Last week, there were a total of 24 public financing events in the cryptocurrency market, with a cumulative financing of approximately 428.5 million USD | Investment and Financing Weekly Report

Organizer: Luan Peng, RootData

According to incomplete statistics from RootData, during the period from June 24 to June 30, 2024, there were a total of 24 public financing events in the blockchain and cryptocurrency industry, with a total financing of approximately $428.5 million.

From the perspective of track distribution, the projects that received financing are mainly distributed in the gaming, infrastructure, and DeFi tracks. Popular projects include blockchain infrastructure company Covalent, GameFi full-chain layer Elfin Metaverse, decentralized cross-chain oracle AnchorZero, and Rollup deployment platform Conduit.

In addition, the decentralized proof network NovaNet announced the completion of a $3 million financing round, led by Finality Capital, with participation from several institutions including Arrington Capital and the Avalanche Foundation, aiming to build the world's first zero-knowledge proof incentive layer applicable to various scenarios.

I. Infrastructure

MegaETH developer MegaLabs completes $20 million financing, led by Dragonfly
Blockchain MegaETH developer MegaLabs has completed $20 million in financing, led by Dragonfly, with participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holdings, as well as angel investors including Vitalik Buterin, ConsenSys founder and CEO Joseph Lubin, EigenLayer founder and CEO Sreeram Kannan, ETHGlobal co-founder Kartik Talwar, Helius Labs co-founder and CEO Mert Mumtaz, Santiago Santos, Hasu, and Jordan Fish (also known as Cobie).

It is reported that MegaETH is a real-time blockchain capable of processing transactions at a speed of 100,000 transactions per second, with millisecond-level response times.

In addition, MegaETH's public testnet is set to launch this fall, with the mainnet expected to go live by the end of the year. (Source link)

Modular entertainment chain XProtocol completes $800,000 strategic round financing, total fundraising reaches $5.2 million
The modular entertainment chain XProtocol based on Base announced the successful completion of $800,000 in strategic round financing, bringing the total fundraising to $5.2 million. Investors in XProtocol include Cogitent Ventures and Zephyrus Capital.

It is reported that XProtocol is a modular entertainment chain built on Base using Superchain technology. XProtocol has also launched Xardian Nodes, where node operators will be rewarded for participating in the network consensus process. (Source link)

Bitcoin analytics startup Rebar completes $2.9 million seed round financing, led by 6th Man Ventures
Bitcoin analytics startup Rebar announced the completion of $2.9 million in seed round financing, led by 6th Man Ventures, with participation from ParaFi Capital, Arca, Moonrock Capital, and UTXO Management. The new funds will be used to build the first MEV product based on Bitcoin. (Source link)

Verifiable oracle protocol Ora completes $20 million financing, with participation from Polychain and SevenX Ventures
According to Coindesk, the verifiable oracle protocol Ora has completed $20 million in financing, with participation from Polychain, SevenX Ventures, HF0, and Hashkey Capital.

Additionally, Web3 asset data platform RootData shows that ORA is a verifiable oracle protocol that brings artificial intelligence and complex computations on-chain. ORA breaks the limitations of smart contracts with richer data sources and computational capabilities, allowing developers to innovate freely. ORA has two main products: AI Oracle (OAO): bringing AI on-chain; ZK Oracle: bringing complex computations and historical data on-chain. (Source link)

Blockchain infrastructure company Covalent completes $5 million financing, led by RockTree Capital
Blockchain data infrastructure company Covalent has completed $5 million in financing, led by RockTree Capital, with other investors including CMCC Global, Moonrock Capital, and Double Peak Group.

Covalent develops infrastructure that allows users to access historical blockchain data in the "Ethereum Wayback Machine," similar to storing web pages online in the web2 version. The company stated that it will use this financing to expand into Asia and support countries like China and Singapore in adopting long-term data availability.

It is reported that Covalent has raised over $20 million in total through token sales. (Source link)

Decentralized proof network NovaNet completes $3 million financing, led by Finality Capital
Decentralized proof network NovaNet announced the completion of $3 million in financing, led by Finality Capital, with participation from several institutions including Arrington Capital and the Avalanche Foundation, aiming to build the world's first zero-knowledge proof incentive layer applicable to various scenarios.

NovaNet provides locally verifiable computing and privacy-protecting applications, supporting a wide range of applications from AI and decentralized IoT (DePIN) to gaming. (Source link)

Rollup deployment platform Conduit completes $37 million Series A financing, co-led by Paradigm and Haun Ventures
Rollup deployment platform Conduit announced the completion of $37 million in Series A financing, co-led by Paradigm and Haun Ventures, with participation from Bankless Ventures, Coinbase Ventures, and others. It is reported that since its launch, Conduit has already helped teams like Degen and Proof of Play build their first L3.

Additionally, Web3 crypto asset data platform RootData shows that Conduit completed a $7 million seed round financing last March, led by Paradigm. (Source link)

Decentralized AI network Allora Labs completes $3 million strategic financing, with participation from Archetype
According to The Block, decentralized artificial intelligence network Allora Labs has completed $3 million in strategic financing, with participation from Archetype, Delphi Ventures, CMS Holdings, ID Theory, and DCF God. This round of financing brings Allora's total funding to $35 million.

It is reported that Allora Network is a decentralized artificial intelligence network built on the Cosmos stack as an L1 blockchain. Formerly known as Upshot, it was renamed Allora in February this year and shifted from an NFT evaluation platform to a decentralized artificial intelligence network. (Source link)

II. Gaming

Manta Foundation announces investment in GameFi full-chain layer Elfin Metaverse
Manta Foundation announced on X platform its investment in GameFi full-chain layer Elfin Metaverse, which is a successful applicant for the $50 million Manta ecological fund.

According to Web3 asset data platform RootData, Elfin Metaverse is a GameFi full-chain layer focused on esports, with its integrated esports platform and open-world metaverse built on Elfin Lands, a virtual realm that offers unique gaming experiences and a thriving community. (Source link)

Golf blockchain game project GolfN completes $1.3 million Pre-Seed round financing, with participation from CitizenX
Solana ecosystem golf blockchain game project GolfN announced the completion of $1.3 million in Pre-Seed round financing, with participation from CitizenX, Fourth Revolution Capital, Nom, and Joe McCann from Asymmetric Financial.

GolfN aims to introduce a Play-to-Earn mechanism into the sport of golf and plans to develop a digital caddy application. (Source link)

Cloud gaming PC lending project Shaga completes $1 million angel round financing, led by arca
Cloud gaming PC lending project Shaga announced on X platform the completion of $1 million in angel round financing, led by arca, with participation from Skybridge20VC, AuroryProject, quotientvc, MARINDIGITALVEN, and angel investors including amirhaleem, stephenakridge, pavelbains, harkl_, spacemandev, PashiPas, and gaoyuan121.

It is understood that Shaga (PC lending) is attempting to solve the issues of cloud gaming. Historically, cloud gaming has performed poorly due to expensive services and latency issues accessing servers. Shaga aims to better alleviate these costs and latency issues by lending personal computers in a trustless manner at the local level. (Source link)

III. DeFi

ENSO completes $4.2 million financing, led by Ideo Ventures and Hypersphere
According to Coindesk, chain abstraction intent engine ENSO announced the completion of $4.2 million in financing. This round of financing was led by Ideo Ventures and Hypersphere, with participation from over 60 angel investors.

The raised funds will be used to launch a Cosmos-based L1 blockchain this year and for ongoing product development. According to its official Twitter, ENSO is an intent engine powered by a future centered on intent, supported by @Polychain and @multicoincap. (Source link)

Binance Labs invests in Berachain ecological liquid staking protocol Infrared
Berachain ecological liquid staking protocol Infrared Finance has raised an undisclosed amount of funding from Binance Labs.

It is reported that this investment is for a private token round. Infrared's co-founder and CEO Raito Bear declined to comment on the total amount of financing and valuation to date. (Source link)

Tools

Decentralized cross-chain oracle AnchorZero completes $8 million seed round financing, led by Bain Capital and Spark Capital
According to official news, decentralized oracle network developer AnchorZero announced the completion of $8 million in seed round financing, led by Bain Capital Crypto and Spark Capital, with participation from Ethereal Ventures, Robot Ventures, Mischief Fund, Pascal Capital, and Sarah Meyohas. Specific valuation information has not been disclosed.

It is reported that AnchorZero is a blockchain technology company specializing in developing decentralized cross-chain oracle networks, providing secure and reliable price feed data services for smart contracts, allowing access to external data for smart contracts across multiple platforms. Additionally, they also provide Web3 tax planning solutions. (Source link)

Others

Binance Labs invests in Berachain ecological liquid staking protocol Infrared
Berachain ecological liquid staking protocol Infrared Finance has raised an undisclosed amount of funding from Binance Labs.

It is reported that this investment is for a private token round. Infrared's co-founder and CEO Raito Bear declined to comment on the total amount of financing and valuation to date. (Source link)

Digital asset trading company Crossover Markets completes $12 million Series A financing, led by Illuminate Financial
According to CoinDesk, digital asset trading company Crossover Markets has completed $12 million in Series A financing, led by Illuminate Financial and DRW Venture Capital, with participation from Flow Traders, Laser Digital, Two Sigma, Wintermute, and others.

Crossover Markets established a partnership with major broker Hidden Road last month, and according to the company's CEO Brandon Mulvihill, it is one of the few ultra-low latency electronic communication networks (ECN) in the cryptocurrency space. (Source link)

Blast liquidity market Fenix Finance completes $300,000 seed round financing, led by Orbs
According to official news, Blast liquidity market Fenix Finance has completed $300,000 in seed round financing, led by Orbs. It is reported that this seed funding will be used to create Fenix's unified trading and liquidity market on the Blast network.

Orbs' investment will strengthen its existing support for Fenix as a technology partner. Fenix has confirmed that it will immediately deploy the Fenix Liquidity Hub powered by Orbs L3. This will allow Blast users to execute token swaps at the best prices by combining on-chain and off-chain liquidity. (Source link)

Pudgy Penguins parent company acquires Web3 creator platform Frame to build new Layer 2
According to official news, NFT project Pudgy Penguins' parent company Igloo Inc. has acquired the on-chain creator economy platform Frame, with the terms of the deal undisclosed. The Frame team will now join Igloo. The purpose of this acquisition is to develop a Layer 2 network called Abstract Chain, designed specifically for on-chain culture and community, aiming to usher in a new era driven by the cultural economy, creating distribution tracks, empowering builders, and introducing innovative economic mechanisms on-chain. (Source link)

Cleanspark to acquire Bitcoin miner GRIID for $155 million
According to Bitcoin News, mining company Cleanspark will acquire Bitcoin miner GRIID for $155 million and plans to expand over 400 megawatts in Tennessee. Under the merger agreement, CleanSpark will purchase all GRIID common stock through an all-stock transaction, and GRIID shareholders will receive CleanSpark stock. (Source link)