Financing Highlights | Paradigm leads investment in Rollup deployment platform Conduit; Dragonfly leads investment in MegaETH developer MegaLabs

According to BlockBeats statistics, the total number of financings last week was 15, which is less than before, with a total amount of about US$126 million and an average financing amount of US$8.4 million. Among them, the infrastructure field occupies the majority, the Web3.0+AI field and the digital asset management/payment field are relatively more, the Metaverse/GameFi field has increased, and other fields and DeFi fields are less, and the NFT/digital fashion field and the social/creator economy field are not available. The following figure shows the proportion of financing in each sector last week:

Metaverse/GameFi

In the Metaverse/GameFi field, there was a total of 1 financing, with a total amount of US$10 million, accounting for 7.94% of the total financing last week.

Redacted

On June 26, according to VentureBeat, Web3 entertainment and gaming platform Redacted recently announced the completion of a $10 million financing round led by Spartan Group, with participation from Saison Capital, Animoca Brands and Polygon Ventures. Redacted aims to create an "entertainment data circle" through blockchain and AI technology to provide users with a variety of experiences such as games, transactions, viewing and rewards.

Redacted is building a product ecosystem to form an entertainment data circle where Web3 users can do what they like best - play, trade, watch and get rewards. Powered by the RDAC token, Redacted aims to underpin its entertainment and gamification products with a data protocol, which will provide users with a better, more targeted experience and greater business opportunities for Web3 companies and Dapps.

Redacted's leadership team brings together outstanding talent from top global companies such as Tesla, Bank of America, Kraken, and LEGO, as well as the most influential Web3 thought leaders in cryptocurrency, gaming, and NFTs. As a crypto-native team, they understand product development and crypto market dynamics, and together launched a $1.8 million NFT series on Ethereum and Bitcoin Ordinals with a total trading volume of $40 million. In addition, the team allocated more than 50% of tokens to the community and ecosystem, demonstrating their community-centric philosophy.

DeFi

A total of 1 financing in the DeFi field, with a total amount of over 300,000 US dollars, accounting for 0.24% of the total financing last week.

Fenix Finance

On June 27, according to official news, Blast liquidity market Fenix Finance completed a seed round of financing of 300,000 US dollars, led by Orbs. It is reported that this seed capital will be used to build Fenix's unified trading and liquidity market on the Blast network.

Fenix Finance aims to expand its share of the DEX market with the support of Orbs. With the continuous technical support and consulting of Orbs, Fenix has established itself as an excellent liquidity solution on Blast. The launch of new products, coupled with the expansion of its ecosystem and infrastructure partners, will enable Fenix to offer a range of liquid trading tools.

Orbs’ investment will strengthen its existing support for Fenix as a technology partner. Fenix has confirmed that it will immediately deploy the Fenix Liquidity Hub powered by Orbs L3. This will allow Blast users to execute swap tokens at the best price by combining on-chain and off-chain liquidity.

Infrastructure

A total of 8 financings in the infrastructure field, with a total amount of over US$73.9 million, accounted for 58.65% of the total financing last week.

Conduit

On June 26, the Rollup deployment platform Conduit announced the completion of a $37 million Series A financing round, which was co-led by Paradigm and Haun Ventures, and participated by Bankless Ventures, Coinbase Ventures, etc.

Conduit is mainly on layer2, mainly supporting OP Stark and Arbitrum Orbit. But its advantages are very convenient and simple, and the price is also very affordable. There are already some very well-known modular public chains, such as ZORA, AEVO, and Lyra using Conduit. The founder of Conduit hopes to make on-chain computing as accessible as cloud computing so that cryptocurrency developers can build without restrictions.

The new funding will help Conduit move beyond typical Rollup deployment use cases; since its launch, Conduit has helped teams like Degen and Proof of Play build their first L3s.

MegaLabs

On June 28, according to TheBlock, MegaETH developer MegaLabs announced the completion of a $20 million seed round of financing, led by Dragonfly, with participation from Figment Capital, Robot Ventures, Big Brain Holdings, Vitalik Buterin, ConsenSys founder and CEO Joseph Lubin, EigenLayer founder and CEO Sreeram Kannan, ETHGlobal co-founder Kartik Talwar, Helius Labs co-founder and CEO Mert Mumtaz, Santiago Santos, Hasu and Jordan Fish (also known as Cobie) and other angel investors.

MegaETH's goal is to achieve Realtime-blockchain. First, based on the newly developed Reth high-performance client of Paradigm, further optimization and improvement have been made in many aspects, such as the state synchronization mechanism of the full node (only synchronizing the state difference instead of all data), the hardware design of the Sequencer (a large amount of high-performance RAM with storage function for state access to avoid slow disk I/O), and the data structure improvement of Merkle Trie. This is equivalent to a comprehensive and all-round improvement in software, hardware, data structure, disk IO, network communication, transaction sorting and parallel processing, pushing the performance ceiling of EVM to the limit, close to "Realtime Blockchain"

MegaETH's two key technologies - heterogeneous blockchain architecture and "super-optimized" EVM execution environment - help it achieve 100,000 TPS in real time. It is reported that MegaETH's public test network will be launched in early autumn, and the main network is expected to be launched at the end of the year.

Covalent

On June 26, according to The Block, blockchain data infrastructure company Covalent completed a $5 million strategic financing round, led by RockTree Capital, with participation from CMCC Global, Moonrock Capital and Double Peak Group. The funds from this round of financing will be used to expand its business in Asia.

Covalent's current core product is the Unified API, which transmits data between two modules: client and server. Through the API, the server can control its system and respond to client requests. Users (such as application developers or analysis companies) extract data from the API, while the data provider (currently mainly Covalent itself, and will be open to third parties in the future) maintains ownership.

The so-called "basic blockchain data" refers to the information that can be queried directly from the blockchain through RPC. In contrast, more in-depth data analysis, such as complex queries, data correlation analysis, and trend analysis of historical data, usually requires more advanced data processing and indexing services, which are provided by Covalent and Graph.

Related reading: " Covalent Network: The Lost Pearl of the Decentralized Infrastructure Track "

Other financing for infrastructure includes:

On June 25, the chain abstract intent engine ENSO announced the completion of a $4.2 million financing, led by Ideo Ventures and Hypersphere, with more than 60 angel investors participating. The new funds will be used to launch the Cosmos-based L1 blockchain this year and for continued product development.

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On June 25, the ZK proof incentive network NovaNet announced the completion of a $3 million financing, led by Finality Capital, with participation from Arrington Capital, Avalanche Foundation and other institutions. NovaNet is committed to building the world's first zero-knowledge proof incentive layer for various scenarios, providing local verifiable computing and privacy protection applications, supporting a wide range of applications from AI, decentralized Internet of Things (DePIN) to games.

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On June 25, Solana Ecosystem DePIN project Shaga completed a $1 million angel round of financing, led by Arca, with participation from MARIN DIGITAL VENTURES, Skybridge20 Ventures, Aurory, Quotient Ventures, Solana co-founder Anatoly Yakovenko, Helium founder Amir Haleem and other angel investors. Shaga aims to create a cloud game with almost zero latency.

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On June 27, XProtocol announced the successful completion of $800,000 in financing, with a total fundraising amount of $5.2 million, with participation from CoinFund, Dragonfly, Razer, etc. XProtocol is a modular entertainment blockchain built on Base. XProtocol also launched Xardian Nodes, and node operators will receive rewards by participating in the network consensus process.

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On June 27, Bitcoin analysis startup Rebar completed a $2.9 million seed round of financing, led by 6th Man Ventures, with participation from ParaFi Capital, Arca, Moonrock Capital and UTXO Management. The new funds will be used to build the first Bitcoin-based MEV product. It is reported that the startup is building an alternative to public memory pools that allow miners to better organize transactions. In addition to private memory pools that have been deployed on chains such as Ethereum, which protect information from preemptive MEV robots by avoiding broadcasting information to the entire network, Rebar also plans to build data products and dashboards.

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Digital Asset Management/Payment

A total of 1 financing was raised in the digital asset management/payment field, with a total amount of over US$12 million, accounting for 9.52% of the total financing last week.

Crossover Markets

On June 26, digital asset trading company Crossover Markets completed a $12 million Series A financing round, led by Illuminate Financial and DRW Venture Capital, with participation from Flow Traders, Laser Digital, Two Sigma, Wintermute, etc.

Crossover Markets established a partnership with major broker Hidden Road last month, which is one of the only ultra-low latency electronic communication networks (ECNs) in the cryptocurrency space, according to CEO Brandon Mulvihill.

Web3+AI

A total of 2 financings in the Web3+AI field, with a total amount of over 23 million US dollars, accounting for 18.25% of the total financing last week. Including:

On June 25, Allora Labs (formerly Upshot, focusing on NFT evaluation) completed a strategic round of financing of US$3 million before the launch of the mainnet of its decentralized artificial intelligence network, with participation from Archetype, Delphi Ventures, CMS Holdings, ID Theory and DCF God.

Nick Emmons, co-founder and CEO of Allora Labs, said that the structure of this round of financing is equity financing, just like all previous financing rounds of Allora. He declined to comment on the valuation.

It is reported that Allora Network is a decentralized artificial intelligence network built on the Cosmos stack as a Layer 1 blockchain. Emmons said that the network aims to solve a fundamental problem in today's artificial intelligence field, namely "isolated machine intelligence."

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On June 26, the AI+ blockchain project Ora completed a $20 million financing, with participation from Polychain, SevenX Ventures, HF0 and Hashkey Capital. It is reported that Ora is a blockchain project that integrates artificial intelligence into decentralized applications (dapps). The new funds will enable the project to "continue to develop its technology and infrastructure to tokenize AI models and bring decentralized AI to the Ethereum ecosystem."

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Other financing

There were 2 other financings with a total amount of US$6.8 million, accounting for 5.4% of the total financing last week. Including:

On June 24, Swedish carbon removal startup Net Zero Company announced that it had received US$5.5 million in seed round financing, with investors including Oilinvest, VARO Energy and SilviCarbon. The funding will be used to support global expansion and launch of a new product suite, including Carbon Removal Token (CRT), a real-world asset-backed carbon removal token.

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On June 27, the Solana eco-golf project GolfN announced the completion of a $1.3 million financing, with participation from CitizenX, Fourth Revolution Capital, Nom, etc. It is reported that the project aims to create a P2E mechanism for physical golf. (blockonomi)

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