Summary: Biscuit, RootData

According to RootData's incomplete statistics, from February 12th to February 18th, 2024, there were a total of 21 public financing events in the blockchain and crypto industry, with a total financing of approximately $137.9 million.

In terms of the distribution of projects, the financed projects are mainly distributed in the DeFi, infrastructure, and gaming tracks. Popular projects include the modular blockchain Lava Network, USDe developer Ethena Labs, AI gaming platform Ultiverse, cross-chain interoperability protocol Analog, and derivative trading protocol IntentX, among others.

In addition, the Bored Ape Yacht Club development team, Yuga Labs, announced on February 17th that they had acquired the Moonbirds development team, Proof, including PROOF Collective, Moonbirds, Oddities, Mythics, and Grails series NFTs. In the future, Yuga Labs will incorporate Moonbirds into its Otherside gamified virtual universe game. On the same afternoon, Pudgy Penguins officially surpassed the floor price of BAYC.

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

I. Infrastructure

1. Cross-chain Interoperability Protocol Analog Completes $16 Million Financing, Led by Tribe Capital

The cross-chain interoperability protocol Analog completed a $16 million seed round and strategic round of financing, led by Tribe Capital. This round of financing was participated in by NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Mike Novogratz's alternative asset management company Samara Asset Group, and Balaji Srinivasan, among others.

Analog co-founder Victor Young stated that the financing was achieved through Simple Agreement for Future Tokens (SAFT), and after the financing, Analog's fully diluted valuation reached $120 million. (Source link)

2. MPC Wallet Platform Fordefi Completes $10 Million Financing, Led by Electric Capital

MPC wallet platform Fordefi completed a $10 million financing round, led by Electric Capital, with participation from Paxos and Alchemy, among other institutions.

The company is reportedly expanding its self-custody MPC wallet product to retail-facing platforms, such as trading platforms and fintech platforms. (Source link)

3. Web3 Digital Identity Startup Metropolis Completes $1.2 Million Financing, with Participation from Outlier Ventures

Web3 digital identity startup Metropolis announced the completion of a $1.2 million financing round, with participation from Cointelegraph Accelerator, Lamina1 Ecosystem Fund, ACS, Outlier Ventures, Protocol Labs, Primal Capital, Zephyrus Capital, Cluster Capital, EthLizards, Acacia Digital, Block Consult, IBC, and several strategic angel investors.

Additionally, details of Metropolis' upcoming token sale will be announced soon, including community gamified airdrops, retail-focused presales, and a launchpad. Further information will be released through an interactive whitepaper, which will include token economics, ecosystem partners, and product development roadmap. (Source link)

4. DePIN Infrastructure Startup DePHY Completes Seed Financing of Millions of Dollars, with Participation from Paramita

DePIN infrastructure DePHY completed a seed financing round of millions of dollars, with a valuation of $40 million, with participation from Paramita, Foresight Ventures, Blockchain Builders Fund, IoTeX, FutureMoneyGroup, Waterdrip Capital, DefinanceX, PAKA, and Candaq Fintech Group. The funds raised will be used to expand and operate the developer community and platform projects. (Source link)

5. USDe Developer Ethena Labs Completes $14 Million Strategic Financing, Led by Dragonfly

Ethereum-based stablecoin USDe developer Ethena Labs completed a $14 million strategic financing round, with a valuation of $300 million, led by Dragonfly, Brevan Howard Digital, and Arthur Hayes' family office Maelstrom. This round of financing also saw participation from PayPal Ventures, Franklin Templeton, Avon Ventures, Binance Labs, Deribit, Gemini, and Kraken.

This round of financing utilized a structure of future equity simple agreements and token warrants, resulting in Ethena's valuation reaching $300 million, and the public launch of the USDe stablecoin. (Source link)

6. Modular Blockchain Lava Network Completes $15 Million Seed Financing, Co-led by Jump Capital, Hashkey Capital, and Tribe Capital

Modular blockchain infrastructure developer Lava Network completed a $15 million seed financing round, co-led by Jump Capital, Hashkey Capital, and Tribe Capital. North Island Ventures, Dispersion Capital, Alliance DAO, and Finality Capital Partners, among others, also participated in this round of financing. Executives from Celestia, Cosmos, StarkWare, Filecoin, and other blockchain ecosystems also participated in this round of financing. (Source link)

II. CeFi

1. Cryptocurrency Startup Architect, Founded by Former President of FTX US, Completes $12 Million Financing, Co-led by BlockTower Capital and Tioga Capital

Brett Harrison, former president of FTX US, announced on his social media that his cryptocurrency startup Architect has completed a new round of financing of $12 million, co-led by BlockTower Capital and Tioga Capital, with participation from CMT Digital, ParaFi Capital, A Capital, and Twelve Below, among others. Additionally, Brett Harrison stated that Architect's total financing amount has reached $17 million. Architect's goal is to create a trading platform that is more accessible to institutional and large investors. (Source link)

III. DeFi

1. Hydro Protocol Announces Completion of New Financing, with Participation from Injective

Liquidity staking protocol Hydro Protocol announced on X platform that it has completed new financing, with participation from Injective, Vessel Capital, Moonhill Capital, SkyVision Capital, Exnetwork Capital, Quantstamp, BlackDragon, Trinito, verse2, PAKA, coinseeker.co, CSP DAO, ODIG, DoraHacks, and a high-quality angel investor team. The financing amount was not disclosed.

Hydro Protocol is a native LSD+LSDfi protocol built on Injective, which launched its mainnet on January 31, 2024, and currently has a TVL of over $100 million. (Source link)

2. Derivative Trading Protocol IntentX Announces Completion of $1.8 Million Strategic Financing

Intent-based derivative trading protocol IntentX announced the completion of a $1.8 million strategic financing round, led by Selini Capital, with participation from Orbs, Mantle Ecofund, Mirana, Kronos Research, and Manifold Trading.

IntentX is a cross-chain OTC derivative market that provides trading for over 180 perpetual currency pairs, aiming to address the inefficiencies in decentralized derivatives. Previously, it announced the completion of a $2.5 million seed financing round led by Magnus Capital in November 2023. (Source link)

IV. NFT

1. NFT Collateralized Lending Platform MetaStreet Completes $25 Million Financing, with Participation from Andrew Kang

NFT collateralized lending platform MetaStreet announced on social media the completion of a $25 million financing round, with participation from Andrew Kang, dingaling, GMoney, MrBlock, DCF God, Sisyphus, Spencer, FreeLunchCapital, Jae Chung, GoodAlexander, and others.

Additionally, MetaStreet announced the launch of ASCEND, aimed at facilitating entry into the illiquid credit market. The platform, with a focus on expanding on-chain debt, aims to unlock undeveloped opportunities for NFTs and other illiquid assets. MetaStreet is introducing Liquid Credit Tokens, which can provide a scalable capital market for on-chain illiquid assets. (Source link)

V. Gaming

1. AI Gaming Platform Ultiverse Completes $4 Million Strategic Financing, Led by IDG Capital

AI-driven Web3 gaming platform Ultiverse completed a $4 million strategic financing round, led by IDG Capital, with participation from Animoca Brands, Polygon Ventures, MorningStar Ventures, Taiko, ZetaChain, Manta Network, DWF Ventures, and Jacob KO (partner at Superscrypt). (Source link)

2. Blockchain Game Studio Overworld Completes $10 Million Seed Financing, Led by Hashed

Blockchain game studio Overworld completed a $10 million seed financing round, led by Hashed, The Spartan Group, Sanctor Capital, and Galaxy Interactive, with participation from HashKey, Big Brain Holdings, and Foresight Ventures. The funds raised will be used directly for game development, and Overworld is currently recruiting for multiple roles in the studio.

Overworld is developing its first game, tentatively named Overworld, which is a Web3 anime-style free action role-playing game based on Xterio. (Source link)

3. Gaming and NFT Analytics Platform Helika Completes $8 Million Series A Financing, with Participation from Pantera

Web3 gaming and NFT analytics platform Helika completed an $8 million Series A financing round, with participation from Pantera, Animoca Brands, Diagram, and Sfermion. The funds raised will be used to help Helika advance its AI-driven product and service suite.

Helika focuses on comprehensive analysis of in-game, on-chain, and social media data, helping brands understand their communities, increase user acquisition and engagement, and drive overall growth through data. (Source link)

VI. Others

1. Web3 Verification Protocol Witness Completes $3.5 Million Seed Financing, Led by Coinbase Ventures and Haun Ventures

Web3 verification protocol Witness completed a $3.5 million seed financing round, led by Haun Ventures and Coinbase Ventures. The funds raised will be used to develop a verification protocol to address gas fees and scalability issues in the crypto space, with project team members mainly from companies such as Paradigm, Google, and Facebook. (Source link)

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