How many “crypto unicorns” will be born in projects that have raised more than 100 million US dollars?

The encryption field in the past two years can be said to be different from what it used to be. The investment and financing activities of VCs in the field of encryption have become more and more intensive, and more and more investment has flowed into encryption projects. Perhaps the encrypted world has quietly entered the era of capital “controlling the market” from the barbaric era , and we have to start paying close attention to every move of mainstream capital.  …

Why pay attention to large financing projects

In the past in the field of traditional finance and economics, people were always paying attention to the trends of leading big institutions , such as: a well-known VC invested in a project, a large investment bank fund increased the stock of a project, and so on. So why do we have to focus on project financing, and especially large financing? There are at least three reasons:

  • After the mainstreaming of the encryption industry, capital will gather in most promising directions, and large institutions are the weather vane to avoid stepping on pits.
  • Organizations that can’t wait to spend their money on the cutting edge will strictly screen the teams and productsof the project, and only projects that are excellent in all aspects can get the “eyes” of top VCs.
  • Top VC investment is not necessarily good, they are also casting a wide net, so instead of focusing on projects with small investment, it is better to focus on projects with large investment, especially projects with more than 100 million US dollars. Vote, with higher certainty.

Projects that have raised over 100 million US dollars

For example, according to the classification of the track, the Ethereum Layer 2 track

raised about $450 million in a new round of funding in February, led by Sequoia Capital. A total of more than 40 venture capital institutions participated in this round of financing, including SoftBank Group, Galaxy Digital, Tiger Global and other institutions. Known as the “Indian Ethereum Horseshoe”, Polygon was renamed from Matic, which was later translated as “polymorphic”, which seems to imply his vision: an aggregator of multiple solutions for the Ethereum Layer 2.
At present, Polygon mainly uses the POS side chain as a transition , and several Zk-Rollup and other solutions are on the way. Perhaps because the project team itself comes from the Ethereum community and has a certain influence in the community, the TVL in the Polygon ecosystem is mainly from the old DeFi from Ethereum, such as AAVE with a TVL of 900 million US dollars and TVL of nearly 400 million US dollars In addition, Polygon was deployed earlier in the multi-chain support of OpenSea in the NFT market; and the Metaverse leader The Sandbox, etc., have chosen Polygon’s POS chain as a solution to the current low-speed and high-cost problem of Ethereum.
is the backbone of the Layer2 ZK-Rollup solution . StarkWare, known as an all-star team, consists of world-class cryptographers and scientists, and the core member is the former chief scientist of Zcash. The team proposed zk-STARK technology in an academic paper in 2018, and the author of the paper subsequently created StarkWare. There is no doubt that the team’s achievements in zk-STARK technology are world-leading.
In March of this year, Ethereum Layer 2 developer StarkWare raised a new round of financing at a valuation of $6 billion. The round of financing is still open and may raise at least $100 million.. Earlier on November 16, 2021, StarkWare had completed a $50 million Series C financing, with a current valuation of $2 billion. The round was led by Sequoia Capital, with participation from existing investors Paradigm, Three Arrows Capital, Alameda Research, Founders Fund, and IOSG.
is the “leader” of the Layer2 OP-Rollup solution. At the same time, as the Rollup Layer2 with the earliest implementation and the fastest ecological development, its TVL (total locked assets) has reached 3.6 billion US dollars and once dominated the Layer2 TVL list.
In August last year, Arbitrum, the second-layer expansion plan of Ethereum, completed a $120 million Series B financing, led by Lightspeed Venture Partners, and participated by Polychain Capital, Pantera Capital, Coinbase Ventures, Alameda Research, and SNZ.
Immutable X
is the first and only two-layer solution focused on NFT . With the popularity of the NFT field, this “Dongfeng” project has become very popular because of the track. The predecessor team of Immutable X is Gods Unchained (hereinafter referred to as GU), a well-known chain game company, which has the title of a legendary production team. It has cooperated with world-renowned companies before, including cooperation with TikTok to release NFT, cooperation with Game Station to create an NFT platform, and OpenSea announced that it will integrate Immutable X to create a gas-free NFT market…
In March this year, Immutable X sold 2.5 billion The US dollar valuation completed a financing of 200 million US dollars, led by Temasek (Singapore company), and participated in the investment including Mirae Asset, ParaFi Capital, Declaration Partners, etc.

NFT/Metaverse Game Track

obviously needn’t say much about this stuff. In January this year, it announced that it had obtained a $300 million Series C financing , led by Coatue Management and Paradigm; in August last year, it completed a $100 million Series B financing, led by a16z. Participating in the investment were configuration management firm Coatur, Creative Artists Agency, Ashton Kutcher, Kevin Durant and Shawn Mendes.
As one of the leaders of the Metaverse, The Sandbox
is a traditional game developer acquired by the encrypted unicorn Animoca Brands for $5 million in 2018. Today, it is not what it used to be. The previously rumored piece of Metaverse land sold for US$5 million was a piece of land (a larger piece) sold by The Sandbox. The buyer was a well-known Hong Kong real estate developer.
In November last year, SoftBank Vision Fund 2 (Vision Fund 2) led a $93 million investment. Recently, Bloomberg reported that The Sandbox may raise a new round of financing this year to support its acquisition expansion. In addition, Cai Hewei, director of The Sandbox Greater China, recently revealed in an interview with Hong Kong media that the virtual land sales of The Sandbox in 2021 will exceed US$350 million. On April 19, according to Bloomberg News, people familiar with the matter said The Sandbox is seeking to complete a new round of financing of $400 million at a valuation of $4 billion.
In 2018, he was worth 5 million US dollars, and now a piece of land has been sold for 5 million US dollars, and his worth has skyrocketed to billions of dollars.

Axie Infinity , the GameFi leader and the “King of Chain Games”, which
was once a big hit last year, Axie Infinity may be the first phenomenon-level game in the crypto industry with more than one million users . Play to earn” concept, the number of daily active users once soared close to 2 million. On April 6th, Axie Infinity developer Sky Mavis announced the completion of the latest round of financing totaling $150 million to recover funds lost by Ronin Bridge due to the hacking of validator nodes. Even if there is a big problem, it is still optimistic about the organization. Yuga Labs , as the developer of the two major IPs of Crypto Punks and Meebits and the BAYC series NFT developer, is undoubtedly a top NFT player, and has become the first NFT IP platform. Some time ago, Yuga Labs just completed a $450 million financing (led by A16z) and confirmed the new Metaverse project. BAYC “Monkey” series NFTs are held by many famous people, such as billionaire and Dallas Mavericks owner Mark Cuban, famous NBA star Stephen Curry, American singer Madonna Ciccone and Singaporean Chinese singer JJ Lin, etc.

Tracks related to Ethereum 2.0 and sharding scheme

Lido provides a solution for ETH consensus layer POS pledge to obtain income while keeping liquidity from being locked . Currently, Ethereum pledged through Lido accounts for about 30% of the total pledged amount on the Eth2 beacon chain. This year, Ethereum is about to complete the integration of the POW POS consensus mechanism, which may be one of the biggest upcoming events in the industry. Once Ethereum switches to the POS mechanism, due to the increased distribution of handling fees, the benefits brought by POS pledge will be great. The probability is doubled, which means that the pledge track is about to become a sweet pastry, and more income will flow into the Lido Dao Fund.
Lido has raised $140 million before and after, with funds from a16z, Paradigm and other institutions.
As the Layer 1 public chain of the sharding solution, Near
was the first to land when Ethereum 2.0 was fully implemented and it was still far away, and it gained a lot of attention.Buterin has said that Near Protocol, a potential competitor to Ethereum, makes him anxious. Some people say that Near is the closest platform to the vision of Ethereum 2.0. It is the killer of Ethereum, but the project party seems to be more willing to cooperate strongly, build a bridge to Ethereum, improve Ethereum, help its ecological development while strengthening itself .
On April 7, Near raised a total of $350 million in financing, led by Tiger Global.

DeFi track

Some time ago, the vernacular blockchain article “From obscurity to soaring, why Terra? ” comprehensively analyzes the advantages and powerful “moats” of Terra and its ecology.
In February this year, Luna Foundation Guard (LFG) announced the completion of $1 billion in financing. This round of financing was completed through the off-market sale of LUNA, led by JumpCrypto and Three Arrows Capital, and participated by Republic Capital, GSR, Tribe Capital, DeFiance Capital, etc.
, the leader of decentralized derivatives, deployed to Layer 2 and airdropped “Da Mao” has been sought after for a long time , especially in the context of constant reminders of “clearance” by some platforms.
After raising a total of $75 million in January and June last year, dYdX has now raised $87 million in capital markets if you include the seed round and Series A financing. The C financing was led by Paradigm, with participation from CMS Holdings and Delphi Digital. The Series B round five months ago was led by Three Arrows Capital and DeFiance Capital, with participation from a16z and Polychain Capital. Recently, it was reported that DYDX is preparing for a new round of financing, but the specific information is still unknown.


What are institutions looking for? Under the categories of tracks, we have clearly seen what top institutions value most at the moment, at least the following three points:

  • Track potential: For example, Layer 2, which is also the track with the largest number of large-scale investment by institutions.
  • Team Background: For example, StarkWare’s all-star team background.
  • Product performance: Some projects are not born with a “golden key”, and there may not be a star team, so it depends on the product performance! For example, the product performance of Axie Infinity, Dydx, and The Sandbox has developed from small products and small companies to track leaders.

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