report

Blockchain Investment Trends: October 2023 Highlights

Categories

Blockchain Infrastructure

This month, the Blockchain Infrastructure category raised $15M in 10 rounds, up from $11M in 9 rounds last month. The increase in both total funds and the number of rounds indicates a building momentum in this sector, suggesting investor confidence remains robust. Notably, the largest projects this month were:

Hylé raised $4.6M from Framework Ventures Crypto Fund, Delphi Digital, and Vitalik Buterin. Hylé is focused on the Hylé network, leveraging zero-knowledge proofs (ZKP) for scalability and privacy, aimed at becoming the core layer for modular ZK tech stacks.
Chainbound raised $2.3M from cyber Fund Crypto Fund, Maven 11 Capital, and Chorus One. Chainbound is dedicated to R&D for optimized blockchain infrastructure and is developing the Bolt protocol for advanced pre-confirmation on Ethereum.

Blockchain Service

This month, the Blockchain Service category raised $60M in 25 rounds, a significant drop from $115M in 40 rounds last month. This decrease suggests a cooling off in investment enthusiasm. However, the sector still saw notable projects:

Edge Matrix Chain raised $20M from Candaq and Bochsler Finance. EMC Protocol offers a blockchain and peer-to-peer computing protocol with features like smart contracts and decentralized storage.
Space and Time raised $5M from OKX Ventures and SamsungNext. Airstack aims to streamline and secure global financial transactions, integrating various financial services into a single platform.

CeFi

This month, the CeFi category raised $89M in 17 rounds, compared to $15M in 5 rounds last month. This dramatic increase indicates a resurgence in centralized finance investment. Key projects include:

Airstack raised $12.16M from Moonwalker Capital. Airstack focuses on streamlining and securing global financial transactions, integrating various financial services into a single platform.
Arch raised $2.16M from Kenetic Capital and Tribe Capital. Arch provides financial services for crypto asset holders, aiming to offer safe and reliable financial products.

Chain

This month, the Chain category raised $45M in 15 rounds, up from $19M in 7 rounds last month. This significant increase in both funding and rounds suggests growing interest in blockchain networks. Leading projects were:

Quai Network raised $15M from Polychain Capital and Jets Capital. Quai is a scalable, EVM-compliant blockchain network focused on decentralized finance.
Ark Labs raised $2.5M from Fulgur Ventures. Ark is a Bitcoin Layer 2 payment network designed for user simplicity and self-custody.

Currency

This month, the Currency category raised $405M in 30 rounds, up from $304M in 29 rounds last month. This consistent growth highlights sustained investor interest. Notable projects include:

XRP raised $200M from Pantera Capital. XRP is an open payment system designed to minimize the role of banks and financial institutions in transactions.
Sentz raised $64M from Coinbase Ventures and Blocktower Capital. Sentz's cryptocurrency operates on its own blockchain with significant market activity.

DeFi

This month, the DeFi category raised $267M in 25 rounds, down from $375M in 43 rounds last month. This decline may indicate a shift in investor focus. Key projects were:

Polymarket raised $74M from Founders Fund, Strangelove Ventures Crypto Fund, and Piers Kicks. Polymarket is a decentralized information markets platform for trading on current events.
Crestal raised $25M from Brotherhood Crypto Fund, M31 Capital Crypto Fund, and Paradigm. Crestal offers modular services for developers on the Crestal Blockchain.

GameFi

This month, the GameFi category raised $215M in 17 rounds, up from $115M in 10 rounds last month. This surge suggests a renewed interest in blockchain gaming. Leading projects include:

Double jump.tokyo raised $64M from Circle. The platform aids game developers in creating blockchain games with support and resources.
Nectar AI raised $3.9M from Maelstrom and Synergis. Nectar is a generative AI platform for creating personalized virtual companions.

Meme

This month, the Meme category raised $45M in 8 rounds, up from $30M in 15 rounds last month. Despite fewer rounds, the increase in funding suggests growing interest in meme tokens. Top projects were:

SHIBA INU raised $12M from Animoca Brands. SHIBA INU, launched in 2020, aims to build a decentralized community inspired by Dogecoin.
Milady Meme Coin raised $6M from DWF Labs. Milady Coin is a meme token on the Ethereum blockchain created by Milady Maker NFT collection enthusiasts.

NFT

This month, the NFT category raised $28M in 6 rounds, slightly down from $30M in 7 rounds last month. The stable investment levels suggest sustained interest. Key projects were:

Kiosk raised $7.1M from Sora Ventures and The Spartan Group Crypto Fund. Kiosk is an NFT marketplace emphasizing transparency and user empowerment.
Mintify raised $5M from Amber Group. Mintify offers an advanced platform for NFT trading with robust analytics and historical data access.

This month, the Social category raised $195M in 9 rounds, up from $115M in 13 rounds last month. The increased funding suggests rising interest in social blockchain projects. Leading projects include:

Story Protocol raised $124M from Balaji Srinivasan and Hashed Fund. Story Protocol aims to revolutionize intellectual property management with a streamlined online framework.
Soulbound raised $6M from Genblock Capital. Soulbound merges social networks and GameFi to improve gamer engagement and retention.

Stablecoin

This month, the Stablecoin category raised $15M in 5 rounds, up from $10M in 3 rounds last month. This steady growth indicates ongoing interest in stablecoin projects. Notable projects were:

Level raised $3.6M from Polychain Capital Crypto Fund. Level is a USD-based stablecoin leveraging re-stake tokens for income.
StablR raised $1.1M from Global Coin Research. StablR issues EurR stablecoins to provide liquidity to DeFi and CeFi markets.

Most Active Investors

Coinbase Ventures participated in 6 rounds, making it the most active investor in this space. Their focus this month was on categories such as DeFi, CeFi, and Blockchain Infrastructure.

In second place is Pantera Capital with 4 rounds, focusing on DeFi and Blockchain Infrastructure.

Finally, Circle invested in 3 different rounds, focusing on CeFi and Blockchain Infrastructure.