(6.22-6.28) Investment and Financing Weekly Report | A total of 23 public investment and financing events, with infrastructure and DeFi leading, financing data begins to warm up

From June 22 to June 28, the cryptocurrency market experienced a total of 23 financing events, including 8 in infrastructure, 4 in DeFi, 3 in tools, 3 in gaming, 2 in mining, 2 in CeFi, and 1 in entertainment.

This week, there were 7 financing events exceeding ten million dollars:

Cryptocurrency mining company Hut 8 Mining completed a strategic financing round of $150 million, with Coatue Management as the investor.

Bitcoin mining company GRIID completed a $150 million acquisition, with CleanSpark as the investor.

The crypto-native infrastructure platform Conduit completed a $37 million Series A financing round, with investors including Paradigm and Haun Ventures.

The verifiable oracle protocol ORA completed a $20 million financing round, with investors including Polychain and HashKey Capital.

The ultra-high-performance real-time EVM L2 MegaETH completed a $20 million seed round financing, with investors including Dragonfly and Robot Ventures.

Digital asset trading technology company Crossover Markets completed a $12 million Series A financing round, with investors including Illuminate Financial and DRW Venture Capital.

The Web3 entertainment ecosystem Redacted completed a $10 million financing round, with investors including Spartan Group and Animoca Brands.

This week, the financing activity in the cryptocurrency market significantly rebounded compared to last week, with an increase of 100%. Cryptocurrency mining company Hut 8 Mining and Bitcoin mining company GRIID both secured the largest financing amounts of the week, reaching $150 million each.

The financing projects this week are sorted by financing amount as shown in the figure below:

Infrastructure

1. According to ROOTDATA financing data on June 27, MegaETH completed a $20 million seed round financing, with investors including Dragonfly and Robot Ventures. MegaETH is building ultra-high throughput and low-latency EVM-compatible L2s to accelerate Ethereum's scalability.

2. According to ROOTDATA financing data on June 27, XProtocol completed an $800,000 strategic financing round, with investors including Cogitent Ventures and Zephyrus Capital. XProtocol Superchain focuses on entertainment, gaming, and AI applications, providing scalable infrastructure and developer-friendly platforms for collaborative projects. It is compatible with the Ethereum Virtual Machine (EVM), allowing for direct migration of Ethereum projects and providing developers with powerful tools. XProtocol nodes (called Xardian nodes) will contribute to the decentralization of the XProtocol network. Node operators are expected to earn rewards for participating in the network consensus process.

3. According to ROOTDATA financing data on June 27, Rebar Labs completed a $2.9 million seed round financing, with investors including 6th Man Ventures and ParaFi Capital. Rebar Labs provides an alternative for users and seekers to the Bitcoin mempool, achieving privacy and bundled transactions.

4. According to ROOTDATA financing data on June 26, ORA completed a $20 million financing round, with investors including Polychain and HashKey Capital. 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.

5. According to ROOTDATA financing data on June 26, Covalent completed a $5 million strategic financing round, with investors including RockTree Capital and CMCC Global. Covalent is a decentralized data infrastructure that enables users to seamlessly access previously inaccessible blockchain data. Covalent indexes the entire blockchain history and transforms this data in a standardized and truly interoperable manner. Users can query almost any data on a given blockchain using a unified API.

6. According to ROOTDATA financing data on June 25, NovaNet completed a $3 million seed round financing, with investors including Finality Capital Partners and Arrington Capital. NovaNet is a fast and highly portable zkVM and decentralized proof network. It is extremely fast and space-efficient, making it an ideal solution for constrained devices such as browsers and consumer hardware.

7. According to ROOTDATA financing data on June 25, Conduit completed a $37 million Series A financing round, with investors including Paradigm and Haun Ventures. Conduit is a crypto-native infrastructure platform designed to enhance and accelerate builders in the crypto space. Its first product allows teams to launch production-grade Rollups based on OP Stack in a very short time, scaling their application performance by 100 times. Application-specific Rollups on Conduit are initiated, maintained, and scaled by infrastructure professionals, allowing teams to focus on what matters most: building products that users love.

8. According to ROOTDATA financing data on June 24, Allora completed a $3 million strategic financing round, with investors including Archetype and CMS Holdings. Allora is a self-improving decentralized artificial intelligence network. Allora aims to provide smarter and safer AI for applications through a network of self-improving machine learning models. By combining cutting-edge research in crowdsourced mechanisms such as peer prediction, federated learning, and zkML, Allora unlocks a vast new application design space at the intersection of cryptocurrency and AI.

DeFi

1. According to ROOTDATA financing data on June 27, Bluefin completed a financing round of unknown amount, with Flow Traders as the investor. Bluefin (formerly Firefly, dTrade) is a decentralized perpetual contract protocol that allows users to trade perpetual contracts anytime and anywhere with leverage of up to 20 times.

2. According to ROOTDATA financing data on June 27, Fenix Finance completed a $300,000 seed round financing, with Orbs as the investor. Fenix is the unified trading and liquidity market for Blast. Its next-generation decentralized exchange offers technologically advanced and capital-efficient trading and liquidity markets.

3. According to ROOTDATA financing data on June 25, Enso completed a $4.2 million financing round, with investors including Hypersphere Ventures and IDEO CoLab Ventures. ENSO is a connection layer and intent engine for crypto, connecting all ecosystems within a single network, allowing application developers and users to express their desired outcomes as intents, enabling the construction of truly composable applications without the need for manual integration.

4. According to ROOTDATA financing data on June 24, Infrared completed a financing round of unknown amount, with Binance Labs as one of the investors. Infrared Finance is an application based on Berachain's liquidity proof consensus mechanism. The application redesigns liquidity staking in the context of a three-token architecture and BGT's unique soul-binding elements. The protocol maximizes value for stakeholders through its infrastructure-level PoL treasury and iBGT liquid staking derivatives, aggregating social value through BGT.

Tools

1. According to ROOTDATA financing data on June 25, AnchorZero completed an $8 million seed round financing, with investors including Bain Capital Crypto and Spark Capital. AnchorZero is a Web3 tax planning solution that provides complex tax strategies for everyone, allowing founders to deposit their shares into a Roth IRA to save millions in taxes.

2. According to ROOTDATA financing data on June 25, Openstory completed a financing round of unknown amount through an acquisition, with Ava Protocol as the investor. Openstory is an on-chain indexer focused on scanning and revealing on-chain truths like stories, enabling everyone to make decisions based on objective information easily.

3. According to ROOTDATA financing data on June 23, SoSo Value completed a $4.15 million seed round financing, with investors including Sequoia China and GSR. SoSo Value is a one-stop financial research platform for cryptocurrency investors, providing real, high-quality macro market insights to assist investors in more effective investment research. It also offers an AI-based classification system for news and research, connecting macroeconomic data with the cryptocurrency market.

Gaming

1. According to ROOTDATA financing data on June 25, Elfin Metaverse completed a financing round of unknown amount, with Manta Network as the investor. 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 offering unique gaming experiences and a thriving community. Players can participate in daily battles, seasonal tournaments, and social activities within the metaverse. Owners of Elfin Lands enjoy exclusive NFTs, economic rewards, and the ability to customize land and surrounding environments. The platform also facilitates collaborations with blue-chip Web3 communities, gaming guilds, and DAOs, providing opportunities for participation and growth.

2. According to ROOTDATA financing data on June 25, GolfN completed a $1.3 million pre-seed round financing, with Fourth Revolution Capital and Citizen X as investors. GolfN is a Web3 golf P2E game aimed at bringing traditional golf into Web3 through a P2E digital rewards model, making traditional golf competitions more inclusive and attractive.

3. According to ROOTDATA financing data on June 25, Shaga completed a $1 million angel round financing, with Arca and Aurory as investors. Shaga aims to bring a revolutionary gaming experience through an open, decentralized, and permissionless network. Shaga is unlocking the potential of community-driven clouds, enabling PC users to turn their system's idle computing into nodes.

Mining

1. According to ROOTDATA financing data on June 27, GRIID completed a $150 million acquisition, with CleanSpark as the investor. GRIID is a Bitcoin mining company. As of early 2024, the company has a power capacity of 68 megawatts (MW) and operates in Watertown, New York, with limestone mining facilities located in Maynardville and Lenoir City, Tennessee.

2. According to ROOTDATA financing data on June 24, Hut 8 Mining completed a $150 million strategic financing round, with Coatue Management as the investor. Hut 8 is one of North America's largest digital asset miners, with 36,000 square feet of data center space and cloud capabilities connected to a grid powered by significant renewable energy and zero-emission resources. Hut 8 aims to revolutionize traditional assets by creating the first hybrid data center model that serves both traditional high-performance computing (Web 2.0) and the emerging digital asset computing sector, blockchain gaming, and Web 3.0.

CeFi

1. According to ROOTDATA financing data on June 27, TDMM completed a seed round financing of unknown amount, with Blockchain Founders Fund and Anthony Scaramucci as investors. TDMM is a cryptocurrency market-making company that has provided liquidity and market-making services for over 200 crypto projects since its establishment in 2015, managing the entire lifecycle of crypto tokens from post-listing first trades to all transactions.

2. According to ROOTDATA financing data on June 26, Crossover Markets completed a $12 million Series A financing round, with Illuminate Financial and DRW Venture Capital as investors. Crossover Markets is a digital asset trading technology company focused on meeting the unique liquidity requirements of institutions in the spot and derivative cryptocurrency markets. CROSSx is the company's cryptocurrency electronic communication network (ECN), designed to avoid conflicts of interest by decoupling trade execution from custody and brokerage, allowing institutions to freely choose their credit trading counterparties. As a pure execution venue provider, Crossover does not hold customer funds, does not directly handle assets, or assume counterparty risk.

Entertainment

1. According to ROOTDATA financing data on June 27, Redacted completed a $10 million financing round, with investors including Spartan Group and Animoca Brands. Redacted is a Web3 entertainment ecosystem. Leveraging the power of blockchain and artificial intelligence, Redacted is building a product ecosystem to form an entertainment data circle where Web3 users can do what they love most—play, trade, watch, and earn rewards. Supported by the RDAC token, Redacted aims to enhance its entertainment and gamified products through data protocols, providing users with better, more targeted experiences and greater business opportunities for Web3 companies and Dapps.