PitchBoo-k-2024年二季度加密貨幣報告（英）-2024-11正式版WN8

EMERGINGTECHRESEARCHCryptoReportVCtrendsandinnovationspotlightsQ2REPORTPREVIEWThefullreportisavailablethroughthePitchBookPlatform.2024ContentsVerticalupdate3InstitutionalResearchGroupAnalysisQ22024timeline5RobertLeSeniorAnalyst,EmergingTechnologyCryptolandscape6robert.le@CryptoVCecosystemmarketmapVCactivity7pbinstitutionalresearch@8DataMatthewNacionalesSeniorDataAnalystInnovationspotlightsDecentralizedGPUnetworksLiquiditypools171822242527PublishingReportdesignedbyDrewSandersPublishedonAugust9,2024SelectcompanyhighlightsNeptuneFinanceRhinestoneQ22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2Q22024timelineQ2VCdealcountsummary503totaldealsApril1April30May22-12.5%AfederaljudgedeniesCoinbase’smotiontodismissthelawsuitfromtheSecuritiesandExchangeCommission(SEC),movingthecasetodiscovery.WhilethejudgeagreeswithCoinbase

thatitsself-custodywalletdoesnotmakeitabroker,sherejectsotherargumentsagainsttheSEC’ssecuritiesclassification.Thiscasewillnowlikelyextendintotheforeseeablefuture,andinanelectionyear,itisunknownwhatcouldoccurwithchangingadministrations.ChangpengZhao,founderofBinance,issentencedtofourmonthsinprisonforfailingtoimplementadequateanti-moneylaunderingcontrols.Despiteprosecutorsseekingalongersentence,Zhaonegotiatedapleadeal,agreeingtopaya$50millionfine.Thisoutcomecontrastswiththemuchharsherpenaltiesfacedbyothercryptoexecutives.TheUSHouseofRepresentativespassestheFinancialInnovationandTechnologyforthe21stCenturyAct,offeringregulatoryclarityforthecryptoindustryforthefirsttime.Thebill,whichpassesonabipartisanbasis,addressestheindustry’sneedforclearoperationalguidelinesandprovidesapathfordecentralizedprojects.However,theBidenadministrationopposesthebill,citingpotentialregulatorygapsandinvestorrisks.ThelegislationnowmovestotheSenate.QoQgrowth4.6%YoYgrowth-3.1%YTDgrowthQ2VCdealvaluesummary$2.7BtotaldealvalueApril20May1June6Bitcoincompletesitsfourthhalving,whichreducestherewardforminingnewblocksby50%.Thishalvingoccursroughlyeveryfouryearsanddecreasestherateatwhichnewbitcoinsarecreated,BlackRockleadsa$47.0millionstrategicfundingroundforSecuritize,ablockchainfirmspecializingintokenizingreal-worldassetsthathelpedBlackRocklaunchitstokenizedfund,BUIDL.ThisinvestmentreflectsBlackRock’sgrowinginvolvementinthecryptospaceasitaimstodriveinnovationincapitalmarketsinfrastructurethroughblockchaintechnology.Robinhood

announcesitwillacquirecryptoexchangeBitstamp

forapproximately$2002.5%QoQgrowth-9.8%YoYgrowthmillion.ThisstrategicacquisitionaimstoenhanceRobinhood’sglobalcryptofootprintandintroduceitsfirstinstitutionalbusiness.-11.7%YTDgrowthleadingtoincreasedscarcityandpotentiallyhigherprices.Q22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG5Cry

ptolandscapeBlockchainnetworksInfrastructure&developertoolsAccessWeb3DeFiQ22024CryptoReportVCactivityCryptoVCdealactivityInQ22024,cryptofundraisingincreasedslightlyasstartupssecured$2.7billionacross503deals.Thisrepresentsa2.5%increaseininvestedcapitalbuta12.5%declineindealvolumecomparedwiththepreviousquarter.Theincreasingdealvalueyetlowerdealcountsuggeststhatdealsizesincreasedoverallduringthequarter.Withpositiveinvestorsentimentreturningtocryptoandbarringanymajormarketdownturns,weexpectthevolumeandpaceofinvestmentstocontinueincreasingthroughouttheyear.Infrastructurestartupscontinuedtoleadthewayinfundingduringthequarter,withthelargestroundsraisedbyparallelizationLayer1platformMonad($225.0millionSeriesA),DeFi-specificLayer1platformBerachain

($100.0millionSeriesB),andbitcoinrestakingplatformBabylon

($70.0millionearly-stageround).Theothertwomega-roundsofthequarterwenttoFarcaster,whichraiseda$150.0millionSeriesAroundata$1.0billionpost-moneyvaluation,andtoblockchain-basedgamingplatformZentry,whichraiseda$140.0millionearly-stageround.3,386$29.42,8111,8531,011$3.31,052$4.21,078$5.4$25.3$10.1202320192020202120222024*Dealvalue($B)DealcountSource:PitchBook?Geography:Global?*AsofJune30,2024CryptoVCexitactivityComparedwithfull-year2023,valuationswereupfortheseedstageandtheearlystageyetweredownforthelatestage.Themedianpre-moneyvaluationfortheseedstagewas$23.0million;theearlystage,$63.8million;andthelatestage,$40.8million,representingchangesof+97.0%,+166.0%,and-36.0%,respectively,fromfull-year2023.Thesenumbersindicatethatinvestmentroundshavebecomehighlycompetitiveattheearlierstagesbutlesssoatthelatestage.Thistrendisonparwiththebroaderventuremarket.Dealsizesalsoreflectedthevaluationtrends,withmedianfiguresregisteringat$2.8millionfortheseedstage,$4.5millionfortheearlystage,and$6.5millionforthelatestage,representingchangesof+27.3%,+13.3%,and-7.4%,respectively,fromfull-year2023.827874434136$0.32019$0.6$67.6$1.4$1.0$0.020202021202220232024*Exitvalue($B)ExitcountSource:PitchBook?Geography:Global?*AsofJune30,2024Q22024CryptoReportVCACTIVITYKeycryptopre-seed/seeddealsinQ22024*Dealvalue($M)Post-moneyvaluation($M)CompanyClosedateSegmentCategoryLeadinvestor(s)ArbelosMarketsMegaETHMorphMay8$56.0Infrastructure&developertoolsBlockchainnetworksInstitutionalservicesLayer2&scalabilityLayer2&scalabilityLayer2&scalabilityDevelopmentplatformsInstitutionalservicesN/AN/AN/AN/A$50.0N/ADragonflyCapitalJune27May14May8$20.0$19.3$13.2$12.0$12.0Dragonfly(SanFrancisco)Dragonfly(SanFrancisco)FoundersFundBlockchainnetworksLagrangeSortiumBlockchainnetworksApril10April2Infrastructure&developertoolsInfrastructure&developertoolsSignumGrowthCapitalDragonfly(SanFrancisco)AgoraMagnoliaQualityDevelopmentCorporation,T&BMediaGlobalLightLinkJune6$11.5BlockchainnetworksLayer2&scalabilityN/ABotanixLabsFintopioMay7$11.5$10.0$10.0BlockchainnetworksAccessLayer2&scalabilityN/AN/AN/AN/AN/AN/AApril17May28Exchanges,wallets&cryptofinancialservicesDePINs&hardwareGaiaNetWeb3Source:PitchBook?Geography:Global?*AsofJune30,2024Q22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG11VCACTIVITYKeycryptoearly-stageVCdealsinQ22024*Dealvalue($M)Post-moneyvaluation($M)CompanyClosedateSegmentCategoryLeadinvestor(s)MonadLabsFarcasterZentryApril9May21April24$225.0BlockchainnetworksLayer1$3,000.0$1,000.0N/AParadigm(CryptoFund)$150.0$140.0Web3Web3Content&socialMetaverse&gamingParadigmN/ABrevanHowardAssetManagement,FrameworkVenturesBerachainBabylonMay18May30$100.0$70.0BlockchainnetworksDeFiLayer1N/AN/ABullishCapital,Paradigm(CryptoFund),PolychainCapitalLending,borrowing&yieldgenerationSophonApril1$60.0$43.0$41.8$38.0$37.0Web3Metaverse&gamingLayer1N/AMaven11,PaperVenturesDragonfly(SanFrancisco),FoundersFundN/AAvailJune4June6April25June26BlockchainnetworksAccessN/ATradeAlgoMovementLabsConduitResearch&datatoolsLayer2&scalabilityLayer2&scalabilityN/ABlockchainnetworksBlockchainnetworksN/APolychainCapital$220.0HaunVentures,Paradigm(CryptoFund)Source:PitchBook?Geography:Global?*AsofJune30,2024Q22024CryptoReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG12SELECTCOMPANYHIGHLIGHTS:RHINESTONEKeycompanyinformationFoundedLastfinancingvaluationTotalraised2023N/AN/AOverviewHQlocationLastfinancingLeadinvestor(s)Oxford,UKSeedroundN/ARhinestone

isadecentralizedsystemthatemphasizesmodularaccountabstractionontheEthereumblockchain.Theprotocolallowsforthecreationofsmartaccountsthatarebothflexibleandextensible.Unliketraditionalstaticaccounts,Rhinestone’smodularaccountsempoweruserstodynamicallyadd,remove,ormodifyfunctionalities,providingatailoredexperience.Developersalsocanseamlesslyintroducenewfeaturesoradjustexistingones.Theprotocol’sdesignisinspiredbyvariousarchitectures,includingtheSafearchitectureandtheMulti-FacetProxyStandard(ERC-2535).OneofthemainfeaturesofRhinestone

isitstransformationofsmartaccountsintoanopenplatform.Thisopennessensuresthatdevelopersarenotconfinedtoapredeterminedsetoffeaturesbutcancraftfunctionalitiesspecifictotheirproductanduserneeds.Thisadaptabilityextendstodecentralizedapplications(dApps),offeringthemanenhanceduserexperience.Furthermore,theprotocolsupportsthedevelopmentofspecializedwalletstailoredtodistinctmarketsegments,suchasDeFi.AnemergingtrendalsoseesdAppsintegratingtheirexperienceswithindominantwallets,andRhinestone’smodularapproachispoisedtofacilitateanopenmarketplaceforsuchintegrations.Inourview,Rhinestone’spotentialcompetitiveadvantageisinitsfocusonuser-centriccustomizationandsecurity.Byofferingaplatformthatcaterstobothendusersanddevelopers,Rhinestone

addressesthegrowingdemandforadaptableandsecuresmartaccountmanagementinthedecentralizedspace.Itscommitmenttoflexibility,combinedwitharobustsecurityframework,positionstheRhinestone

Protocolasapromisingcontenderintheever-evolvingworldofblockchainanddecentralizedapplications.ExitPredictor

IPO:2%probability

M&A:65%probability

Noexit:33%probabilitySuccess:67%probabilityNote:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.Q22024CryptoReportSE