PitchBoo-k-2024年二季度加密货币报告（英）-2024-11正式版WN8

EMERGINGTECHRESEARCH

CryptoReport

VCtrendsandinnovationspotlights

Q2

2024

REPORTPREVIEW

Thefullreportisavailablethrough

thePitchBookPlatform.

Contents

Verticalupdate3InstitutionalResearchGroup

Q22024timeline5

Analysis

Cryptolandscape6

RobertLeSeniorAnalyst,EmergingTechnology

robert.le@

CryptoVCecosystemmarketmap7

pbinstitutionalresearch@

VCactivity8

Data

Innovationspotlights17

MatthewNacionalesSeniorDataAnalyst

DecentralizedGPUnetworks18

Publishing

Liquiditypools22

ReportdesignedbyDrewSanders

Selectcompanyhighlights24

PublishedonAugust9,2024

NeptuneFinance25

Rhinestone27

Q22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

Q22024timeline

Q2VCdealcountsummary

April1

April30May22

503

totaldeals

AfederaljudgedeniesCoinbase’smotiontodismissthe

lawsuitfromtheSecuritiesandExchangeCommission

(SEC),movingthecasetodiscovery.Whilethejudge

agreeswithCoinbasethatitsself-custodywalletdoes

notmakeitabroker,sherejectsotherarguments

againsttheSEC’ssecuritiesclassification.Thiscasewill

nowlikelyextendintotheforeseeablefuture,andin

anelectionyear,itisunknownwhatcouldoccurwith

changingadministrations.

ChangpengZhao,founderofBinance,is

sentencedtofourmonthsinprisonfor

failingtoimplementadequateanti-

moneylaunderingcontrols.Despite

prosecutorsseekingalongersentence,

Zhaonegotiatedapleadeal,agreeing

topaya$50millionfine.Thisoutcome

contrastswiththemuchharsherpenalties

facedbyothercryptoexecutives.

TheUSHouseofRepresentativespassestheFinancial

InnovationandTechnologyforthe21stCenturyAct,

offeringregulatoryclarityforthecryptoindustryforthe

firsttime.Thebill,whichpassesonabipartisanbasis,

addressestheindustry’sneedforclearoperational

guidelinesandprovidesapathfordecentralized

projects.However,theBidenadministrationopposes

thebill,citingpotentialregulatorygapsandinvestor

risks.ThelegislationnowmovestotheSenate.

-12.5%

QoQgrowth

4.6%

YoYgrowth

-3.1%

YTDgrowth

Q2VCdealvaluesummary

April20May1June6

$2.7B

totaldealvalue

Bitcoincompletesitsfourth

halving,whichreducesthe

rewardforminingnewblocks

by50%.Thishalvingoccurs

roughlyeveryfouryearsand

decreasestherateatwhich

newbitcoinsarecreated,

leadingtoincreasedscarcity

andpotentiallyhigherprices.

BlackRockleadsa$47.0millionstrategic

fundingroundforSecuritize,ablockchain

firmspecializingintokenizingreal-world

assetsthathelpedBlackRocklaunchits

tokenizedfund,BUIDL.Thisinvestment

reflectsBlackRock’sgrowinginvolvement

inthecryptospaceasitaimstodrive

innovationincapitalmarketsinfrastructure

throughblockchaintechnology.

Robinhoodannounces

itwillacquirecrypto

exchangeBitstampfor

approximately$200

million.Thisstrategic

acquisitionaimstoenhance

Robinhood’sglobalcrypto

footprintandintroduceits

firstinstitutionalbusiness.

2.5%

QoQgrowth

-9.8%

YoYgrowth

-11.7%

YTDgrowth

Q22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG5

Cryptolandscape

Blockchainnetworks

Infrastructure&developertools

Access

Web3

DeFi

Q22024CryptoReport

VCactivity

CryptoVCdealactivity

InQ22024,cryptofundraisingincreasedslightlyasstartupssecured$2.7billionacross503deals.

Thisrepresentsa2.5%increaseininvestedcapitalbuta12.5%declineindealvolumecompared

2,811

3,386

withthepreviousquarter.Theincreasingdealvalueyetlowerdealcountsuggeststhatdealsizes

1,853

increasedoverallduringthequarter.Withpositiveinvestorsentimentreturningtocryptoand

1,0111,052

1,078

barringanymajormarketdownturns,weexpectthevolumeandpaceofinvestmentstocontinue

increasingthroughouttheyear.Infrastructurestartupscontinuedtoleadthewayinfunding

$3.3$4.2$25.3$29.4$10.1$5.4

duringthequarter,withthelargestroundsraisedbyparallelizationLayer1platformMonad

201920202021202220232024*

($225.0millionSeriesA),DeFi-specificLayer1platformBerachain($100.0millionSeriesB),and

Dealvalue($B)Dealcount

bitcoinrestakingplatformBabylon($70.0millionearly-stageround).Theothertwomega-rounds

ofthequarterwenttoFarcaster,whichraiseda$150.0millionSeriesAroundata$1.0billionpost-

moneyvaluation,andtoblockchain-basedgamingplatformZentry,whichraiseda$140.0million

early-stageround.

Source:PitchBook•Geography:Global•*AsofJune30,2024

Comparedwithfull-year2023,valuationswereupfortheseedstageandtheearlystageyetwere

downforthelatestage.Themedianpre-moneyvaluationfortheseedstagewas$23.0million;

CryptoVCexitactivity

theearlystage,$63.8million;andthelatestage,$40.8million,representingchangesof+97.0%,

+166.0%,and-36.0%,respectively,fromfull-year2023.Thesenumbersindicatethatinvestment

827874

roundshavebecomehighlycompetitiveattheearlierstagesbutlesssoatthelatestage.This

trendisonparwiththebroaderventuremarket.Dealsizesalsoreflectedthevaluationtrends,with

36

43

41

medianfiguresregisteringat$2.8millionfortheseedstage,$4.5millionfortheearlystage,and

$6.5millionforthelatestage,representingchangesof+27.3%,+13.3%,and-7.4%,respectively,

$0.3$0.6$67.6$1.4$1.0$0.0

fromfull-year2023.

201920202021202220232024*

Exitvalue($B)Exitcount

Source:PitchBook•Geography:Global•*AsofJune30,2024

Q22024CryptoReport

VCACTIVITY

Keycryptopre-seed/seeddealsinQ22024*

CompanyClosedateDealvalue

($M)SegmentCategory

Post-money

valuation($M)Leadinvestor(s)

ArbelosMarketsMay8$56.0Infrastructure&developertoolsInstitutionalservicesN/ADragonflyCapital

MegaETHJune27$20.0BlockchainnetworksLayer2&scalabilityN/ADragonfly(SanFrancisco)

MorphMay14$19.3BlockchainnetworksLayer2&scalabilityN/ADragonfly(SanFrancisco)

LagrangeMay8$13.2BlockchainnetworksLayer2&scalabilityN/AFoundersFund

SortiumApril10$12.0Infrastructure&developertoolsDevelopmentplatforms$50.0SignumGrowthCapital

AgoraApril2$12.0Infrastructure&developertoolsInstitutionalservicesN/ADragonfly(SanFrancisco)

LightLinkJune6$11.5BlockchainnetworksLayer2&scalabilityN/AMagnoliaQualityDevelopment

Corporation,T&BMediaGlobal

BotanixLabsMay7$11.5BlockchainnetworksLayer2&scalabilityN/AN/A

FintopioApril17$10.0AccessExchanges,wallets&cryptofinancialservicesN/AN/A

GaiaNetMay28$10.0Web3DePINs&hardwareN/AN/A

Source:PitchBook•Geography:Global•*AsofJune30,2024

Q22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG11

VCACTIVITY

Keycryptoearly-stageVCdealsinQ22024*

CompanyClosedateDealvalue

($M)SegmentCategory

Post-money

valuation($M)Leadinvestor(s)

MonadLabsApril9$225.0BlockchainnetworksLayer1$3,000.0Paradigm(CryptoFund)

FarcasterMay21$150.0Web3Content&social$1,000.0Paradigm

ZentryApril24$140.0Web3Metaverse&gamingN/AN/A

BerachainMay18$100.0BlockchainnetworksLayer1N/ABrevanHowardAssetManagement,Framework

Ventures

BabylonMay30$70.0DeFiLending,borrowing&yieldgenerationN/ABullishCapital,Paradigm(CryptoFund),Polychain

Capital

SophonApril1$60.0Web3Metaverse&gamingN/AMaven11,PaperVentures

AvailJune4$43.0BlockchainnetworksLayer1N/ADragonfly(SanFrancisco),FoundersFund

TradeAlgoJune6$41.8AccessResearch&datatoolsN/AN/A

MovementLabsApril25$38.0BlockchainnetworksLayer2&scalabilityN/APolychainCapital

ConduitJune26$37.0BlockchainnetworksLayer2&scalability$220.0HaunVentures,Paradigm(CryptoFund)

Source:PitchBook•Geography:Global•*AsofJune30,2024

Q22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG12

SELECTCOMPANYHIGHLIGHTS:RHINESTONE

Keycompanyinformation

Overview

RhinestoneisadecentralizedsystemthatemphasizesmodularaccountabstractionontheEthereum

blockchain.Theprotocolallowsforthecreationofsmartaccountsthatarebothflexibleand

extensible.Unliketraditionalstaticaccounts,Rhinestone’smodularaccountsempowerusersto

dynamicallyadd,remove,ormodifyfunctionalities,providingatailoredexperience.Developersalso

canseamlesslyintroducenewfeaturesoradjustexistingones.Theprotocol’sdesignisinspiredby

variousarchitectures,includingtheSafearchitectureandtheMulti-FacetProxyStandard(ERC-2535).

Founded

2023

HQlocation

Oxford,UK

Lastfinancingvaluation

N/A

Lastfinancing

Seedround

Totalraised

N/A

Leadinvestor(s)

N/A

OneofthemainfeaturesofRhinestoneisitstransformationofsmartaccountsintoanopen

platform.Thisopennessensuresthatdevelopersarenotconfinedtoapredeterminedsetof

ExitPredictor

featuresbutcancraftfunctionalitiesspecifictotheirproductanduserneeds.Thisadaptability

extendstodecentralizedapplications(dApps),offeringthemanenhanceduserexperience.

Furthermore,theprotocolsupportsthedevelopmentofspecializedwalletstailoredtodistinct

marketsegments,suchasDeFi.AnemergingtrendalsoseesdAppsintegratingtheirexperiences

withindominantwallets,andRhinestone’smodularapproachispoisedtofacilitateanopen

IPO:2%probabilityM&A:65%probabilityNoexit:33%probability

marketplaceforsuchintegrations.Inourview,Rhinestone’spotentialcompetitiveadvantageisin

itsfocusonuser-centriccustomizationandsecurity.Byofferingaplatformthatcaterstobothend

usersanddevelopers,Rhinestoneaddressesthegrowingdemandforadaptableandsecuresmart

accountmanagementinthedecentralizedspace.Itscommitmenttoflexibility,combinedwith

arobustsecurityframework,positionstheRhinestoneProtocolasapromisingcontenderinthe

Success:67%probability

ever-evolvingworldofblockchainanddecentralizedapplications.

Note:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.

Q22024CryptoReport

SELECTCOMPANYHIGHLIGHTS:RHINESTONE

Leadership

Rhinestonewasco-foundedbyCEOKonradKopp.HepreviouslyfoundedSignet,whichaimedto

revolutionizeloyaltyprogramsbybringingthemontoblockchains,andHedgefox,aneducation

technologydatainfrastructurecompany.Hisacademiccredentialsincludeanundergraduate

degreeinphilosophy,politics,andeconomicsfromtheUniversityofOxford.Healsostudiedlawat

theUniversityofVienna.Kopphasbeeninvolvedinvariousprojects,includingChainBook,anon-

chaincontactbookdesignedtoenhanceWeb3userexperience,andTerminalPortfolio,aplatform

toqueryportfoliodata.HealsoplayedapivotalroleintheestablishmentoftheOxfordBlockchain

Society’spublicwebsiteandmemberdashboard.

Financinghistory

Rhinestoneraisedanundisclosedamountofpre-seedfundingfrom1kxinJanuary2021.The

companysubsequentlyraisedanundisclosedamountofseedfundingfromSafe,Heartcore

Capital,andLatticeCapitalinDecember2023.1kxandotherinvestorsalsoparticipatedin

theround.

Q22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG28

PitchBookData,Inc.

NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence

PaulCondraHeadofEmergingTechnologyResearch

AboutPitchBook

IndustryandTechnology

Research

Independent,objective,andtimelymarketintel

Astheprivatemarketscontinuetogrowincomplexityandcompetition,it’sessentialfor

investorstounderstandtheindustries,sectors,andcompaniesdrivingtheassetclass.

OurIndustryandTechnologyResearchprovidesdetailedanalysisofnascenttechsectorsso

youcanbetternavigatethechangingmarketsyouoperatein—andpursuenewopportunities

withconfidence.

©2024byPitchBookData,Inc.Allrightsreserved.Nopartofthispublicationmaybereproducedinanyformorbyanymeans—graphic,electronic,or

mechanical,includingphotocopying,recording,taping,andinformationstorageandretrie