(6.22-6.28) Investment and Financing Weekly Report

Between June 22nd and June 28th, a total of 23 investment and financing events occurred in the cryptocurrency market, including 8 in infrastructure, 4 in DeFi, 3 in tools, 3 in games, 2 in mining, 2 in CeFi, and 1 in entertainment.

This week, there were 7 financing rounds of over tens of millions of US dollars:

Cryptocurrency mining company Hut 8 Mining completed a strategic financing round of $150 million, with Coatue Management as the investor.

Bitcoin mining company GRIID completed a $150 million acquisition, with CleanSpark as the investor.

Cryptocurrency native infrastructure platform Conduit completed a Series A financing round of $37 million, with investors including Paradigm and Haun Ventures.

Verifiable oracle protocol ORA completed a $20 million financing round, with investors including Polychain and HashKey Capital.

High-performance real-time EVM L2 MegaETH completed a $20 million seed financing round, with investors including Dragonfly and Robot Ventures.

Digital asset trading technology company Crossover Markets completed a Series A financing round of $12 million, with investors including Illuminate Financial and DRW Venture Capital.

Web3 entertainment ecosystem Redacted completed a $10 million financing round, with investors including Spartan Group and Animoca Brands.

This week, the enthusiasm for investment and financing in the cryptocurrency market has significantly rebounded compared to last week, with an increase of 100%. Cryptocurrency mining companies Hut 8 Mining and GRIID both secured the largest financing amounts of the week, reaching $150 million each.

The investment and financing projects of the week are ranked by financing amount as shown in the chart below:

Infrastructure

1. According to ROOTDATA investment and financing data on 06-27, MegaETH completed a $20 million seed round of financing, with investors including Dragonfly and Robot Ventures. MegaETH is building ultra-high throughput and low-latency EVM-compatible L2s to accelerate Ethereum's scalability endgame.

2. According to ROOTDATA investment and financing data on 06-27, XProtocol completed an $800,000 strategic financing round, with investors including Cogitent Ventures and Zephyrus Capital. XProtocol Superchain focuses on entertainment, gaming, and AI applications, providing scalable infrastructure and developer-friendly platforms for partner projects. It is compatible with the Ethereum Virtual Machine (EVM), allowing direct migration of Ethereum projects and providing powerful tools for developers. XProtocol nodes (called Xardian nodes) will contribute to the decentralization of the XProtocol network. Node operators are expected to be rewarded for participating in the network consensus process.

3. According to ROOTDATA investment and financing data on 06-27, Rebar Labs completed a $2.9 million seed round of financing, with investors including 6th Man Ventures and ParaFi Capital. Rebar Labs provides an alternative to the Bitcoin mempool for users and searchers, enabling privacy and bundled transactions.

4. According to ROOTDATA investment and financing data on 06-26, ORA completed a $20 million financing round, with investors including Polychain and HashKey Capital. ORA is a verifiable oracle protocol that brings AI and complex computations on-chain. ORA breaks the limitations of smart contracts with richer data sources and computing power, allowing developers to innovate freely. ORA has two main products: AI OracleOAO), which brings AI on-chain; and ZK Oracle, which brings complex computations and historical data on-chain.

5. According to ROOTDATA investment and financing data on 06-26, Covalent completed a $5 million strategic financing round, with investors including RockTree Capital and CMCC Global. Covalent is a decentralized data infrastructure that allows users to seamlessly access previously inaccessible blockchain data. Covalent indexes the entire blockchain history and transforms this data in a standardized and truly interoperable manner. Users can leverage a unified API to query almost any data on a given blockchain.

6. According to ROOTDATA investment and financing data on 06-25, NovaNet completed a $3 million seed round of financing, with investors including Finality Capital Partners and Arrington Capital. NovaNet is a fast and highly portable zkVM and decentralized proof network. It is extremely fast and space-efficient, making it an ideal solution for constrained devices such as browsers and consumer hardware.

7. According to ROOTDATA investment and financing data on 06-25, Conduit completed a $37 million Series A financing round, with investors including Paradigm and Haun Ventures. Conduit is a crypto-native infrastructure platform aimed at empowering and accelerating builders in the crypto space. Its first product allows teams to launch production-grade rollups based on the OP Stack in a very short time, scaling their application performance by 100x. Application-specific rollups on Conduit are launched, maintained, and scaled by infrastructure professionals, so teams can focus on what matters most: building products that users love.

8. According to ROOTDATA investment and financing data on 06-24, Allora completed a $3 million strategic financing round, with investors including Archetype and CMS Holdings. Allora is a self-improving decentralized AI network. Allora aims to provide smarter and more secure AI for applications through a network of self-improving machine learning models. By combining cutting-edge research on peer prediction, federated learning, and zkML, Allora unlocks a huge new application design space at the intersection of cryptocurrency and AI.

DeFi

1. According to ROOTDATA investment and financing data on 06-27, Bluefin completed an undisclosed amount of financing, with investors including Flow Traders. Bluefin (formerly Firefly, dTrade) is a decentralized perpetual contract protocol that supports users trading perpetual contracts with up to 20x leverage anytime, anywhere.

2. According to ROOTDATA investment and financing data on 06-27, Fenix Finance completed a $300,000 seed round of financing, with investors including Orbs. Fenix is the unified trading and liquidity market of Blast. Its next-generation decentralized exchange offers technologically advanced and capital-efficient trading and liquidity markets.

3. According to ROOTDATA investment and financing data on 06-25, Enso completed a $4.2 million financing round, with investors including Hypersphere Ventures and IDEO CoLab Ventures. ENSO is the connective layer and intent engine for crypto, connecting all ecosystems into one network, allowing application developers and users to express their desired outcomes as intents, enabling truly composable applications without building manual integrations.

4. According to ROOTDATA investment and financing data on 06-24, Infrared completed an undisclosed amount of financing, with investors including Binance Labs. Infrared Finance is an application based on Berachain's liquidity proof consensus mechanism. The application redesigns liquidity staking in the context of a three-token architecture and the unique soul-binding elements of BGT. The protocol maximizes value for stakeholders through its infrastructure-level PoL vault and iBGT liquid staking derivatives, leveraging BGT's social aggregation.

Tools

1. According to ROOTDATA investment and financing data on 06-25, AnchorZero completed an $8 million seed round of financing, with investors including Bain Capital Crypto and Spark Capital. AnchorZero is a Web3 tax planning solution that provides complex tax strategies for everyone. AnchorZero deposits founders' shares into a Roth IRA to save millions in taxes.

2. According to ROOTDATA investment and financing data on 06-25, Openstory completed an undisclosed amount of acquisition, with investors including Ava Protocol. Openstory is an on-chain indexer focused on scanning and revealing on-chain truths like stories, so everyone can easily make decisions based on objective information.

3. According to ROOTDATA investment and financing data on 06-23, SoSo Value completed a $4.15 million seed round of financing, with investors including Sequoia China and GSR. SoSo Value is a one-stop financial research platform for cryptocurrency investors, providing investors with real, high-quality macro market information to assist them in conducting more effective investment research. It also offers AI-based classified news and research systems and connects macroeconomic data with the cryptocurrency market.

Gaming

1. According to ROOTDATA investment and financing data on 06-25, Elfin Metaverse completed an undisclosed amount of financing, with investors including Manta Network. Elfin Metaverse is a GameFi full-chain layer focused on esports. Its integrated esports platform and open-world metaverse are built on Elfin Lands, a virtual realm offering unique gaming experiences and a thriving community. Players can participate in daily battles, seasonal tournaments, and social activities within the metaverse. Elfin Lands owners enjoy exclusive NFTs, economic rewards, and the ability to customize their land and surroundings. The platform also facilitates collaboration with blue-chip Web3 communities, gaming guilds, and DAOs, providing opportunities for engagement and growth.

2. According to ROOTDATA investment and financing data on 06-25, GolfN completed a $1.3 million pre-seed round of financing, with investors including Fourth Revolution Capital and Citizen X. GolfN is a Web3 golf P2E game that aims to bring traditional golf games into Web3 through a P2E digital rewards model, making traditional golf competitions more inclusive and attractive.

3. According to ROOTDATA investment and financing data on 06-25, Shaga completed a $1 million angel round of financing, with investors including Arca and Aurory. Shaga aims to bring revolutionary gaming experiences through an open, decentralized, and permissionless network. Shaga is unlocking the potential of community-driven clouds, enabling PC users to turn their systems' idle computing into nodes.

Mining

1. According to ROOTDATA investment and financing data on 06-27, GRIID completed a $150 million acquisition, with investors including CleanSpark. GRIID is a Bitcoin mining enterprise. As of early 2024, the company has 68 megawatts (MW) of power capacity, operating in Watertown, New York, and with limestone mining facilities located in Maynardville and Lenoir City, Tennessee.

2. According to ROOTDATA investment and financing data on 06-24, Hut 8 Mining completed a $150 million strategic financing round, with investors including Coatue Management. Hut 8 is one of North America's largest digital asset miners, with 36,000 square feet of data center space and cloud capabilities connected to a grid powered by significant renewable energy and emission-free resources. Hut 8 aims to revolutionize traditional assets, creating the first hybrid data center model that serves both traditional high-performance computing (Web 2.0) and the emerging digital asset computing sector, blockchain gaming, and Web 3.0.

CeFi

1. According to ROOTDATA investment and financing data on 06-27, TDMM completed an undisclosed amount of seed round financing, with investors including Blockchain Founders Fund and Anthony Scaramucci. TDMM is a cryptocurrency market-making company that has provided liquidity and market-making services for over 200 crypto projects since its founding in 2015, managing the entire lifecycle of crypto tokens from initial trading post-listing to all subsequent trades.

2. According to ROOTDATA investment and financing data on 06-26, Crossover Markets completed a $12 million Series A financing round, with investors including Illuminate Financial and DRW Venture Capital. Crossover Markets is a digital asset trading technology company focused on meeting the unique liquidity requirements of institutions in the spot and derivative cryptocurrency markets. CROSSx is the company's cryptocurrency electronic communication network (ECN), designed to avoid conflicts of interest by decoupling trade execution from custody and brokerage, allowing institutions to freely choose their credit counterparties. As a purely execution venue provider, Crossover does not hold client funds, directly handle assets, or assume counterparty risk.

Entertainment

1. According to ROOTDATA investment and financing data on 06-27, Redacted completed a $10 million financing round, with investors including Spartan Group and Animoca Brands. Redact is a Web3 entertainment ecosystem. Leveraging the power of blockchain and AI, Redact is building a product ecosystem to form an entertainment data circle where Web3 users can do what they love—play, trade, watch, and earn rewards. Supported by the RDAC token, Redact aims to support its entertainment and gamification products through a data protocol, providing users with better, more targeted experiences and offering greater business opportunities for Web3 companies and Dapps.