During the period from December 2nd to December 8th, a total of 19 investment and financing events occurred in the cryptocurrency market, including 8 in the infrastructure sector, 1 in the CeFi sector, 3 in the DeFi sector, 1 in the Web3 sector, 4 in the gaming sector, and 2 in the NFT sector.

During this week, there were 3 financing events of tens of millions of US dollars or more. The largest financing was announced by the cryptocurrency financial services company Swan, which completed a $165 million equity financing to be completed in 2023. Additionally, Babylon, a cryptocurrency staking protocol, completed an $18 million financing, and Mocaverse, an NFT series under Animoca Brands, announced the completion of an $11,888,888 new round of financing.

The heat in the cryptocurrency market continued to rise compared to the previous week. Financing activities in the infrastructure sector performed most prominently, and there was a significant increase in heat in the gaming sector. The DeFi and NFT sectors were also relatively active.

The investment and financing projects in the cryptocurrency market this week are sorted by financing amount as shown in the following figure:

Infrastructure

1. ChainCatcher reported that the Layer2 MAP protocol of the cryptocurrency ChainCatcher has announced strategic investment from Waterdrip Capital. The MAP protocol, established in 2019, is a Layer-2 solution for peer-to-peer cross-chain interoperability in the cryptocurrency space. It enhances network security and achieves BRC20 cross-chain capabilities by utilizing the security mechanisms of cryptocurrencies to allow seamless interaction with assets and users from other public chains.

2. ChainCatcher reported that Versatus Labs (formerly VRRB Labs), an Ethereum scalability startup, announced the completion of a $2.3 million seed round financing at a valuation of $50 million. NGC Ventures, Republic Crypto, and Hyperithm participated in the investment. The company, which had previously completed a $1.4 million seed round financing in February of this year, has received a total of $3.7 million in financing. Versatus is currently building a "stateless Rollup" called LASR. LASR is currently in the Alpha stage and is expected to launch on the Ethereum testnet in the first week of January next year, with plans to go live on the mainnet in mid-March.

3. According to CoinDesk, the non-profit organization Pyth Data Association, developed by the oracle project Pyth Network, has completed a new round of financing with participation from Castle Island Ventures, Multicoin Capital, Wintermute Ventures, Borderless Capital, CMT Digital, Bodhi Ventures, Distributed Global, and Delphi Digital. Michael Cahill, CEO of Duoro Labs and director of Pyth Data Association, stated that the new partners have all received PYTH token allocations.

4. According to The Block, the cryptocurrency data platform Shadow completed a $9 million seed round financing, with Paradigm leading the round and participation from Coinbase Ventures, Electric Capital, Ethereum Foundation, Uniswap, and Flashbots. The company's first product allows anyone to enhance any contract with custom events and view functions to obtain the accurate data they need, and is currently open to the public for demonstration. Shadow uses so-called "shadow forks" to provide a private execution environment that aims to reflect the state of public blockchains in real time.

5. ChainCatcher reported that the Ethereum Layer 2 Rollup project Ten (formerly Obscuro) completed a $7.5 million financing round with participation from Republic Capital, KuCoin Labs, R3, Big Brain Holdings, Magnus Capital, Builder Capital, DWF Labs, Pragma Ventures, and GTS Ventures. According to cryptocurrency data platform RootData, Obscuro is Ethereum's second-layer solution that provides privacy and scalability. Obscuro is incubated by the well-known enterprise blockchain company R3.

6. The modular account abstraction project Rhinestone announced the completion of a Pre-Seed round of financing with participation from 1kx, Safe, Lattice, Heartcore, Calvin Lui (Chief Strategy Officer of EigenLayer), Georgios Vlachos (Co-founder of Axelar), and Waikit Lau (Lau Ventures). Rhinestone did not disclose the specific amount of financing. Rhinestone is building a platform to realize a secure ecosystem for smart account modules and innovative permissionless wallets. Previously, Rhinestone was selected as one of the 18 projects funded in the Ethereum Foundation's ERC-4337 account abstraction grant round.

7. According to BlockBeats, on December 7th, the cryptocurrency staking protocol Babylon completed an $18 million financing round, led by Polychain Capital and Hack VC, with participation from Framework Ventures, ABCDE Capital, IOSG Ventures, Polygon Ventures, and OKX Ventures.

8. According to The Block, the ZK infrastructure platform Sindri completed a $5 million seed round financing, led by CoinFund. Sindri will use the funds to expand its team, develop its developer network, and build a comprehensive zero-knowledge-based developer stack. Sindri supports developers in verifying data through zero-knowledge proofs and applying them to research use cases and blockchain applications. Previously, Sindri had received a $2 million Pre-Seed round financing in June 2022.

CeFi

1. According to Forbes, the cryptocurrency financial services company Swan announced the completion of a $165 million equity financing to be completed in 2023, with $125 million to be used for private equity and venture capital, and $40 million to be used for expansion into cryptocurrency-supported lending and other institutional products. Swan founder Klippsten indicated that Swan plans to raise another $150 million in 2024 to provide funding for expansion.

DeFi

1. The DeFi platform Curvance completed a $3.6 million seed round financing, with investors including Offchain Labs, the developer of Arbitrum, cross-chain messaging platform Wormhole, angel investors including Sandeep Nailwal, co-founder of Polygon, contributors from cryptocurrency projects such as Scroll, Mantle, Eigenlayer, GMX, Curve Finance, Convex Finance, Balancer, Aura Finance, and Pendle Finance, as well as core contributors from DAOs including Frax Finance. Curvance is a comprehensive service for the entire chain currency market oriented towards yield, LSDfi, tokenized treasuries, and original assets.

2. According to Tech Startups, the development team of the DeFi protocol Jellyverse, Jelly Labs AG and Fintonomy LTD, announced the completion of a $2 million seed round financing from private investors. Jellyverse is a decentralized financial services platform built on the EVM-compatible Layer2 network DeFiMetaChain, and its products will include JLY, Jellyswap, Jellystake, JellyBond, and jUSD.

3. According to ChainCatcher, the decentralized agricultural financing protocol LandX announced that it has oversubscribed its $915,000 private placement round, bringing its total financing to over $5 million. Additionally, the LandX platform will officially launch on December 15th and will open its token public offering. LandX will bring agricultural asset and tokenized farmland into the decentralized financial ecosystem, providing upfront funding to farmers in exchange for a certain percentage of their future harvests. The financing is secured by underlying farmland, providing investors with the potential opportunity to receive sustainable returns supported by tangible assets.

Web3

1. According to TechCrunch, the Web3 media protocol Sona has completed a $6.9 million seed round financing, with participation from Polychain Capital, Haun Ventures, and Rogue Capital. Sona uses modules built on DeFi to provide token-based streaming content, music auctions, governance rewards, and other services for artists, and distributes a certain percentage of music auction proceeds to artists and the platform. The platform currently has over 5 million tracks and is expected to expand to 16 million tracks next year.

Gaming

1. According to TechCrunch, the decentralized identity startup Carv, targeting gamers, completed a $4 million financing at a valuation of $40 million, led by Vertex Ventures, a venture capital firm under Temasek, with other investors including EVOS (ATTN Group), SNACKCLUB (Loud Gaming), Infinity Ventures Crypto, YGG SEA, UpHonest Capital, Lyrik Ventures, Lintentry Foundation, PAKADAO, 7UpDAO, and angel investor Aliaksandr Hadzilin (co-founder of NEAR).

2. According to the official blog, NFT gaming company Endless Clouds announced the completion of a $2.5 million strategic financing, with participation from founders and executives of companies such as Animoca Brands, Sky Mavis, YGG, Faze Clan, Immutable, Pudgy Penguins, Pixelmon, Pixels Online, Pixel Vault, and a group of angel investors. The new funds will be used to continue developing its blockchain games Treeverse and Capsule Heroes, as well as to build the "Timeless" IP.

3. According to ChainCatcher, Web3 game distribution platform Elixir Games announced the acquisition of game developer LitLab Games, the publisher of the game "CyberTitans".

4. According to Techinasia, Japanese entertainment and gaming startup Gacha Monsters completed a $3 million seed round financing, led by Animoca Brands, with participation from Infinity Ventures Crypto, FBG, and Big Time Games. The company, led by Jia Shen, a game developer who has developed games such as "Pokémon Medallion", "Battle Cats", and the international version of "Disney Tsum Tsum", plans to launch the alpha version of the game Poglin in the first quarter of 2024. The company plans to develop Poglin into a multimedia IP covering anime, games, Web3, and physical goods.

NFT

1. OKX Ventures announced a strategic investment in StarryNift. StarryNift is a collaborative platform that integrates gaming, social, and entertainment, and its incubated Code Green NFT and Citizenship DID series have a community of 150,000 cardholders. It has previously received tens of millions of dollars in venture capital from institutions such as SIG, Binance Labs, DFG, and Leland Ventures.

2. According to official sources, Mocaverse, an NFT series under Animoca Brands, announced the completion of an $11,888,888 new round of financing, with participation from Block1, OKX Ventures, Foresight Ventures, Polygon Ventures, and Dapper Labs. As of now, Mocaverse's total financing has reached $31.88 million (the previous round was $20 million), and in these two rounds of financing, Animoca Brands raised funds by issuing new common shares at a price of $4.50 Australian dollars per share. The new funds will be used to establish a digital identity and scoring system for Web3 games, culture, and entertainment within Mocaverse.

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