【PitchBook】2024年三季度加密货币报告-2024_11页_8mb

Crypto Report Summary - Q3 2024

Core Content Overview

This report provides an analysis of the cryptocurrency venture capital (VC) landscape in Q3 2024, focusing on funding trends, key deals, and innovations within the sector. It highlights the challenges and opportunities faced by the industry, including macroeconomic factors, market consolidation, and the emergence of new technologies.

Main Trends and Statistics

• VC Funding Decline:

  • There was a 31.1% quarterly decline in deal value, totaling $1.7 billion.
  • The number of deals also dropped by 25.3%, with 392 deals in Q3 2024.
  • This decline was unexpected given the previous strong momentum in crypto VC funding.

• Valuation Trends:

  • Valuations across all stages increased compared to full-year 2023.
  • Seed stage: Median pre-money valuation of $18.5 million (up 55.8%).
  • Early stage: Median pre-money valuation of $60.8 million (up 154.8%).
  • Late stage: Median pre-money valuation of $60.0 million (up 26.3%).

• Deal Size Trends:

  • Seed and early-stage deal sizes increased by 36.4% and 33.3%, respectively.
  • Late-stage deal sizes decreased by 6.2%, indicating that founders are selling smaller equity portions.

• Market Consolidation:

  • 20 VC exits were recorded in Q3 2024.
  • Notable exits include:
    • BitOasis acquired by CoinDCX.
    • Disco.xyz acquired by Privado ID.
    • Bware Labs acquired by Alchemy.
  • These acquisitions suggest increased horizontal consolidation in the crypto ecosystem, particularly among exchanges, custodians, and infrastructure providers.

Key Sectors and Innovations

1. Blockchain Networks

• Bridges & Interoperability:
  • Companies like Celestia and Story Protocol raised significant funding.
  • Celestia secured a $100 million late-stage round.
  • Story Protocol raised $80 million in Series B.
• Layer 1 & Layer 2:
  • Layer 1 platforms include Story Protocol, TON, and Chaos Labs.
  • Layer 2 & scalability startups such as Mezo and Bitlayer also received substantial investment.

2. Infrastructure & Developer Tools

• Institutional Services:
  • WSPN raised $30 million in pre-seed/seed funding.
• Node & Validator Management:
  • Solayer Labs raised $12 million in a seed round.
• Development Platforms:
  • Helius raised $21.8 million in early-stage funding.

3. Access

• Onboarding & Payments:
  • Layer3 raised $20.6 million in early-stage funding.
• Crypto Financial Services:
  • Companies like Swan, ITRI, and CoinTracker are active in asset management and tax solutions.

4. Web3

• Enablement Platforms & Marketplaces:
  • Sentient raised $85 million in a seed round.
  • DuelNow raised $11 million in a seed round.
• Metaverse & Gaming:
  • Gameplay Galaxy raised $24 million in a seed round.
  • NPC Labs raised $21 million in a seed round.
• Decentralized Communities:
  • Disco.xyz was acquired by Privado ID, highlighting the importance of community and identity in Web3.

5. DeFi

• Asset Tokenization:
  • Plume Network raised $10 million in a seed round.
• Trading, Derivatives & Liquidity:
  • Drift Protocol raised $25 million in an early-stage round.
  • Vessel raised $10 million in a seed round.
• Insurance:
  • NEPTUNE MUTUAL and Flowcarbo are notable players in the DeFi insurance space.

Innovation Spotlight

• Decentralized Prediction Markets:
  • Azure is a standout innovation in this space, offering a decentralized blockchain for prediction markets.
  • It uses a dynamic automated market maker (AMM) system and a LiquidityTree fund accounting structure.
  • This allows for scalable, reliable prediction markets and "free market" odds rather than centralized probabilities.
  • AzureSDK and AzureDAO further enhance its capabilities by simplifying app development and enabling decentralized governance.

Key Company Highlights: Azure

Overview

• Purpose: Azure is a decentralized blockchain designed for prediction markets, replacing the traditional orderbook model with an AMM-based system.
• Unique Features:
  • Enables any participant to act as a liquidity provider.
  • Allows anyone to launch front-end betting interfaces.
  • Protects liquidity providers from impermanent loss.

Leadership

• CEO: Paruyr Shahbazyan (co-founder of Bookmaker.XYZ)
• COO: Dmitry Globenko
• CTO: Denis Kaizer (blockchain architect)
• CFO: Rossen Yordanov (chief marketing officer)
• Core Contributor: Victor A (product)

Financing History

• Seed Round (2022): $3.5 million led by Gnosis Chain, Flow Ventures, and Polymorphic Capital.
• Early-Stage Round (2022): $4 million.
• Early-Stage Round (2024): $11 million led by SevenX Ventures, G1 Ventures, Red Beard Ventures, and Fenbushi Capital.

Use of Funds

• Expansion to multiple blockchains.
• Broadening of betting markets.
• Development of new functionalities, including NFT-based betting markets.

Conclusion

The Q3 2024 crypto VC report reveals a decline in funding but increased valuations across all stages, indicating a more competitive investment environment. The market is showing signs of consolidation, especially among exchanges and infrastructure providers. Innovations like Azure are reshaping the prediction market space, offering decentralized, scalable, and secure solutions. The report underscores the evolving nature of the crypto ecosystem and the increasing role of Web3 technologies in driving future growth.