According to BlockBeats statistics, there were 10 financings last week, which is a decrease from the previous time. The total amount was about 154.8 million US dollars, and the average financing amount was 15.48 million US dollars. Among them, Web3+AI field occupies the majority, and other fields have relatively more financing, with more social/creator economy and infrastructure fields, less DeFi, digital asset management/payment and metaverse/GameFi fields, and no NFT/digital fashion fields. The following figure shows the proportion of financing in each sector last week:
Metaverse/GameFi
There was a total of 1 financing in the Metaverse/GameFi field, with a total amount of US$2 million, accounting for 1.29% of the total financing last week.
NexGami
On October 3, according to GlobeNewswire, GameFi platform NexGami announced that it had completed a $2 million seed round of financing with a post-investment valuation of $20 million, with participation from Polygon Ventures, Fundamental Labs and Ledger Capital.
It is reported that NexGami is committed to providing seamless integration solutions for gaming products and enhancing the gaming experience of users within the Polygon network, and is committed to cultivating a prosperous ecosystem within the e-sports industry. Brice Bian, founder and CEO of NexGami, said: "This funding is a key catalyst to advance our vision." NexGami is ready to change the gaming world by bridging the gap between traditional games and emerging gaming fields. By integrating blockchain technology and decentralized financial elements, NexGami aims to introduce the next million gamers to the gaming field by 2024.
NexGami aims to build a user-friendly and decentralized platform. Currently, there are three supported GameFi modes: Competition API, Sandbox Module API, and NFT Call. Among them, Competition API refers to integrating the Competition API and conducting competitions on NexGami. Sandbox Module API refers to accessing account APIs, indexing user attributes, and holding UGC content competitions, and can connect to Sandbox API and hold short-term simulation competitions in the mining game world. NFT Call refers to integrating game modules (such as racing, running, RPG battles) and using NFT as a unit, rewarding winners based on the results and increasing the value of NFT.
DeFi
There were 3 financings in the DeFi field, with a total amount of over US$6.1 million, accounting for 3.94% of the total financing last week.
Convergence RFQ
On October 5, Solana ecosystem DEX Convergence RFQ completed a $2.5 million pre-seed round of financing with a valuation of $30 million, led by C² Ventures, with participation from Big Brain Holdings, Israel Blockchain Association, Auros Global, etc. Convergence RFQ has set the trading code symbol of its "governance" token to CVG. It is reported that Convergence RFQ, an on-chain crypto trading platform built on Solana, will support spot and derivatives trading. The platform is expected to be launched early next month and hopes to expand to Arbitrum.
Convergence is building an RFQ network with a unified on-chain API, enabling market makers to integrate only once and provide liquidity to any Dapp. In short, Convergence is a plug-and-play one-stop shop for all projects connecting with liquidity providers. Dapps connected to Convergence act as takers on the platform by setting up a request for quotes for market makers. The system enables new projects to trade their digital assets based on their liquidity needs. Once they are connected, market makers are able to scan the market to find applications that need liquidity at any given moment. They are also able to view and compare the incentives offered by each protocol, allowing them to choose the protocol with the highest returns.
Convergence RFQ has no delays between steps, the system relies on participants to pull rather than push. Takers and makers are the initiators of trades. This makes the process more efficient because convergence is automated and actions are executed immediately once triggered by a trader. Takers are required to specify the quote type (bid, ask, or both) and the nominal quote. Makers have access to existing RFQ auctions and their state variables.
The rest of DeFi funding includes:
On October 5, L1 Advisors, an on-chain wealth and asset management protocol, announced the completion of a $1.6 million pre-seed round of financing, with VanEck leading the investment with $1 million, and Ironclad Financial, Ismail Jai Hokimi, Ram Ahluwalia and others participating. The funds will be used to build an operating system for on-chain wealth and asset management. It is reported that L1 Advisors aims to enable financial professionals and their clients to manage, grow and protect their assets using decentralized infrastructure, such as protocols and wallets.
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On October 3, DigiShares, a real-world asset (RWA) tokenization platform, announced the completion of a $2 million financing round. The specific investor information has not been disclosed. DigiShares is raising an additional $1.2 million through the crowdfunding platform Republic. DigiShares said that it will use the new funds to develop a new and unique blockchain-based real estate share trading platform called RealEstate.Exchange, which will support 24/7 trading and control corporate behavior through smart contracts to ensure transparency.
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Social/Creator Economy
There was a total of 1 financing in the social/creator economy field, with a total amount of over US$7 million, accounting for 4.52% of the total financing last week.
Phaver
On October 5, Web3 social protocol Phaver completed a $7 million financing round, with participation from Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, 33DAO, Foresight Ventures, Alphanonce, f.actor and Superhero Capital.
It is reported that the new funds will be used to expand the team size as well as product development and other partnerships. Joonatan Lintala, co-founder and CEO of Phaver, said that with the help of blockchain technology, there is great potential to subvert the social media landscape, but "users don't care about the underlying technology." He pointed out that in order to promote real adoption, the user experience needs to feel like it is an ordinary social application, not a high-tech application.
Phaver's technology is designed to enable decentralized social protocols that allow people to create, own, and monetize their social media profiles, and allow them to have full control over how their data is shared. Users can also retain ownership of their social profiles and content on different social platforms. Phaver aims to help users join Web3 social platforms more easily, providing a Web3 entry experience similar to existing social platforms. In addition, Phaver has integrated its technology or "social graph" with the decentralized social network ecosystem Lens Protocol and the Web3 social network CyberConnect.
infrastructure
There were 2 financings in the infrastructure sector, with a total amount of over US$12.2 million, accounting for 7.88% of the total financing last week.
Fairblock
On October 6, privacy infrastructure provider Fairblock completed a $2.5 million pre-seed round of financing, led by Galileo, with participation from Lemniscap, Dilectic, Robot Ventures, GSR, Chorus One, Dorahacks and Reverie.
Fairblock aims to make conditional decryption and pre-execution privacy a reality. Conditional decryption refers to allowing users to set conditions that enable the protocol to execute transactions without leaking any on-chain information before execution. Unlike zero-knowledge (ZK) technology, Fairblock is designed so that information is encrypted or decrypted only under certain conditions. Fairblock co-founder Peyman Momeni said that Fairblock was built using the Cosmos SDK, but is not limited to the Cosmos ecosystem. It is reported that the blockchain was recently upgraded to its second private testnet, and the public testnet is about to be launched.
Peyman pointed out that applications such as sealed bid auctions, randomness generation, private governance, encrypted limit orders, etc. can all be built on top of its infrastructure using cryptographic libraries. In addition, he believes: "We want to build something that gives users the freedom to choose to keep transactions and protect the content of the transactions. Transactions can be decrypted under certain conditions, such as a deadline or a specific price."
Cicada Partners
On October 5, according to Finsmes, on-chain credit risk management company Cicada Partners completed a $9.7 million Pre-Seed round of financing, led by Choppa Capital, with participation from Bitscale, Bodhi Ventures, and Shiliang Tang. The funds raised will be used to provide seed funding for multiple new non-custodial lending pools and conduct research and development on new blockchain lending application cases. Lars Rensing, a member of the Cicada board of directors, commented: "The recent round of financing marks the beginning of an exciting chapter, allowing the team to focus on the ambitious goal of creating a fairer and more responsible DeFi lending environment.
Cicada aims to build non-custodial credit products on top of the Cambrian explosion of blockchain-based credit origination protocols. The company aims to bring responsible lending back to the centralized finance space by leveraging smart contracts, its proprietary risk model, and the growth in stablecoin usage.
The Cicada team consists of experienced former buy-side and sell-side credit professionals, with the co-founders having over 35 years of diverse experience in traditional lending markets, who moved into the cryptocurrency space full-time after realizing that leveraging a transparent public blockchain could improve the experience for both borrowers and lenders.
Digital asset management/payment
In the field of digital asset management/payment, there was a total of 1 financing with a total amount of over US$3.5 million, accounting for 2.26% of the total financing last week.
Ostium Labs
On October 6, The Block reported that cryptocurrency startup Ostium Labs completed a $3.5 million financing, with General Catalyst, LocalGlobe, SIG and Balaji Srinivasan participating in the investment. The funds will be used to develop digital commodity perpetual contract protocols. It is reported that Ostium Labs aims to attract traditional commodity traders and crypto-native traders by providing transparent and flexible trading alternatives, including oil, Bitcoin, foreign exchange trading pairs and other assets.
Web3+AI
There was a total of 1 financing in the Web3+AI field, with a total amount of over US$100 million, accounting for 64.6% of the total financing last week.
On October 2, AI digital identity provider Prins AI completed a $100 million Series B financing round led by AAB VC. The new funds will strengthen Prins AI's financial position and support its subsequent research and development work. The Prins AI platform uses blockchain technology and smart contracts to record AI digital human training and application behavior, and adopts a cryptocurrency reward mechanism to allow users to participate in the AI digital human training program.
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Other financing
There were 4 other financings with a total amount of US$36.83 million, accounting for 9.42% of the total financing last week. They include:
On October 4, according to official news, Blackbird announced the completion of a $24 million Series A financing, led by a16z Crypto, with participation from Amex Ventures and QED Investors. Blackbird aims to provide restaurants with loyalty and connection tools so that every guest can have a dining experience like a regular customer. Every time you dine out, click Blackbird to get access, rewards, benefits, and FLY loyalty points.
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