Monthly Report: September 2024

Monthly Report: September 2024

September 2024 has been a transformative month, witnessing a remarkable resurgence in the crypto sector. This revival echoes the positive trends we've seen across the industry throughout the year.

Market Insights: Fundraising Trends

The crypto fundraising landscape experienced a significant boost in September 2024. The industry saw a total of 81 fundraising events, accumulating an impressive $657.7 million across various ventures this month—averaging approximately $8.12 million raised per event. This marks a 14% increase in the number of fundraising events compared to August 2024, which had 71 events. Additionally, the total amount raised saw a modest increase of approximately 1.6% from the previous month's $647.4 million.

When compared to the same period last year, the growth is even more pronounced. In September 2023, there were 45 fundraising events, raising a total of $343.68 million. This represents a significant 80% increase in the number of fundraising events and a substantial 91% increase in total funds raised year-over-year. This remarkable year-over-year growth indicates a strong recovery and growing investor confidence in the crypto industry, setting a robust foundation for future growth and surpassing the initial months of 2024, where market uncertainties had slightly dampened investor enthusiasm.

Dominant sectors receiving attention include infrastructure projects and early-stage investments, highlighting a continued focus on foundational and innovative blockchain technologies.

According to DeFiLlama, the DeFi sector raised approximately $104.65 million USD in September 2024. This represents a 27% increase compared to August 2024, where DeFi projects raised around $82.1 million USD. When compared to September 2023, which saw DeFi funding of approximately $105.98 million USD, the amount remains relatively stable, showing a marginal decrease of about 1%.

Infrastructure projects secured over $158.65 million USD in September 2024, marking a substantial 151% increase from August 2024, which had $63.1 million USD in infrastructure funding. Compared to September 2023, where infrastructure projects raised approximately $57.6 million USD, this represents an impressive 175% increase year-over-year.

Other categories like gaming and NFTs have also performed exceptionally well, with notable funding increases compared to both the previous month and the same period last year. Layer 1 (L1) projects are following this trend, showing a dominance in infrastructure investments, which indicates that this focus is consistent across different blockchain layers.

This data indicates sustained interest in diverse blockchain applications, underscoring robust market health, especially in gaming and foundational blockchain technologies.

Breakdown of Fundraisers by Vertical:

• DeFi: 23 projects (28%)

• Infrastructure: 12 projects (15%)

• Gaming: 9 projects (11%)

• Layer 1 (L1): 7 projects (9%)

• Layer 2 (L2): 5 projects (6%)

• NFT: 3 projects (4%) - $5.9 million raised

• CeDeFi: 3 projects (4%)

• Healthcare: 3 projects (4%)

• Others: 16 projects (19%)

Top Funded Companies

These top eight companies collectively account for approximately 46.17% of the total funds raised in September 2024, highlighting their significant impact on the month's fundraising landscape.

• Celestia: $100 million (Infrastructure) → 15.21%

• tune.fm: $50 million (NFT) → 7.60%

• Huma Finance: $38 million (Payments) → 5.78%

• Drift: $25 million (DeFi) → 3.80%

• Helius: $21.25 million (Infrastructure) → 3.23%

• TON Blockchain: $30 million (Layer 1) → 4.56%

• Balance Games: $30 million (Gaming) → 4.56%

• Hypernative: $16 million (Cybersecurity) → 2.43%

To compare with the previous month and the same period last year: In September 2023, the largest fundraising was by Multichainz, a DeFi project that secured $35 million. Multichainz focuses on expanding access to lending instruments and enhancing liquidity through multi-chain offerings. A year later, in August 2024, PIP Labs raised an impressive $80 million for Story Protocol, a blockchain project centered on intellectual property.

The consistent increase in the largest fundraising amounts over the past year demonstrates a strong positive trend in the crypto fundraising landscape. The significant growth from $35 million in September 2023 to $100 million in September 2024 reflects growing investor confidence and a robust influx of capital into the blockchain and crypto sectors. This upward trajectory suggests that the industry is gaining momentum, attracting larger investments, and is poised for continued expansion in the future.

Key Investors

Notable investors appearing frequently include a16z (Andreessen Horowitz), Animoca Brands, Multicoin Capital, **Crypto.com Capital**, Hashed, Galaxy Interactive, and Coinbase Ventures. The presence of renowned institutional investors underscores confidence in the growth potential of the sector.

Trends and Observations

• Focus on Infrastructure: Significant funding for projects like Celestia and Helius indicates increased attention on blockchain infrastructure development.

• Expansion of DeFi: With 23 projects and over $100 million raised, DeFi continues to be a major investment area, reflecting ongoing demand for decentralized financial solutions.

• Growth of Blockchain Gaming: Nine gaming projects received funding, including substantial investments in Balance Games and Gunzilla Games, suggesting rapid growth in the blockchain gaming sector.

• Interest in Base Layers (L1 and L2): Investments in Layer 1 (7 projects) and Layer 2 (5 projects) show continued interest in scalability and efficiency of blockchain networks.

• Rise of NFTs and Digital Ownership: Three NFT projects received significant funding, indicating sustained demand for unique digital assets.

• Investments in AI and Healthcare: The AI and healthcare sectors each saw investments in multiple projects, signaling increased integration of blockchain in these fields.

The analysis reveals a dynamic blockchain ecosystem with strong funding activity. The emphasis on infrastructure, DeFi, and gaming—each with a significant number of funded projects—suggests that these sectors are perceived as having the greatest growth potential. The diversity of funded categories and the participation of leading investors indicate a continued maturation of the blockchain industry. These trends reflect increased investor confidence in blockchain's ability to transform various sectors of the economy.

Our Highlight: Private Sale Live on Synaps Hub

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Looking Ahead

As October unfolds, we are gearing up to expand our reach further into emerging markets, enhance our verification features, and continue supporting groundbreaking projects across various sectors. Stay tuned for more updates and insights as we push the boundaries of blockchain and crypto innovations.

Thank you for joining us on this journey. We are committed to maintaining transparency and excellence, continually improving to meet and exceed your expectations.