PitchBook-2024年三季度加密货币报告（英）-2024-11页_8mb

Crypto Reports: Q3 2024 VC Trends Summary

Quarterly Overview
The third quarter of 2024 witnessed a significant decline in cryptocurrency venture capital investment. Deal value fell 31.1% quarter-on-quarter to $1.7 billion, and the number of transactions dropped approximately 25.3% to 392 deals, largely due to macroeconomic headwinds rather than a sector slowdown impacting overall VC activity.

VC Activity

• Funding Decline: Despite a strong momentum in earlier quarters, crypto VC investment pulled back significantly in Q3, attributed to broader macroeconomic factors.
• Segment Leadership: Infrastructure startups continued dominance in funding, alongside notable investment in decentralized AI startups. Key transactions included Celestia ($100M late-stage), Story Protocol ($80M Series B), and decentralization of risk management (Chaos Labs).
• Valuations Rise: Compared to the same period in 2023, median pre-money valuations increased across all early stages, reaching $18.5M (Seed), $60.8M (Early Stage), and $60.0M (Late Stage). Later-stage median check sizes saw a minor decrease, suggesting founders are selling smaller equity stakes.
• Consolidation: Q3 saw 20 VC-backed exits, highlighting ongoing consolidation. Notable acquisitions include BitOasis by CoinDCX (crypto exchanges), Disco.xyz by Privado ID (ID platforms), and Bware Labs by Alchemy (blockchain development platforms). This trend is expected to continue as the market matures.

Crypto Deal Summary (Key Tech Companies Touched)

• Sony: Launched Soneium, an L2 blockchain built on Optimism's OP Stack, aiming for Web3 infrastructure, NFTs, and games.
• Stripe: Expanded crypto services to the EU, competing with on-ramp providers.
• Tether: Reported a $1.3B net profit for Q2, contributing to an overall 2024 H1 profit exceeding $5.2 billion, maintaining a massive asset portfolio.

Market Map & Tech Focus
Modular Layer 1 blockchains like Celestia remain influential, enabling specialized solutions (consensus/data availability) and customizable execution layers. DePIN and AI-focused projects also attracted capital. Spot ETH ETF launches occurred in mid-2024 with limited initial uptake compared to BTC, partly attributed to the absence of staking yields.

Innovation Spotlight: Azuro

• Overview: Azuro offers a decentralized prediction market protocol replacing traditional order books with AMM-based liquidity and LiquidityTree fund accounting. It provides high scalability, freedom, and security for participants.
• Components: Azuro Protocol (smart contracts), AzuroSDK (Application tools), AzuroDAO (Governance).
• Key Info: $18.5M raised, Last investment $11M. Backed by SevenX, G1, Red Beard, etc. Operating in Seychelles.
• Value Proposition: Enables 'free market' odds, protects liquidity providers from impermanent loss, encourages competition among app builders for UX.