Blasting L2 & Infrastructure
Weekly Recap
After last week’s surge, funding and deal count fell to robust levels despite the short holiday week. Funding totaled $98 million in 13 deals announced, with the majority again raised by infrastructure. Companies tackling privacy, data, and wallet or L1 scalability improvements continue to get funded as investors remain confident that multiple winners can emerge from already competitive verticals. Our deal of the week, Blast, is another example of a start-up getting funded in a highly competitive category (L2s). Yet teams are getting bolder in their go-to-market tactics, with Blast gaining over $200 million in TVL days after launching through innovative incentive structures. Metaverse & Gaming was the second most active category, with three deals closed. Gaming tokens have been some of the best performers in the liquid market’s recent uptick, and this bullishness has also extended to private markets. Given extended development timelines for gaming projects, many projects that raised in the last bull market are just getting to production-ready releases. The mainstream success of a blockchain-based game will likely catalyze further investment into the space.
Funding by Category
Funding by Deal Stage
Deal of The Week
Ethereum Laye...Reports you may have missed
WEEKLY RECAP Crypto funding was relatively unchanged week-over-week, with a 4% decrease to $138 million, while deal count saw a larger decrease, falling 29% to 25 deals. Infrastructure deals comprised 73% of total funding and Web3 and Gaming combined for 26%, with remaining categories making up the last 1%. As highlighted in our Q1 Funding Report, Series A funding has been a standout deal stage this year, and this week...
WEEKLY RECAP Crypto funding rose 92% from $213 million to $410 million, one of the highest weekly totals in months. The majority of funding came from two deals: Monad’s $225 million round (DotW) and Auradine’s $80 million Series B round, the first mining deal of 2024. Auradine’s Teraflux family of Bitcoin ASIC miners has set new performance and energy efficiency benchmarks and has shown robust field performance, which has helped...
WEEKLY RECAP Funding fell 27% from $282 million last week to $206 million this week across 34 deals. Triple-digit funding seems to be the new normal, as there has been a notable uptick in the private market in recent weeks. Despite the overall increase in activity, there has been a lack of CeFi-related projects in recent weeks, with just one deal in each of the last two weeks. Agora was the singular...
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