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Analyst | Carol Popsicle Editor | Tong Produced | PANews
In the third quarter, the scale of the digital currency market expanded from approximately US$260.1 billion to approximately US$342.2 billion, and the market basically continued the upward trend in the second quarter. Among them, the DeFi concept currency represented by UNI, YFI, etc. became the market’s upward trend. Maximum power source. Inspired by Yield Farming, the average increase of the DeFi concept currency exceeded 240%, and YFI became the first million times currency in 2020 in 43 days.
Under the active market performance, in the third quarter, investment and financing in the global pan-blockchain field also maintained a rapid growth trend since the beginning of this year. It is particularly noteworthy that investment and financing activities in the DeFi field entered a concentrated outbreak period in the third quarter. . PAData will organize public data to analyze the investment and financing fundamentals, key tracks and active investment institutions in the global pan-blockchain field in the third quarter.
128 projects raised US$768 million
Increase in financing projects but the amount is basically stable
In the first half of the year, a total of 151 projects (excluding acquisitions) in the global pan-blockchain field disclosed financing information, and the total amount of financing disclosed was approximately US$1.517 billion. The overall financing scale has increased significantly over the same period last year. In the third quarter, investment and financing activities in the global pan-blockchain field continued the rapid growth trend this year.
According to statistics, a total of 127 projects disclosed financing information (excluding acquisitions) in the third quarter, and the amount of financing increased by 76.39% compared with the second quarter. Among them, a total of 51 projects disclosed financing information in September, the largest number of financing projects in a single month this year.
From the perspective of the types of financing projects, after August, DeFi projects have almost occupied “half of the country.” 14 DeFi projects announced financing news in August, accounting for 42.4% of the financing projects that month, and 23 DeFi projects announced financing news in September, accounting for 44.23% of the month. DeFi spread to the primary market after its fire in the secondary market in June.
Although the number of projects that disclosed financing information increased significantly in the third quarter, the financing scale was basically the same as the first two quarters of this year. According to statistics, a total of 93 projects (excluding acquisitions) disclosed financing amounts in the third quarter, totaling approximately US$768 million, a slight drop of 2.67% from the second quarter.
And compared with the number of financing projects, the distribution of monthly financing amount shows a completely different trend. In the third quarter, August had the fewest financing projects, but the disclosed financing amount was the largest, with a total of approximately US$377 million. In September, the financing projects were the most, but the disclosed financing amount was the least, with a total of only approximately 136 million US dollars.
DeFi becomes a hot investment area
Multiple blockchain funds complete financing
According to PAData’s continuous observation of investment and financing in the pan-blockchain field, the distribution of investment and financing amounts in various fields in the third quarter has new characteristics.
First of all, the total financing of other ecological fields exceeded the three main areas for the first time. The total financing disclosed in the third quarter was about 232 million US dollars, which was the largest financing area. This was mainly affected by the financing of three blockchain investment funds. KR1 raised approximately US$493,000 through ICO in July, and Pantera Capital and Framework Labs completed financing of US$165 million and US$8 million respectively in August. The active financing of investment funds focusing on the blockchain field once again confirmed the enthusiasm of the entire investment market in the third quarter. In addition, the financing scale of data projects in other ecological fields has also been greatly improved. The total amount of financing disclosed in the third quarter was about 41 million US dollars, an increase of 192.86% from the previous quarter.
*Data description: “/” means that the project includes two sub-fields. For example, “tools/agreement” means that the project product includes two sub-fields: tools and agreements, the same below.
Secondly, the financing scale of DeFi projects in the industry application field has greatly expanded. The total amount of financing disclosed in the third quarter was about 131 million US dollars, an increase of 84 million US dollars compared with the second quarter, an increase of about 178.72%. DeFi is also the largest segment of financing outside of investment funds.
It is also worth noting that the scale of investment in the underlying technology field and the scale of investment in the cryptocurrency field have a slight “decrease” meaning. In the first half of the year, cryptocurrency replaced underlying technology projects as the most popular track for capital. The total disclosed investment and financing amounted to US$1.008 billion, accounting for 66.47% of the total disclosed amount. During the same period, only US$182 million of financing was disclosed in the underlying technology field Amount. However, in the third quarter, the form reversed, and the amount of financing disclosed by the underlying technology was approximately US$204 million, more than the total in the first half of the year. Among them, technical services, agreements and cross-chain projects all have good financing performance. In the cryptocurrency field, only a financing amount of about 130 million US dollars has been disclosed, and the integrated management of exchanges and digital assets is no longer the most favored segment of capital.
From the perspective of the financing capacity of each sub-track, although 40 DeFi projects disclosed financing activities in the third quarter, the average financing amount of the projects that disclosed the financing amount was only 4.36 million US dollars. The financing scale is not large.
In addition to investment funds, the subdivision track with the strongest financing capacity in the third quarter is still mostly in the underlying technology field. Among them, the average single financing amount of cross-chain projects reached 43 million U.S. dollars, and the average single financing amount of public chain, technical service and agreement projects also exceeded 10 million U.S. dollars. In addition, the average single financing amount for games, investment platforms, mining machine production, and community/media projects is also relatively high.
Rich investment forms
Private placement and ICO total over 340 million US dollars
In the third quarter, the investment depth in the global pan-blockchain field is still dominated by early investment. 98 of the 127 investment and financing activities disclosed specific rounds/forms, including 40 seed rounds, 11 strategic investments and ICOs each, 9 round A rounds, 7 private placements, and other rounds/forms Investment activities are less than three.
From the perspective of the four main areas, seed rounds are the most important investment rounds, of which there were 19 seed round financing events in the industry application field alone, and 9 in the cryptocurrency field.
In addition, industry applications and underlying technology fields have seen relatively late C rounds of financing, including Digital Asset, BlockFi and Zero Hash projects. Among them, BlockFi disclosed a financing amount of 50 million US dollars, and investors include Digital Ventures LLC, Morgan Creek, Winklevoss Capital, HashKey Capital, etc.
There are also two STO incidents in the industry application field that deserve attention. The gaming platform Infinite Fleet and the investment platform Republic each disclosed $3.1 million and $16 million in STO financing in August.
In the field of cryptocurrency, many traditional public market IPOs have also emerged. For example, the exchange INX disclosed $7.5 million in IPO information in September, the mining company Hut8 disclosed Post-IPO information in July, and the financial services company Diginex in In September, it disclosed information on US$20 million in bond financing, and then went public on the Nasdaq through a reverse merger.
In terms of the amount of financing disclosed in various forms, in the third quarter, the total amount of private equity and ICO financing was the highest, reaching approximately US$181 million and US$162 million, respectively. ICO has once again become the main financing method in the blockchain field, which is different from the situation in the first half of the year. The amount of ICO financing disclosed in the first half of the year was only $44 million. In addition, the total funding of the seed round, A round and C rounds is also higher than 50 million US dollars.
However, from the perspective of the scale of individual financing, strategic investment, Series C, bond financing and private equity are the four large-scale financing forms, and the scale of individual financing exceeds US$20 million. Among them, the single financing scale of strategic investment is the highest, about 30 million US dollars. In addition, the individual scales of ICO and equity financing are not small, both exceeding US$10 million. According to statistics, 11 ICO financings reached a single financing scale of 14.78 million U.S. dollars, and the only bond financing that occurred was approximately 20 million U.S. dollars. Although the total financing amount of the seed round is high, the single financing amount is only 2.64 million US dollars. Other early rounds, such as the angel round and the Pre-A round, have not high individual financing amounts.
In the third quarter, DeFi project financing was relatively large. Judging from the announced financing rounds, it was mainly concentrated in the seed round. There were 14 projects with an average single financing amount of approximately US$1.97 million, which was lower than the single financing scale of all projects in the seed round. There are also many strategic investment and private equity financing projects, each with 5, but the strategic investments are all disclosed financing amounts. The average single financing amount disclosed by private equity is about 2.32 million US dollars, which is also lower than the single financing scale of all private equity financing projects.
In addition to the C round of DeFi projects, the average value of the individual items of the A round and ICO financing is relatively high, at 9 million U.S. dollars and 6.1 million U.S. dollars respectively, but they are also lower than the single financing scale of the projects. Overall, although 40 DeFi projects received financing in the third quarter, in most rounds, the amount of individual financing was lower than the average level, and the financing scale was not large.