Last week, there were a total of 45 public financing events in the cryptocurrency market, with a cumulative financing of approximately 279 million USD | Investment and Financing Weekly Report

Organizer: Cookies, RootData

According to incomplete statistics from RootData, during the period from March 11 to March 17, 2024, there were a total of 45 public financing events in the blockchain and cryptocurrency industry, with a cumulative financing amount of approximately $279 million.

From the perspective of track distribution, the projects that received financing are mainly distributed in the infrastructure, DeFi, and gaming tracks. Popular projects include Layer1 public chain Berachain ($69 million), Web3 interoperability infrastructure PolyHedra ($20 million), customizable rollup provider Eclipse ($50 million), and decentralized derivatives trading platform Aevo, among others.

OKX Ventures was one of the most active crypto venture capital firms last week, disclosing a total of 4 investments, including the modular SVM Layer 2 network Eclipse, Web3 social system UXLINK, native Bitcoin DeFi protocol DLC.Link, and Web3 bandwidth market Meson Network.

According to informed sources reported, Paradigm is negotiating a round of financing exceeding $200 million for leading Monad Labs. This round of financing will follow Monad Labs' announcement of a $19 million seed round in February 2023, valuing the startup at $3 billion. It is understood that Paradigm has indicated a commitment of $150 million and has been contacting other investors since the end of 2023 to gauge their interest in joining this round of financing. If successful, Monad Labs' financing of over $200 million will be the largest cryptocurrency financing so far in 2024.

(List of projects with financing greater than $10 million last week, data source: * Rootdata）

I. Infrastructure

1. Layer1 public chain Berachain completes $69 million financing, led by Brevan Howard Digital and Framework Ventures
According to Bloomberg, Layer1 public chain Berachain has secured over $69 million in financing led by Brevan Howard Digital and Framework Ventures. The project raised funds by selling digital tokens, with a valuation reaching $1.5 billion. It is currently unclear whether this round of financing has been completed.

Reportedly, Berachain has three main tokens: BERA, BGT, and the Honey stablecoin. The test version of the blockchain was released to the public in January, but the project has not yet fully launched.

According to the crypto data platform RootData, in April 2023, Berachain completed a $42 million financing round led by Polychain Capital, with participation from OKX Ventures. (Source link)

2. Data computing infrastructure company Clique completes $8 million Series A financing, led by Polychain Capital
Data computing infrastructure company Clique announced the completion of $8 million in Series A financing, led by Polychain Capital, with participation from notable investors including Bankless, Robot Ventures, Santiago R. Santos, Balaji Srinivasan, as well as other well-known angel investors such as founders of Lido, Polygon, Scroll, Berachain, Monad, Gitcoin, Axiom, Succinct, and Uniswap Foundation.

This round of financing will be used to build a heterogeneous computing coordination network, fundamentally changing how on-chain and off-chain applications access computing and data. (Source link)

3. Polyhedra Network completes $20 million strategic financing at a $1 billion valuation, led by Polychain Capital
According to The Block, Polyhedra Network has completed $20 million in strategic financing at a $1 billion valuation, led by Polychain Capital, with participation from Animoca Brands, Hashkey Capital, Longhash Ventures, Emirates Consortium, Mapleblock Capital, and others.

It is understood that this round of financing, along with the previous four rounds, was conducted through future tokens or a simple agreement for future tokens (SAFT). This round of financing ended last month, bringing Polyhedra's total financing to $75 million. (Source link)

4. DePIN project Meson Network receives strategic investment from OKX Ventures
DePIN project Meson Network announced that it has received a strategic investment from OKX Ventures.

Reportedly, Meson Network completed a strategic round of financing led by Presto Labs at a $1 billion valuation in January and launched a token sale on CoinList in February. (Source link)

5. Web3 social infrastructure UXLINK completes $9 million financing, with participation from OKX Ventures, Web3Port Foundation, and others
Web3 social infrastructure UXLINK has completed a total of $9 million in financing, focusing on ecosystem construction based on the RWS protocol. The round saw participation from multiple institutions including OKX Ventures, Web3Port, Manifold, UOB Venture, Comma3 Ventures, Cypher Capital, Kucoin Ventures, Gate Labs, Forgame, ECV, Signum Capital, and 7UPDAO. HongShan, Matrixport Ventures, and ZhenFund are also among the listed investors according to Singapore company registration information.

UXLINK has also been selected for the Stanford Blockchain Accelerator program. Unlike other social infrastructure projects that primarily focus on one-way following relationships, UXLINK is the first innovation to emphasize two-way, acquaintance-based social relationships, similar to the structural differences between Twitter vs Facebook; Weibo vs WeChat. (Source link)

7. Gaming-focused BTC Layer2 development company Oneness Labs completes $4 million seed round financing, with participation from Dubai family fund The House of Maktoum and Finewill Capital
Gaming-focused BTC Layer2 development company Oneness Labs has completed a $4 million seed round financing, with participation from Dubai family fund The House of Maktoum and the gaming fund Finewill Capital, jointly established by Wemade and Mirana.

Reportedly, Oneness Labs is developing Oneness Matrix, aimed at designing modular gaming-focused BTC Layer2 for consumer-grade games, with the goal of migrating the $200 billion traditional gaming industry to Web3 in a new way and initiating large-scale consumer and transaction-driven gaming scenarios. The Oneness Matrix is set to release a test version in Q2 2024, with the first game on the platform expected to launch by the end of 2024. (Source link)

8. Modular blockchain Eclipse completes $50 million Series A financing, led by Placeholder and Hack VC
Modular blockchain Eclipse has completed $50 million in Series A financing, led by Placeholder and Hack VC, bringing its total financing to $65 million. Additionally, Polychain Capital, Delphi Digital, Maven 11, DBA, and Fenbushi Capital also participated in this round of financing.

Eclipse announced that it will launch its mainnet in Q2 2024, having already released the development and testnet versions of its protocol, with multiple DApps testing its infrastructure. These include the NFT marketplace Rarible, oracle infrastructure Pyth Network, and lending protocol Solend. After the mainnet launch, the company stated it would sponsor hackathons, accelerators, and organize community events for its users. (Source link)

9. Bitcoin open-source wallet UniSat completes new round of strategic financing, with participation from CGV
Bitcoin open-source wallet and Ordinals/BRC-20 infrastructure and service provider UniSat announced the completion of a new round of strategic financing, with participation from Japanese cryptocurrency investment firm CGV, although the specific amount has not been disclosed.

According to Dune data, UniSat wallet currently accounts for about 10% to 20% of market transaction volume and transaction time, with approximately 800,000 weekly active users. (Source link)

10. OKX Ventures announces investment in Ethereum modular Layer2 solution Eclipse

OKX Ventures announced the completion of a strategic investment in Eclipse. Eclipse is the first Layer 2 solution on Ethereum running in the Solana virtual machine environment, providing modular components to meet the rapid, secure, and flexible interaction needs of millions of users on Web 3 applications DApps.

II. CeFi

1. Dutch crypto derivatives exchange D2X completes $10 million Series A financing, led by Point72 Ventures and GSR Markets
Dutch cryptocurrency derivatives exchange D2X announced the completion of $10 million in Series A financing, led by Point72 Ventures and GSR Markets. This funding will be used to "attract liquidity, develop new features, and expand operations in the EU." D2X is set to launch later this quarter.

It is reported that D2X previously obtained a MiFID MTF license issued by the Dutch Authority for the Financial Markets (AFM), allowing it to operate a cryptocurrency futures and options exchange across the EU. (Source link)

2. American product crowdfunding platform Kickstarter completes $100 million financing, led by a16z crypto
American product crowdfunding platform Kickstarter has completed $100 million in financing, led by a16z crypto, with participation from Yes VC and others. In return for a16z's investment, Kickstarter will transform into a Web 3 company, moving its entire platform to the Celo blockchain, allowing users to create their own mini-platforms around niche interests like anime, attracting more people and sharing profits with Kickstarter. (Source link)

3. Silicon Valley AI Web3 startup Bluwhale completes $7 million seed round financing, led by SBI
Silicon Valley AI Web3 startup Bluwhale announced the completion of $7 million in seed round financing, led by SBI (including SBI Ven Capital and SBI Decima), with participation from Cardano, Momentum6, Primal Capital, NxGen, Ghaf Capital Partners, Spyre Capital, Baselayer Capital, Dragonfly's managing partner Haseeb Qureshi, Guitar Hero founder Charles Huang, Oculus founder Jack McCauley, and collaborative funds from Animoca (Japan), Gumi, MZ Crypto, as well as Sygnum and Azimut.

Reportedly, Bluwhale was founded in 2022 by machine learning experts from Stanford and Berkeley, along with former TikTok AI senior personnel Adam Rowell and Han Jin, aiming to link Web3 wallet holders with companies through AI technology, allowing dApps to directly reach their target audience and potential new users while optimizing their marketing expenses. As of now, 180 companies have registered to use its AI platform, which is currently in public testing and has indexed over 2.7 million wallets. (Source link)

III. DeFi

1. Liquid staking protocol SHUI completes seed round financing, with participation from Conflux Foundation
The Conflux ecosystem liquid staking protocol SHUI, incubated by BlockBooster, has completed seed round financing, led by BlockBooster, with participation from Conflux Foundation. This financing will support the development of the SHUI project while further improving the Conflux ecosystem's infrastructure.

It is reported that SHUI is a liquid staking protocol based on Conflux, allowing users to earn rewards without locking their assets, with the current protocol TVL exceeding $2.5 million. (Source link)

2. LBP platform Fjord Foundry completes $4.3 million seed round financing, led by Lemniscap
LBP platform Fjord Foundry has completed $4.3 million in seed round financing, led by Lemniscap, with participation from Mechanism Cap, Zee Prime Cap, Castle Capital, and several angel investors.

Fjord (formerly Copper Launch) is a liquidity bootstrapping platform (LBP) that enables projects to generate liquidity for new tokens in a transparent and permissionless manner. Fjord has supported teams like Merit Circle, Avocado DAO, Crypto Unicorns, and Breeder DAO. (Source link)

3. Blast ecosystem project Munchables completes Pre-Seed round financing, led by Manifold and others
Blast ecosystem project Munchables announced the completion of Pre-Seed round financing, led by Manifold and Mechanism Capital, with participation from Selini Capital, Hidden Street, Duplicate Capital, Selini Capital founder Jordi Alexander, CBB0FE, and other angel investors. The financing amount has not been disclosed. (Source link)

4. DeFi protocol Elixir completes $8 million Series B financing, led by Mysten Labs and Maelstrom
DeFi protocol Elixir announced the completion of $8 million in Series B financing, led by Mysten Labs and Maelstrom, with participation from Manifold, Arthur Hayes, Amber Group, GSR, Flowdesk, and others.

Previously, Elixir completed $7.5 million in Series A financing at a $100 million valuation, led by Hack VC, with participation from NGC Ventures, AngelList Ventures, Bloccelerate, and angel investors from Ledger Prime, Genesis Trading, and Hudson River Trading. (Source link)

5. Bitcoin cross-chain bridge XLink completes first round of financing, led by ForesightX and Bitcoin Frontier Fund
The Bitcoin cross-chain bridge XLink, developed by AlexLab, has completed its first round of financing, led by Foresight X, Bitcoin Frontier Fund, Bitcoin Lab, and LK Venture, with participation from Avid3, BlockBooster, Cypher Capital, Gate Labs, GSG, Incuba Alpha, Kucoin Ventures, Kyros Ventures, and Oak Grove Ventures.

It is reported that since its launch on December 1, 2023, XLink's total cross-chain transaction volume has reached $60 million. Additionally, XLink has launched its community rewards program through the XLink referral and points system, using the XLNK token as an incentive. (Source link)

6. Pantera Capital announces investment in decentralized derivatives protocol Aevo
Pantera Capital announced its investment in the decentralized derivatives protocol Aevo. Aevo is a decentralized derivatives trading platform focused on options and perpetual trading. It operates on Aevo L2, a custom Ethereum Rollup built using the Optimism stack. This allows Aevo to support over 5,000 transactions per second, with a total transaction volume exceeding $30 billion to date. (Source link)

7. Berachain ecosystem DEX project Honeypot Finance completes seed round financing, led by DextForce
Berachain ecosystem DEX project Honeypot Finance has completed seed round financing, led by DextForce, with participation from Candaq Ventures, PudgyAlpha, Sanyuan Capital, 0xsky404, and Khan's Kitchen, with the specific amount undisclosed. (Source link)

8. OKX Ventures announces investment in the first native Bitcoin DeFi protocol DLC.Link

OKX Ventures announced its investment in DLC.Link. DLC.Link is a groundbreaking project aimed at bringing the power and innovation of DeFi to the Bitcoin ecosystem without compromising on security, decentralization, or user experience.

It is reported that DLC.Link collaborates with institutions (referred to as "dlcBTC merchants") to mint dlcBTC, a decentralized wrapped Bitcoin. Unlike other forms of wrapped Bitcoin, dlcBTC does not require Bitcoin to be held by a custodian or bridged to another blockchain.

IV. Gaming

1. Web3 gaming infrastructure company Param Labs completes strategic round financing, with participation from Animoca Brands
UAE-based Web3 gaming infrastructure startup Param Labs announced the completion of a strategic round of financing, with participation from Animoca Brands, although the specific financing amount has not been disclosed. The new funds will be used to accelerate Param Labs' scalable Web3 infrastructure while expanding its ecosystem. (Source link)

2. Web3 game developer 9 Lives Interactive completes $3 million financing, led by Mechanism Capital
Web3 shooter game developer 9 Lives Interactive (formerly Rude Robot Studios) announced the completion of $3 million in financing, led by Mechanism Capital, with participation from Delphi Digital, Sfermion, 3Commas Capital, Momentum 6, Kosmos Ventures, Devmons GG, and CSP DAO. It is reported that the new funds will support the global launch of its first game, "Nyan Heroes." (Source link)

3. Chain game MetalCore developer Studio 369 completes $5 million new round of financing, with participation from Delphi Digital and others
Chain game MetalCore developer Studio 369 announced the completion of $5 million in a new round of financing, with participation from Delphi Digital, Bitkraft Ventures, Sanctor Capital, and Spartan Group. The newly raised funds will be used for ongoing development and upcoming features, such as a dynamic quest system that utilizes AI to generate unique quests, objectives, and tasks, and will also integrate the Immutable zkEVM ecosystem to support developers in deploying custom smart contracts for users to provide a gasless experience.

Studio 369 plans to release the "MetalCore" open beta version by the end of this year. According to the crypto data platform RootData, MetalCore is an NFT-based mechanized combat game that raised $15 million through private token sales in 2022. (Source link)

4. Gamified incentive layer protocol Kaskade Finance completes Pre-Seed round financing, with participation from Hercules Ventures and others
Gamified incentive layer protocol Kaskade Finance announced the completion of Pre-Seed round financing, with participation from Marshland, NxGen.xyz, Artemis Capital, Andromeda Capital, Hercules Ventures, 369 Capital, Crypto Oasis Ventures, as well as VirtualBacon, Brian D Evans, CryptoJack, and others, although the specific financing amount has not been disclosed.

It is reported that Kaskade Finance primarily provides cross-chain liquidity bootstrapping layers for DeFi protocols and cross-chain networks, utilizing volume-based incentives to increase the fees of liquidity pools. (Source link)

5. MMORPG chain game MetaCene completes $10 million Series A financing, led by Folius Ventures and SevenX Ventures
MMORPG chain game MetaCene has completed $10 million in Series A financing, led by Folius Ventures and SevenX Ventures, with participation from The Spartan Group, Mantle Network, Animoca Ventures, Longling Capital, Comma3 Ventures, and IGG. The funds raised will be used to expand the team and drive user acquisition plans.

MetaCene conducted two rounds of Alpha testing in 2023, with the number of participating players growing from 2,961 to over 5,000; the average daily playtime per player increased from 2.5 hours to 4 hours. MetaCene will also launch the third round of Alpha testing in March 2024, including both PC and mobile versions.

According to the crypto data platform RootData, MetaCene completed $5 million in seed round financing in July 2023, led by Hash Global and SevenX Ventures, with participation from WeMade, Emurgo, MixMarvel DAO Ventures, Sinovation Ventures (Innovation Works), and LK Ventures. (Source link)

6. Web3 gaming tech stack Blockus completes $4 million financing, led by Maple VC
Web3 gaming tech stack and payment provider Blockus announced the completion of $4 million in seed round financing, led by Maple VC, with participation from Altos Ventures, as well as Zhuoxun Yin from Magic Eden, Michael Ma from CreatorDAO, and Bryan Pelligrino from LayerZero. Prior to this round of financing, Blockus participated in a16z Crypto's Startup Accelerator.

Reportedly, Blockus's technology platform helps game studios build on-chain functionalities for players, including a "wallet-as-a-service" model, a white-label NFT marketplace, and payment processing for fiat and crypto. (Source link)

V. NFT

1. NFT crowdfunding platform SnowSeed completes $5 million strategic round financing, with participation from MCI and others
NFT crowdfunding platform SnowSeed announced the completion of $5 million in strategic round financing, with participation from Buckingham Holdings Indonesia and MCI (Medi Crypto International).

It is understood that SnowSeed is an NFT crowdfunding platform launched in Indonesia, which has already issued healthcare-related NFTs and plans to launch real estate development investment products in collaboration with large companies and state governments in Indonesia, as well as entertainment and art projects through the SnowSeed investment platform. (Source link)

2. Peer-to-peer NFT lending protocol NFTfi completes $6 million Series A1 financing, led by Placeholder VC
Peer-to-peer NFT lending protocol NFTfi announced the completion of $6 million in Series A1 financing, led by Placeholder VC, with participation from Maven 11, Launch Labs Inc, Kahuna Ventures, and others. Currently, NFTfi's total fundraising amount has reached $15 million.

Reportedly, NFTfi was launched in 2020 and is a pioneer in NFT finance, facilitating significant on-chain loans. Future plans include enhancing dApp functionality, expanding SDK capabilities, and creating an open settlement layer for NFT finance. NFTfi allows NFT holders to use their NFTs as collateral to borrow ETH, USDC, or DAI in a trustless P2P manner. (Source link)

VI. Others

1. Blockchain and rollups security platform Range completes $2.7 million seed round financing, led by Galileo
Blockchain and rollups security platform Range announced that it has secured $2.7 million in seed round financing, led by Galileo, with participation from Robot Ventures, Volt Capital, Chorus One, Bitscale Capital, Fenbushi Capital, Monoceros, Reverie, Informal Systems, Caballeros Capital, Kahuna, and angel investors from Binance, Arbitrum, and Skip.

It is reported that Range aims to build a security and risk infrastructure stack, preparing the market and institutions for adopting blockchain and rollups technology through a top-notch enterprise-ready platform and a security-first approach. (Source link)

2. Security company Eyris completes $3 million Pre-Seed round financing, fully funded by Red Cell Partners
Blockchain network security technology provider Eyris announced the completion of $3 million in Pre-Seed round financing, fully funded by investment incubation agency Red Cell Partners, with specific valuation information not disclosed. Eyris provides a suite of blockchain technologies to enhance digital security for the Department of Defense, armed forces, and the private sector. (Source link)

3. Inscription ASK application platform Allspark completes $5 million seed round financing

Inscription ASK application platform Allspark has completed $5 million in seed round financing, with applications including cross-chain inscription, smart contracts combined with inscriptions, and GameFI combined with inscriptions.