Summary: Biscuit, RootData

According to RootData's incomplete statistics, from January 29th to February 4th, 2024, there were a total of 34 public financing events in the blockchain and crypto industry, with a total financing of approximately 119.9 million USD.

In terms of the distribution of projects, the financed projects were mainly in the DeFi, infrastructure, and gaming tracks, with 13 financings completed in the DeFi track alone. Popular projects include the liquidity staking protocol Puffer Finance, the cross-chain trading and liquidity routing protocol Squid, the crypto investment strategy protocol Doubler, and the open-world RPG NFT game Pixelmon.

In addition, Binance Labs clarified that it did not participate in the latest round of 15 million USD financing for SkyArk Chronicles, stating that SkyArk Chronicles was a project incubated and invested by Binance Labs in the third phase of the Binance Labs incubator in 2021, and this was its first and only round of financing in which Binance Labs participated. In response, the founder of SkyArk confirmed the 15 million USD financing, which involved multiple rounds of financing for token rights and equity. Binance Labs only participated in one round of token rights financing and holds the largest share.

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

I. Infrastructure

1. Ethereum infrastructure team Delegate Labs completes a 9 million USD seed round financing, with participation from Electric Capital and others

The security protocol team Delegate Labs behind Delegate completed a 9 million USD seed round financing, with participation from Electric Capital, Arca, Variant, and Arrington Capital. This round of financing will be used to fund the Web3 domain protocol Clusters.

Earlier reports indicated that Delegate, in collaboration with the cross-chain interoperability protocol LayerZero, launched the multi-chain domain service Clusters. Clusters aims to address issues such as address fragmentation, complex wallet management, and domain grabbing. (Source)

2. RGB protocol infrastructure Bitlight Labs completes seed round financing, led by Gate Ventures and HV Capital

RGB protocol infrastructure Bitlight Labs announced the completion of seed round financing on social media. This round of financing was led by Gate Ventures and HV Capital, with participation from institutions such as MH Ventures, Fundamental Labs, Oak Grove Ventures, and Waterdrip Capital.

It is reported that Bitlight Labs is expected to launch on the Bitcoin mainnet and Lightning Network in a few weeks, and will issue the BIT token based on the RGB20 standard, covering the entire Bitlight application ecosystem. The BIT token Season 1 Airdrop is set to launch soon. (Source)

3. Decentralized cloud computing service provider Exabits.ai completes seed round financing, with participation from Protocol Labs and others

Decentralized cloud computing service provider Exabits.ai announced the completion of seed round financing, with participation from Protocol Labs, Outlier Ventures, Jabre Capital Partners, Valkyrie Fund, Big Brain Holdings, Blockchain Builders Fund, Taisu Ventures, Fortified Ventures, LBank Labs, Paramita Capital, Moonhill Capital, IoTeX, and 1nvest, with the specific amount not disclosed.

Exabits.ai also received support from the Stanford Blockchain Accelerator, Harvard Innovation Lab, OV Base Camp, Berkeley Blockchain Xcelerator, and Google Cloud. (Source)

4. Bitcoin ecosystem composability DID protocol BRC-137 completes a 2.5 million USD seed round financing, with participation from Basics Capital and others

The Bitcoin ecosystem composability DID protocol BRC-137 announced the completion of a 2.5 million USD seed round financing, with participation from Basics Capital, DFG, Gate.io, JSquare, and others. The funds will be used to accelerate the development and growth of the protocol. (Source)

5. DePIN project Hivello completes a 1.5 million USD financing round, with participation from Blockchange and others

The decentralized physical infrastructure network (DePIN) project Hivello announced the completion of a 1.5 million USD new round of financing, with participation from Blockchange, Cypher Capital, MH Ventures, Primal Capital, Contango Digital Assets, Candaq, NGC, Blockchain Founders Fund, and IDG, among others. Hivello will use the new financing to expand its technical capabilities and accelerate product development. (Source)

6. Zero-knowledge proof blockchain Gevulot completes a 6 million USD seed round financing, led by Variant

The blockchain focused on zero-knowledge proof, Gevulot, completed a 6 million USD seed round financing, led by Variant. Other participants include RockawayX, Volt Capital, Staking Facility, as well as individual supporters such as Polygon Labs CEO Marc Boiron and Manta Network founder Shumo Chu. Gevulot did not disclose its valuation.

According to reports, Gevulot plans to use the funds to launch its Layer1 blockchain, enabling developers to utilize ZK proofs and delegate computational tasks to advanced hardware operator networks. Gevulot is preparing to launch its developer-centric network (or devnet), which is a restricted test network. The network is collaborating with staking validation companies such as P2P.org, Supranational, Staking Facilities, and RockawayX Infrastructure to achieve this. (Source)

7. Liquidity proof protocol Infrared completes a 2.5 million USD seed round financing, led by Synergis

Berachain ecosystem liquidity proof infrastructure Infrared Finance announced the completion of a 2.5 million USD seed round financing, led by Synergis, with participation from NGC Ventures, Tribe Capital, CitizenX, Shima Capital, Dao5, Signum Capital, Ouroboros Capital, Decima, Oak Grove Ventures, DoraHacks, Tenzor Capital, Alex Shin, Albert Chon, Charles Lu, Mr. Block, Chris Spadafora, and DCFGod.

Infrared aims to support liquidity staking in the Berachain ecosystem under the Proof-of-Liquidity (PoL) framework. These funds will be used to advance its infrastructure development, including the validator network, PoL treasury, and the native liquidity staking token (LST) iBGT. (Source)

II. CeFi

1. Hybrid crypto trading platform Cube.Exchange completes a 12 million USD Series A financing, led by 6th Man Ventures

The hybrid trading platform Cube.Exchange, which integrates traditional finance and blockchain technology, has completed a 12 million USD Series A financing, led by 6th Man Ventures, with participation from GSR Markets, ParaFi Digital, Susquehanna Private Equity Investments, and Everstake Capital, among others. It is reported that the structure of this round of financing involves equity with token warrants, with a post-investment equity valuation of 100 million USD.

Cube is currently in early access mode and is expected to be publicly launched in the coming months. Mike Dudas, the founder and managing partner of 6th Man Ventures, has joined the board of Cube. Cube CEO Bartosz Lipinski stated that there are plans to continue providing reward pools in collaboration with listed tokens, with no immediate plans to issue tokens.

According to the crypto platform RootData, Cube Exchange completed a 9 million USD seed round financing in October 2023, with investors including Asymmetry Technologies, Susquehanna Private Equity Investments, LLLP, Everstake, Foundation Capital, Big Brain Holdings, Third Kind Venture Capital, Arche Fund, WW Ventures, and Cube.Exchange management members. (Source)

III. DeFi

1. Liquidity staking protocol Stride completes a 4 million USD strategic financing, led by DBA

Cosmos ecosystem liquidity staking protocol Stride announced the completion of a 4 million USD strategic financing, led by DBA, with participation from 1confirmation, Road Capital, Modular Capital, Imperator, Chorus One, and others. This round of financing aims to drive Stride's development in the Celestia ecosystem. (Source)

2. Binance Labs announces investment in decentralized liquidity staking protocol Puffer Finance

Binance Labs announced an investment in the decentralized liquidity staking protocol Puffer. The funds will be used to develop Puffer's open-source technologies, nLRP, and new Active Validation Services (AVS), which are part of Puffer's vertical infrastructure, including Layer 2 (L2). Puffer will bring its native liquidity restaking token (nLRT) to BNB Chain users, allowing them to receive Ethereum PoS and restaking rewards. (Source)

3. DEX project Kodiak Finance completes a 2 million USD seed round financing

Kodiak Finance announced the completion of a 2 million USD seed round financing. The funds from this round of financing will enable it to further accelerate the expansion of Kodiak and continue to provide native trading products for the Berachain ecosystem. (Source)

4. Crypto startup Velar completes 3.5 million USD financing, with participation from Bitcoin Startup Lab and others

Crypto trading startup Velar completed a 3.5 million USD financing, with participation from Bitcoin Startup Lab, CMS Holdings, Black Edge Capital, GBV, Cypher Capital, Trust Machines SPV, Transform Capital, Maple Block, and Samara Asset Group.

1. Velar plans to launch a perpetual swaps exchange utilizing the Bitcoin network. The Velar v3 version will support synthetic Bitcoin asset sBTC as collateral and enable leveraged trading. The v3 version is set to be launched in the second quarter of 2024. (Source)

2. Cross-chain protocol Squid has completed a 4 million USD strategic financing, led by Polychain Capital, with participation from Nomad Capital, North Island Ventures, Maelstrom, Chorus One, XYZ, Breed, Binary Builders, Typhon Ventures, and over 30 angel investors. The funds will be used to accelerate development to achieve more complex transaction sequence bundling and more efficient asset routing. The team is also integrating with more interoperable networks and plans to introduce Squid into blockchain ecosystems beyond Ethereum and Cosmos. (Source)

3. Composable options protocol Ithaca Finance has completed a 2.5 million USD Pre-Seed round financing, led by Cumberland and Wintermute Ventures, with participation from Room40 Ventures, Ghaf Capital Partners, and angel investors including Andrew Keys, co-founder of DARMA Capital, and Georgios Vlachos, co-founder of Axelar. The protocol is live on the Arbitrum testnet and will only invite invitees to participate before a full mainnet launch later this quarter. (Source)

4. Zeepr Labs has announced the completion of a cornerstone round financing led by Celestia ecosystem incubator Cincubator and other investment institutions, with a post-investment valuation of 1.5 billion USD. Zeepr will collaborate closely with Celestia to build the on-chain ecosystem. Zeepr's partners include EOS, IOST, Rats, Mice, Suiswap, Bee Network, and other leading public chains and popular projects. (Source)

5. Sui ecosystem one-stop liquidity protocol NAVI Protocol has announced the completion of a 2 million USD financing, with joint leadership from OKX Ventures, dao5, and Hashed, and participation from Mysten Labs, Comma3 Ventures, Mechanism Capital, GeekCartel Capital, Nomad Capital, Coin98 Ventures, Cetus Protocol, Maverick, Viabtc, Assembly Partners, Gate.io, Hailstone Labs, Benqi, LBank Labs, and others. NAVI Protocol will use this round of financing to expand its one-stop lending and LSDeFi platform. (Source)

6. The liquidity aggregation investment strategy protocol Doubler has announced the completion of a seed round financing, led by Youbi Capital, with participation from Bixin Ventures, Mask Network, Comma3 Ventures, Pivot Labs, Continue Capital, Sanyuan Capital, Waterdrip Capital, DWF Ventures, Gate Labs, Formless Capital, MT Capital, and CatcherVC, among others. Doubler is an open DeFi protocol that aggregates market liquidity using the Martingale strategy. Its innovative mechanism provides zero-loss hedging and combines the betting demand of demanders with speculators' income, maintaining a high degree of openness and interoperability, providing ample room for the expansion of DeFi business. (Source)

7. Decentralized derivatives trading platform BBO Exchange (BBOX) has completed a 2.7 million USD Pre-Seed round financing, with joint leadership from Hashed and Arrington Capital, and participation from Consensys, CMS Holdings, Flow Traders, Manifold Trading, Mask Network, Laser Digital (Nomura Group), Arcane Group, Draper Dragon, Vessel Capital, Aulis Venture, Formless Capital, Press Start Capital, One Piece Labs, Keone Hon, Honbo Tang, and others. BBOX was one of the 12 projects in the 6th cohort of the Binance Labs incubator and aims to provide higher capital utilization efficiency and income for on-chain traders and liquidity providers through an auction mechanism to solve the problem of oracle price delay, while the BBOX AMM introduces multi-asset support and a market signal-based dynamic management system. (Source)

8. Bitcoin DEX project Portal has completed a 34 million USD seed round financing, with participation from Coinbase Ventures, OKX Ventures, and others.

9. The Bitcoin cross-chain DEX project Portal has completed a 34 million USD seed round financing, with participation from Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io Ventures.

Portal is a cross-chain atomic swap protocol based on Bitcoin. Its two main products are a decentralized trading platform and a wallet. The structure of this round of financing is a combination of Simple Agreement for Future Equity (SAFE) and convertible notes. (Source)

2. The Bitcoin Layer2 over-collateralized stablecoin protocol Bmaker has completed its 1.2 million USD pre-seed financing, led by C3u Capital and Tangle Capital, with confirmed seed round investment intentions from Waterdrip Capital and other capital. The Bmaker team has developed the first Bitcoin Layer2 over-collateralized stablecoin protocol, aiming to provide more liquidity for the BTC ecosystem, and will conduct the first multi-chain IDO on February 2nd to increase the number of early holders. (Source)

3. The RWA asset aggregation platform TProtocol has announced the completion of angel round financing, with participation from Summer Ventures (through its Summer Everest ecosystem fund), Matrixport Venture, and Spark Digital Capital. The specific amount has not been disclosed. This round of financing will accelerate TProtocol's transformation into a full-chain RWA asset aggregation platform. TProtocol has already integrated asset providers such as Matrixdock, Backed Finance, OpenTrade, and TrueFi, making it the largest on-chain RWA asset aggregation platform. More asset providers are in the process of integration. (Source)

AI

1. Web3 distributed AI training network PublicAI has completed a 2 million USD seed round financing, led by IOBC Capital, with participation from Foresight Ventures, Solana Foundation, Everstate Capital, and several renowned AI academic professors. The raised funds will be used to accelerate the launch and commercialization of its training network.

PublicAI is dedicated to using blockchain technology to scale the production of high-quality training data to solve all the challenges faced by AI, allowing all of humanity to participate in the co-creation of AI and share its benefits. (Source)

2. The Web3 underlying protocol KIP Protocol, focused on AI, has completed a strategic round of financing, led by Animoca Ventures, with participation from B.Army (Vietnam), CSP DAO (Europe, Middle East, and Africa), MQdao, Spicy Capital (Latin America), Skyvision Capital (Hong Kong), and Purechain Capital (UK). The first dApp on KIP Protocol is planned to be launched in the first or second quarter of 2024. (Source)

Gaming

1. Decentralized game IP system Pixelmon has completed an 8 million USD seed round financing, with participation from Foresight Ventures, Animoca Brands, Delphi Ventures, Amber Group, Bing Ventures, Bitscale Capital, Cypher Capital, Mechanism Capital, Sfermion, Spartan Labs, VistaLabs, and angel investors including Ray Chan, founder of 9GAG Inc., Kun Gao, founder and former CEO of Crunchyroll, Robbie Ferguson, co-founder of Immutable, and Gabby Dizon, co-founder of Yield Guild Games, among others. (Source)

2. Web3 gaming company Saltwater has completed a 5.5 million USD seed round financing, led by crypto investment firm Deus X and Fourth Revolution Capital (4RC). This round of financing will be used for team recruitment, investment in new technologies, and expanding the business into new areas. Saltwater has previously acquired game developers Maze Theory, Nexus Labs, and Quantum Interactive, which have developed games such as "Doctor Who" and "Gangster Empire". (Source)

3. Web3 gaming platform Yooldo has completed a 1.5 million USD financing with a valuation of 13 million USD, with participation from Klaytn Foundation and others.

Gaming

1. Web3 gaming platform Yooldo completes a 1.5 million USD financing with a valuation of 13 million USD, with participation from Bedrock Ventures, Double jump.tokyo, Edimus, Hyperithm, Klaytn Foundation, Manta Network, Neopin, Planetarium, Presto Labs, and Vista Labs.

In addition, grant sponsors include Aptos Foundation, BNB Chain, Immutable X, and Oasys. The raised funds will be used to improve the technology, bring more games to the platform, and develop its community. (Source)

4. Web3 social game Forgotten Playland completes a 7 million USD financing, with participation from Merit Circle, Spartan Group, C² Ventures, and Paper Ventures.

Forgotten Playland aims to redefine social gathering games and is set to be released in the first quarter of 2024, featuring a series of mini-games. Bump-A-Ball and Jungle Rumble are currently confirmed, with more games in development. (Source)

Others

1. Gamified social platform SoulLand completes a million-dollar financing, with participation from Foresight Ventures, Redline DAO, Zonff Partners, MEXC, Mandala Ventures Limited, Stratified Capital, Basics Capital, and Onemax Capital.

SoulLand is a gamified social subscription platform that addresses Web3 immersive information and social needs by introducing gamified elements. (Source)

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