DeFi Gaining Momentum
Weekly Recap
Crypto funding rose 59% week over week from $85 million to $135 million, while deal count held steady at 21 total deals. DeFi was the most funded category from both a fundraising and deal count perspective, raising $70 million across eight deals, including a $14 million strategic round completed by Ethena Labs and led by Dragonfly Capital. Ethena is striving to create a yield-bearing synthetic dollar by leveraging Ethereum staking and delta-neutral hedging. The funding round brought Ethena’s valuation to $300 million. Infrastructure was the second most funded category, totaling $46 million across eight deals, comprising approximately 34% of total funding and 38% of deal count. From a deal stage perspective, over 57% of deals failed to disclose the funding round type, leaving seed rounds as the most funded at $40 million across four deals.
Funding by Category
Funding by Deal Stage
Deal of the Week
Architect, a trading infrastructure founded by Brett Harrison, a former FTX executive, raised $12 million in an undisclosed round led by BlockTower and Tioga Capital. Other investors include Coinbase Ventures, CMT Digital, ParaFi Capital and others. The investment round brings Architect’s total funding to $17 million since launching in Jan...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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