Overall Situation

According to data from RootData, Q3 2024 showed a downward trend in Web3 primary market funding activities. The quarter saw 321 funding rounds, a decrease of 25.7% from the previous quarter, with a total funding amount of $2.406 billion, down 15.0% compared to the last quarter.

The infrastructure sector continued to lead, with total funding of $745 million, accounting for 30.9%. Notably, the “Others” category (excluding infrastructure, DeFi, NFT, gaming, CeFi, DAO, social, and tools) reached a total funding amount of $453 million, making up 18.8% of the total. This trend was driven by several factors, including the sustained popularity of the Meme sector this quarter, the rise of AI-Web3 integration projects, and the continuous expansion of DePin and the Bitcoin ecosystem. Investors and the market are seeking new narratives and innovation.

The largest single funding round this quarter came from Bitcoin mining company Iris Energy, raising $413 million. Notably, among the top 10 funding projects, M&A transactions accounted for a total of $681 million, making up 57.5% of the total.

Investment Institutions

Robot Ventures was the most active investor this quarter, with 22 investments. Among the 12 institutions that made more than 10 investments, infrastructure remained the most favored sector, with DeFi-related projects receiving 56 investments. Binance Labs and OKX Ventures each made 16 investments in Q3, with 5 and 6 investments in GameFi-related projects, respectively, showing higher activity in this sector compared to other investment institutions. Additionally, DAO, NFT, and tools & information projects continued to see limited interest.

Solana Ecosystem Projects See Continuous Growth in Funding

According to the “State of Solana: Breakpoint Edition” report, 29 projects built on the Solana blockchain secured $173 million in funding during Q3 2024, the highest level since Q2 2022. Each month in Q3 2024 saw consecutive growth, with September reaching $103 million, marking the strongest month of funding since June 2022.

#Funding #BinanceLabsInvestment #Solanaecosystem #fundraising