Last week, there were a total of 30 public financing events in the cryptocurrency market, raising approximately $357 million | Investment and Financing Weekly Report

RootData
2024-12-16 10:00:00
Collection
Avalanche completes $250 million financing, with participation from Galaxy Digital; stablecoin payment platform KAST completes $10 million seed round financing, led by Peak XV and HongShan; crypto AI startup Exabits completes $15 million seed round financing, led by Hack VC.

Organizer: Luan Peng, RootData

According to incomplete statistics from RootData, during the period from December 9 to December 15, 2024, there were a total of 30 public financing events in the blockchain and cryptocurrency industry, with a cumulative financing of approximately $357 million.

From the perspective of track distribution, the projects that received financing were mainly concentrated in the infrastructure and DeFi tracks. Popular projects include the AI data layer protocol Glacier Network, the decentralized lending protocol Yei Finance, the Bitcoin trading application Relai, and the blockchain development company ProvLabs.

In addition, the Avalanche Foundation announced that it has raised $250 million for its blockchain platform through a private token sale, with Galaxy Digital, Dragonfly, and ParaFi Capital participating alongside more than 40 other companies.

*(List of projects with financing greater than $5 million last week, data source: * Rootdata

I. Infrastructure

AI Data Layer Protocol Glacier Network Completes Approximately $4.2 Million Fundraising Through Fjord Foundry

AI data layer protocol Glacier Network announced on platform X that it has completed approximately $4.2 million in public sale fundraising through Fjord Foundry.

Additionally, Glacier Network announced that 10% of the total supply of GLS tokens has been allocated, with the token expected to go live on CEX and DEX on December 18.

MegaETH Developer MegaLabs Completes $10 Million Financing Through Echo Platform

According to The Block, MegaETH developer MegaLabs has completed $10 million in financing through the Echo platform. MegaLabs co-founder Shuyao Kong stated that the structure of this round of financing is equity plus token warrants, similar to MegaLabs' $20 million seed round financing in June. Furthermore, both rounds of financing were valued at "hundreds of millions of dollars."

Smart Contract Platform Waterfall Network Completes $11.6 Million Financing, Bolt's Capital and Others Participate

According to IBTimes, smart contract platform Waterfall Network announced the completion of a new round of financing totaling $11.6 million, with participation from Bolt's Capital, Alpha Token Capital, and Enflux. The funds will be used to strengthen the platform's infrastructure, simplify nodes, and further improve.

Waterfall Protocol, launched in July 2024, is a Layer 1, scalable, decentralized smart contract platform developed by software company BlueWave based on DAG technology and fast finality PoS consensus. It is compatible with the Ethereum Virtual Machine (EVM).

Avalanche Completes $250 Million Financing, Galaxy Digital and Others Participate

The Avalanche Foundation announced that it has raised $250 million for its blockchain platform through a private token sale, with Galaxy Digital, Dragonfly, and ParaFi Capital participating alongside more than 40 other companies.

It is reported that in December 2021, Avalanche raised $230 million through a similar token sale.

Stablecoin Payment Company Sphere Completes $5 Million Financing, Coinbase and Kraken Lead

According to Forbes, stablecoin payment company Sphere has completed $5 million in financing led by Coinbase Ventures and Kraken Ventures. The company was founded by Arnold Lee and Luigi Charles in 2022, aiming to create a "crypto version of Stripe."

According to RootData, Sphere is a payment infrastructure that helps merchants from underdeveloped emerging markets achieve cost-effective, secure, and nearly instant cross-border payments through stablecoins. Through an aesthetically pleasing and easily accessible graphical user interface (GUI), Sphere coordinates blockchain, hosted infrastructure, and financial service providers to facilitate stablecoin payments.

DePIN Project Soarchain Announces Completion of $4.5 Million Financing, Alpha Ventures and Others Participate

DePIN project Soarchain announced the completion of $4.5 million in financing, with participation from Taisu Ventures, BlockBuilders, Hyperithm, Plug and Play, Alpha Ventures, and others.

It is reported that Soarchain is built on the Cosmos SDK and is a sovereign application chain that provides token incentive data and connectivity infrastructure for vehicles. The platform allows vehicles to contribute to the vehicle network anonymously and privately while maximizing their advantages by leveraging applications running on the network—while also earning rewards. Developers and data consumers use car owner-generated automotive data to create applications and services on a reliable, open platform, thereby reducing the cost of providing better goods and services to users.

DeFi Protocol Spicenet Completes $3.4 Million Seed Round Financing, Hack VC and Others Lead

According to official news, DeFi protocol Spicenet announced the completion of $3.4 million in seed round financing, led by Hack VC and Magnus Capital, with participation from TPC Ventures, Public Works, WAGMI Ventures, DoraHacks, P-OPS Team, The Rollup Ventures, and several angel investors.

It is introduced that Spicenet is a unified, composable liquidity layer, with its underlying technology being Celestia. The protocol integrates solutions and market makers into one network and allows for two forms of liquidity from other chains without bridging assets to Spicenet, with its unified margin system enhancing capital efficiency. Spicenet is about to launch its private testnet, with final bug fixes underway.

Blockchain Startup Commonware Completes $9 Million Financing, Haun Ventures and Dragonfly Capital Co-lead

Blockchain startup Commonware has completed $9 million in financing, co-led by Haun Ventures and Dragonfly Capital. Commonware has also received funding from numerous well-known cryptocurrency developers, including Smokey the Bera from BeraChain, Zaki Manian from Cosmos, Sreeram Kannan from EigenLayer, Dan Romero from Farcaster, and Mert Mumtaz from Helius.

Commonware is building an open, Rust-based blockchain framework designed for high throughput, easy modification, and embedded interoperability. Like Cosmos-SDK, the Commonware framework will enable developers to launch their own blockchains.

Binance Labs Announces Investment in Stablecoin Infrastructure Protocol Perena
Binance Labs announced an investment in Perena's core development team Quine Co., supporting its establishment of a stablecoin infrastructure protocol on Solana. Binance Labs' investment will support the Perena team in scaling, developing a global community, and building a comprehensive suite of stablecoin products on Solana.

Perena aims to build a more decentralized, efficient, and accessible financial system by combining DeFi innovations with traditional financial principles.

Perena recently launched Numéraire, a weighted multi-token scalable stablecoin exchange protocol (stableswap) that significantly reduces the capital requirements for new stablecoin issuance without the need for actively managed centralized liquidity market makers (CLMM). The crypto AI startup Exabits completed $15 million in seed round financing, led by Hack VC.

Crypto AI Startup Exabits Completes $15 Million Seed Round Financing, Led by Hack VC

Crypto AI startup Exabits has completed $15 million in seed round financing, with a valuation of $150 million, led by Hack VC. This round of financing brings Exabits' total funding to $20 million.

Exabits co-founder Hoansoo Lee stated that Exabits began fundraising in July this year and completed this round of financing in October, with plans to launch a token in the future.

Exabits aims to tokenize GPUs to achieve decentralized computing. Exabits' tokenization model provides direct investment in GPU computing assets, creating a liquid market.

Interchain Foundation Acquires Blockchain Solutions Provider Skip Protocol

The Interchain Foundation has acquired blockchain solutions provider Skip Protocol.

The Interchain Foundation (ICF) is a Swiss non-profit organization dedicated to promoting interoperability and sustainable development within the Cosmos ecosystem. This strategic acquisition brings Skip's expertise in product, engineering, and overall coordination with the ecosystem and community into ICF.

After the acquisition, Skip will be renamed Interchain Inc., becoming a subsidiary of ICF, led by Skip co-founders Barry Plunkett and Maghnus Mareneck, responsible for leading all product, protocol, and strategic development for the foundation. Its main goal is to promote the development of cross-chain native companies and developers, attract new users and capital liquidity, and drive technological achievements to enhance the competitiveness of the Interchain Stack.

Hong Kong-listed Company Boyaa Interactive Strategically Invests in BounceBit

BounceBit announced on platform X that Hong Kong-listed company Boyaa Interactive has made a strategic investment in it.

According to RootData, BounceBit is building BTC re-staking infrastructure to provide a foundational layer for various re-staking products, secured by regulatory custody from Mainnet Digital and Ceffu. BounceBit Chain is designed as a showcase for re-staking products within the BounceBit ecosystem, operating as a PoS Layer 1, where validators stake BTC and BounceBit's native token for protection—this is a dual-token system that leverages the native security of Bitcoin and is fully compatible with EVM.

Web3 AI Cloud Startup Hyperbolic Completes $12 Million Series A Financing, Variant and Polychain Capital Lead

Web3 AI cloud startup Hyperbolic announced the completion of $12 million in Series A financing, led by Variant and Polychain Capital, with participation from Chapter One, Lightspeed Faction, Bankless Ventures, GSR, IOSG, Vertex, Blockchain Builders Fund, Wintermute, Alumni Ventures, 10K Ventures, Ambush Capital, and several angel investors. With this investment, Hyperbolic has raised a total of $20 million.

The new funds will be used to expand the engineering and strategic teams and enter the market. Hyperbolic plans to launch its own blockchain next year. The company aims to integrate global GPU computing resources with blockchain technology to provide verifiable, secure, and reliable AI services to the market, effectively addressing the industry's pain points of high computing resource costs and uneven distribution. Additionally, the company has launched a decentralized orchestration layer, Hyper-dOS (Hyperbolic Distributed Operating System), providing solid technical support for the entire GPU market.

Mandala Chain Completes $1 Million Pre-Seed Round Financing, Harbour Industrial Capital Leads

Blockchain Mandala Chain has completed $1 million in pre-seed round financing, led by Harbour Industrial Capital, with participation from O-DE Capital, NLS Ventures, and strategic partners from the Polkadot ecosystem. This funding will enable Mandala Chain to scale its operations, establish strategic partnerships, and expand its influence in emerging markets.

Mandala Chain focuses on deploying practical real-world use cases, aiming to drive meaningful adoption of blockchain technology, starting from Indonesia.

II. DeFi

Sei Ecosystem Lending Protocol Yei Finance Completes $2 Million Seed Round Financing, Manifold Leads

According to official news, decentralized lending protocol Yei Finance announced the completion of $2 million in seed round financing. This round of financing was led by Manifold, with participation from DWF Ventures, Kronos Research, Outlier Ventures, Side Door Ventures, and WOO.

According to Web3 asset data platform RootData, Yei Finance is a currency market on the Sei network. Yei Finance offers a rich array of investment opportunities with its extensive asset coverage, comprehensive risk framework, and detailed token access.

Decentralized Derivatives Protocol Symmio Completes $3.1 Million Financing, Spartan Group and Others Participate

According to a press release, decentralized derivatives protocol Symmio announced that it has completed $3.1 million in financing, with approximately $2.1 million invested by Spartan Group, Orbs, MCLB, and Blockchain Founders Fund, while MS2 Capital, GMoney, and Prime Ventures are early investors in the company.

Symmio is an intent-centric derivatives clearing layer designed to address liquidity and fragmentation issues in DeFi, currently supporting four networks: Arbitrum, Base, BSC, and Mantle. The project revealed plans to launch its token TGE on December 16, with initial liquidity provided through the SYMM / ETH trading pair on Aerodrome Finance.

DeFi Platform Step Finance Acquires Stock Tokenization Company Moose Capital

DeFi platform Step Finance has acquired early-stage startup Moose Capital, which specializes in traditional stock tokenization, aiming to allow users to buy and sell stocks of companies like Nvidia and Tesla directly on the Solana blockchain.

In addition to acquiring Moose Capital's products (which are planned to be renamed Remora Markets), Step Finance has also absorbed the startup's team and regulatory licenses in preparation for a listing in the first quarter of 2025.

Step Finance aims to become a portfolio management tool and analysis center for Solana users. It also owns a media company focused on the NFT market, SolanaFloor, and a global event project active in over 50 cities, Solana Allstars.

Tokenized Uranium Mining Company Uranium Digital Completes $1.7 Million Financing, Portal Ventures Leads

Tokenized uranium mining company Uranium Digital has completed $1.7 million in financing, led by Portal Ventures.

Uranium Digital is a startup that tokenizes uranium ore to facilitate trading in the heavily regulated metal market in new ways.

Uranium Digital founder Alex Dolesky stated that he discovered early in his career trading commodities that uranium, as a commodity, has not developed as much as other metals like gold and silver. Due to strict regulations, uranium is traded only through over-the-counter (OTC) transactions dominated by institutional traders, making the trading process opaque and inaccessible to retail investors. Uranium trading is still in its early stages, and a financialized market needs to be established first.

On-chain Yield Market Superform Completes $3 Million Financing, VanEck Ventures Leads

On-chain yield market Superform has completed $3 million in financing, led by VanEck Ventures, with participation from Polychain Capital, CMT Digital, Amber Group, Node Ventures, BlockTower Capital, Heartcore Capital, Maven11 Capital, and UpTop Capital. The company raised $6.5 million in seed round financing in November 2022, bringing Superform Labs' total financing to $9.5 million.

This round of financing will enable Superform to expand its product range and launch SuperUSDC on Ethereum, facilitating team growth.

According to RootData, Superform is a full-chain yield market. The protocol aggregates vaults, routes assets, and executes transactions within EVM networks. It also serves as an instant distribution platform for ERC-4626 vaults.

Synthetix Announces Acquisition of Leveraged Token Platform TLX

Synthetix has announced the acquisition of leveraged token platform TLX.

Synthetix is currently reviewing and auditing all TLX products. Synthetix plans to complete a comprehensive review, implement parameter improvements, and redeploy all contracts in the coming weeks.

Lending Platform Neptune Protocol Completes $3.9 Million Seed Round Financing, Bloccelerate and Others Participate

Decentralized lending platform Neptune Protocol has completed $3.9 million in seed round financing, with participation from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Optic Capital, Relayer Capital, and well-known angel investors Meltem Demirors, Kartik Talwar, Mike Silagadze, Alan Curtis, and Ben Lakoff. The funds will be used to develop and launch USDN, finance comprehensive security audits to strengthen the protocol, and support team expansion.

Neptune Protocol is a decentralized lending platform built for the Eclipse ecosystem. It allows users to securely unlock liquidity from their collateral without selling their underlying assets, thereby enhancing capital efficiency.

Automated Market Maker SmarDex Raises $4.5 Million in Public Seed Round Financing

Automated market maker SmarDex has raised $4.5 million in public seed round financing, and the platform has also received a total of $12 million in funding support from Swiss Web3 pioneer RA2 TECH.

It is reported that SmarDex will launch a synthetic dollar token USDN, supported by fully decentralized Ethereum perpetual contracts, ensuring that USDN remains pegged to the value of $1.

Additionally, according to Web3 asset data platform RootData, SmarDex is an automated market maker (AMM) that addresses impermanent loss (IL) issues and, in some cases, converts it into impermanent gains (IG). It is an open-source smart contract that runs on compatible Ethereum Virtual Machine blockchains (such as Ethereum, Binance Smart Chain, Avalanche, Polygon, etc.). These blockchains serve as data exchange protocols, similar to the Bitcoin blockchain, allowing for the public, immutable, and decentralized storage and transmission of information. By using SMARDEX, users can exchange decentralized ERC20 tokens, i.e., digital assets.

III. Gaming

Decentralized Trading Card Game Fantasy Completes $4.25 Million Seed Round Financing, Dragonfly Leads

The decentralized trading card game Fantasy, powered by Blast, announced the completion of $4.25 million in seed round financing, led by Dragonfly, with participation from Manifold Ventures. The new funds will be used to improve Fantasy products.

IV. Wallets

Bitcoin Trading Application Relai Completes $12 Million Series A Financing, Ego Death Capital Leads

Bitcoin trading application Relai has completed $12 million in Series A financing, led by Ego Death Capital, with participation from Plan B Bitcoin Fund, Timechain, and Solit Group. Relai plans to use the new funds to further expand into Europe and obtain licensing under the new Markets in Crypto-Assets (MiCA) regulation.

Relai co-founder and CEO Julian Liniger stated, "Despite the harsh market conditions, our financing round was still oversubscribed. This new funding will significantly accelerate our growth and support our mission to educate and onboard millions of Europeans into Bitcoin."

According to RootData, Relai is an app that only offers Bitcoin, accompanied by a non-custodial Bitcoin wallet, dedicated to making Bitcoin savings and investments accessible to everyone, allowing anyone to buy and sell Bitcoin in minutes without registration, verification, or deposits.

V. Others

Tokenized Data Platform Inveniam Receives Investment from UAE AI Company G42

UAE AI company G42 has made an investment in tokenized data platform Inveniam, with the specific amount undisclosed, bringing its total funding to over $120 million. G42 has 25,000 employees across seven AI subsidiaries, with business areas including energy, health, and data centers.

Inveniam officially announced in 2021 that it had secured $25 million in Series A financing led by fund management company Apex, with Cushman & Wakefield also leading. Inveniam's system uses DLT to provide data sources for pricing calculations, most of which may come from AI, with data access being permissioned. It also employs privacy technology to enable institutions to share data without exposing sensitive information. Inveniam utilizes technology from tokenized startup Tokeny.

Inveniam CEO Patrick O'Meara stated, "We are collaboratively building a system that allows for the sharing, analysis, pricing, and trading of private market assets while ensuring that sensitive source business data remains protected and controlled by its owners."

Solana-based Tokenization Platform AgriDex Completes $4 Million Strategic Round Financing, Total Financing Reaches $9 Million

According to The Block, Solana-based tokenization platform AgriDex has completed $4 million in strategic round financing, led by Portal Ventures, with participation from Endeavour Ventures, Hawkwood Capital, HU Investments, FS Ventures, and Sycamore Gap Management Ltd. Company. Angel investors such as Tobechi Bolanle Taiwo from Palantir and Anna Yuan from Perena also participated in this round of financing. Previously, AgriDex completed $5 million in pre-seed round financing, bringing its total financing to $9 million.

With the support of the new round of funding, AgriDex plans to tokenize and process $4.5 billion in unfinished trade commitments from partners such as Future Farms, Oldenburg, and Parrogate Group. The platform also plans to expand its coverage to tokenize and trade new commodities such as cocoa from West Africa and wheat from Eastern Europe.

Additionally, according to Web3 asset data platform RootData, AgriDex is an RWA market based on Solana that is reshaping the global agricultural industry. It provides participants in the agricultural sector with a transparent, integrated market, with its own internal economy, utilizing on-chain fiat currency, smart contracts, and participatory reviews, AgriDex offers fully compliant, streamlined solutions for agricultural supply chain management.

Stablecoin Payment Platform KAST Completes $10 Million Seed Round Financing, Peak XV and HongShan Lead

According to Techcrunch, HongShan and Peak XV, both spin-offs of Sequoia, jointly led a $10 million seed round financing for stablecoin payment platform KAST.

KAST is a stablecoin-based quasi-bank platform that allows users to hold and use stablecoins through traditional payment channels and provides credit card services usable in standard merchant networks, enabling users to spend their stablecoin assets at merchants that do not support cryptocurrency payments.

The platform was co-founded by former Circle Asia-Pacific head Raagulan Pathy and former Quona Capital partner Daniel Bertoli, primarily targeting users in emerging markets, especially offshore workers. KAST reduces cross-border payment costs by bypassing traditional banking networks and is currently not operating in China and India due to regulatory restrictions. DST Global and Goodwater Capital partners participated in this round.

Blockchain Development Company ProvLabs Completes Seed Round Financing, Morgan Creek Digital and GateCap Ventures Lead
According to PRNewswire, blockchain development company ProvLabs, which provides infrastructure technology solutions, announced the completion of seed round financing, led by Morgan Creek Digital and GateCap Ventures, with participation from Animoca Brands, BlockChange Ventures, CMT Digital, Medalist Partners, Serengeti Asset Management, The Operating Group, Thirdstream Partners, and Walden Bridge Capital. Specific financing amounts and valuation information have not been disclosed.

The new funds are intended to expand its products and services, including the public Layer 1 blockchain Provenance Blockchain that supports RWA.

Previously, Provenance announced the establishment of the SaaS and blockchain development company ProvLabs to provide financial institutions, service providers, platforms, and DeFi applications with the capability to operate on Provenance.

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