Description | Money Raised this Round |
|---|---|---|---|
CeFI |
|
| 12,000,000 |
EU Crypto Derivatives Venue | Undisclosed | ||
Tokenize | Digital Asset Exchange | Undisclosed | |
Stablecoin-Native Trading Platform | 9,000,000 | ||
Italian Crypto-Exchange | 3,000,000 |
Starting with True Markets raising $9m. The founders are ex-Coinbase, Cirle and Goldman Sachs, which demonstrate experience in both tradFi and crypto. TrueX is a non-custodial exchange that focuses on stablecoins, offering a secure and efficient trading platform. It features advanced trading technology, including a proprietary matching engine and segregated execution and custody. TrueX uses PayPal USD for seamless stablecoin settlements and aims to provide reliable markets and liquidity services globally.
One Trading received undisclosed funding from SC Ventures, a division of Standard Chartered Bank, indicating potential access to crypto, which could complement their exist business in the future. One Trading is a regulated crypto asset exchange in Europe, known for being the first MiFID II trading venue for perpetual futures in the EU. It offers a fast and secure trading experience with zero fees for all users.
A final mention is Young Platform, an Italian crypto-exchange, which raised EUR 2.65m (USD 3m) from Azimut, an (traditional) independent global group in asset management, wealth management, investment banking and fintech, which intervened through investment vehicles dedicated to professional clients. An indication that compliant crypto projects are seeing funding from traditional investors.
Infrastructure
Continued funding is seen for diverse Infrastructure projects with over $40m in disclosed funding raised by five projects.
Category | Project | Project Description | Money Raised this Round |
|---|---|---|---|
Infrastructure |
|
| 40,950,000 |
Chaos Labs | Oracle Protocol | Undisclosed | |
Fermah | Universal Proof Generation Layer for ZK Proofs | 5,200,000 | |
Solana Developer Platform | 21,750,000 | ||
Octra | Private Network Powered by FHEML | 4,000,000 | |
DeVIN to rival Cloudfare | 10,000,000 |
Helius, a provider of developer tools for the Solana blockchain, raised $21.75m which was led by Haun Ventures and Founders Fund, to enhance its app development services. Helius provides a suite of tools designed to make it easier for developers to build on the Solana blockchain. Their offerings include high-performance RPC nodes, APIs, webhooks, and plugins for low-latency data streaming. These tools help developers manage complex setups and improve the efficiency of their applications. Helius aims to simplify the development process on Solana, making it faster and more cost-effective.
Pipe Network raised $10m in funding from Multicoin Capital and Solana Ventures. Pipe Network propose a content delivery network (CDN) that aims to use cryptocurrency tokens to incentivize individuals to host internet infrastructure. This decentralized approach seeks to create a competitive alternative to traditional CDNs run by major companies like Cloudflare and Akamai. By leveraging the Solana blockchain, Pipe Network plans to encourage everyday people to contribute their computing power, ensuring faster and more efficient content delivery across the internet.
Web3
Content ownership continues to see strong funding with four projects raising $41m with week. The spectrum of funded projects is wide, ranging from health to social media ranking technology. Below are some notable projects.
Category | Project | Project Description | Money Raised this Round |
|---|---|---|---|
Web3 |
|
| 41,000,000 |
SOL based Web3 health monitoring wearable | 5,000,000 | ||
RoOLZ | Fan Owned Entertainment platform | 1,000,000 | |
Web3-AI Social Media Ranking Technology | 10,000,000 | ||
Digital identity rights application | 25,000,000 |
Vana raised $25m from Coinbase Ventures, adding to a previous round from Paradigm. Both big players in the blockchain space, suggesting this could be a project to watch. Vana is a platform that allows users to create, own, and share their digital identities. It focuses on user-owned data, enabling individuals to control and monetize their personal information. Vana aims to empower users by providing tools to generate and manage their digital personas, which can be used across various applications and services.
MW Media Works’ New to The Street has made a strategic investment Spinel Network, acquiring a 10% stake in the company. The investment, valued at $10 million, includes media and cash components for FMW’s national and international television programs. Spinel Network is a decentralized platform that uses AI to enhance the ranking and recommendations of social media content. It aims to address societal issues by developing technological solutions and creating sustainable passive income streams for contributors. Recognized as one of the top 5 winners in Binance’s Web3 Stars Accelerator 2022 Award, Spinel Network focuses on leveraging its decentralized computing network and AI capabilities to improve content trends and provide secure, efficient operations.
A final mention in the Web3 space is CUDIS, a SOL based Web3 health monitoring wearable, which raised $5m from Draper Associates. CUDIS creates a wearable ring that tracks health metrics, enabling users to access their health data through the Solana blockchain and earn passive rewards. The ring also features an AI coach that provides personalized wellness advice based on biometric data. The new funding will be used to enhance the AI coach, gamification features, and decentralized infrastructure.
Layer 1
Aptos and TON saw additional funding for their L1’s.
Category | Project | Project Description | Money Raised this Round |
|---|---|---|---|
Layer 1 |
|
| 30,000,000 |
Layer 1 blockchain | Undisclosed | ||
L1 blockchain on Telegram | 30,000,000 |
Aptos Labs, received an undisclosed amount from Foresight Ventures, described as a ‘significant amount of money’. Aptos is a company dedicated to advancing the future of Web3, which is the next generation of the internet focused on decentralization with the new funds allowing Aptos grow faster and increase its liquidity.
TON received $30m in funding from Bitget and Foresight Ventures, to boost the development of Telegram-based projects, particularly those involving tap-to-earn games. The Open Network (TON) is a decentralized blockchain platform originally designed by Telegram. It aims to create a more open and accessible internet. TON offers ultra-fast transactions, low fees, and easy-to-use applications, making it ideal for various uses, including decentralized finance (DeFi) and gaming. The platform’s native cryptocurrency, Toncoin, is used for network operations and transactions. TON also integrates seamlessly with Telegram, allowing users to interact with blockchain features directly through the messaging app.
As Foresight Ventures have invested material amounts into Aptos and TON, it is worth noting that Singapore based Foresight Ventures is an investment firm focused on supporting innovative blockchain projects. They manage multiple funds, including a venture capital fund, an actively managed secondary fund, a multi-strategy fund of funds (FOF), and a private market secondary fund. With assets under management exceeding $400 million, Foresight Ventures aims to drive the long-term adoption of decentralized technologies. https://www.foresightventures.com/
Conclusion
In conclusion, the crypto funding landscape for the week ending September 21, 2024, showcased a diverse range of projects securing investments across various sectors. While the total funding amount experienced a minor decline compared to the previous week, the overall trend remains consistent with historical averages.
The continued prominence of DeFi projects, coupled with substantial investments in CeFI, Infrastructure, Web3, and DePIN initiatives, underscores the growing maturity and diversification of the crypto ecosystem. Furthermore, the funding rounds secured by Layer 1 protocols like Aptos and TON highlight the ongoing development and expansion of the blockchain infrastructure.
As the crypto industry evolves, it is evident that the focus is shifting towards projects with broader applications and a greater potential to drive mainstream adoption. The funding trends observed in this week's report reflect this ongoing evolution and suggest a promising future for the crypto space and many opportunities to capitalize on these projects now.
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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