According to BlockBeats statistics, there were a total of 10 financing deals last week, which is a decrease compared to previous weeks. The total amount raised was approximately 154.8 million US dollars, with an average financing amount of 15.48 million US dollars. The Web3+AI sector dominated the majority of the financing, while other sectors also received significant funding. The social/creator economy and infrastructure sectors saw an increase in financing, while the DeFi, digital asset management/payment, and metaverse/GameFi sectors received less funding. The NFT/digital fashion sector had no financing deals last week. The following chart shows the financing distribution across different sectors:

Metaverse/GameFi

There were a total of 1 funding round in the Metaverse/GameFi industry, with a total amount of 2 million US dollars, accounting for 1.29% of the total funding amount last week.

NexGami

On October 3rd, according to GlobeNewswire, GameFi platform NexGami announced that it had completed a $2 million seed round financing with a post-valuation of $20 million. Participating investors include Polygon Ventures, Fundamental Labs, and Ledger Capital.

It is reported that NexGami is committed to providing seamless integration solutions for gaming products and enhancing the gaming experience of users within the Polygon network. The company is also dedicated to cultivating a thriving ecosystem within the esports industry. NexGami's founder and CEO, Brice Bian, stated that "this funding is a key catalyst to advancing our vision." NexGami is prepared to change the gaming world by bridging the gap between traditional and emerging gaming fields. By integrating blockchain technology and decentralized financial elements, NexGami aims to bring the next million gamers into the gaming industry by 2024.

NexGami aims to build a user-friendly and decentralized platform, currently supporting three GameFi modes: competition API, sandbox module API, and NFT call. The competition API refers to integrating competition APIs and conducting competitions on NexGami. The sandbox module API refers to accessing account APIs, indexing user attributes, and holding UGC content competitions, and can connect to the Sandbox API to hold short-term simulation competitions in mining-style game worlds. NFT call refers to integrating game modules (such as racing, running, RPG battles) and rewarding winners based on results in NFT units, increasing the value of NFTs.

DeFi

In the DeFi field, a total of 3 financing transactions were completed with a total amount exceeding 6.1 million US dollars, accounting for 3.94% of the total financing amount last week.

Convergence RFQ

On October 5th, Solana ecosystem DEX Convergence RFQ completed a $2.5 million pre-seed funding round at a valuation of $30 million. C² Ventures led the round with participation from Big Brain Holdings, Israel Blockchain Association, Auros Global, and others. Convergence RFQ has designated the trading symbol for its "governance" token as CVG. The on-chain crypto trading platform built on Solana will support spot and derivatives trading and is expected to launch early next month, with plans to expand to Arbitrum.

Convergence is building an RFQ network with a unified on-chain API, allowing market makers to integrate only once and provide liquidity to any Dapp. In short, Convergence is a one-stop-shop that connects all liquidity providers to projects. Dapps connected to Convergence act as recipients on the platform by setting quote requests for market makers. This system enables new projects to trade their digital assets based on their liquidity needs. Once connected, market makers can scan the market and find applications that require liquidity at any given time. They can also view and compare the incentives offered by each protocol, allowing them to choose the protocol with the highest return.

Convergence RFQ steps have no delay, and the system relies on participants to pull rather than push. The recipient and manufacturer are the initiators of the transaction. This makes the process more efficient because convergence is automated and the operation is executed immediately once the trader triggers the operation. The recipient is required to specify the type of quote (buying price, selling price, or bidirectional) and the nominal quote. The manufacturer can access existing RFQ auctions and their status variables.

DeFi Other financing includes:

On October 5th, L1 Advisors, a blockchain-based wealth and asset management protocol, announced the completion of a $1.6 million pre-seed round of financing. VanEck led the investment with $1 million, while Ironclad Financial, Ismail Jai Hokimi, Ram Ahluwalia, and others participated. The funds will be used to build an operating system for blockchain-based wealth and asset management. L1 Advisors aims to enable financial professionals and their clients to manage, grow, and protect their assets using decentralized infrastructure such as protocols and wallets.

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On October 3rd, DigiShares, a real-world asset (RWA) tokenization platform, announced the completion of a $2 million financing round. The specific investor information has not been disclosed. DigiShares is currently raising an additional $1.2 million through the crowdfunding platform Republic. DigiShares stated that it will use the new funds to develop a new and unique blockchain-based real estate share trading platform called RealEstate.Exchange. The platform will support 24/7 trading and use smart contracts to control corporate behavior to ensure transparency.

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Social/Creative Economy

There were a total of 1 financing in the social/creator economy sector, with a total amount exceeding 7 million US dollars, accounting for 4.52% of the total financing amount last week.

Phaver

On October 5th, Web3 social protocol Phaver completed a $7 million financing round, with participation from Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, 33DAO, Foresight Ventures, Alphanonce, f.actor, and Superhero Capital.

It is reported that the new funds will be used to expand the team and for product development and other partnership relationships. Joonatan Lintala, co-founder and CEO of Phaver, said that the potential to disrupt the social media landscape with blockchain technology is huge, but "users won't care about the underlying technology." He pointed out that in order to drive real adoption, the user experience needs to feel like a regular social application, not a high-tech application.

Phaver's technology aims to achieve a decentralized social protocol, allowing people to create, own, and monetize their social media profiles, and enabling them to have full control over the sharing of their data. Users can also retain ownership of their social profiles and content across different social platforms. Phaver aims to help users easily join Web3 social platforms, providing a Web3 onboarding experience similar to existing social platforms. Additionally, Phaver has integrated its technology or "social graph" with the decentralized social network ecosystem Lens Protocol and Web3 social network CyberConnect.

Infrastructure

There were a total of 2 financing deals in the infrastructure sector, with a total amount of over 12.2 million US dollars, accounting for 7.88% of the total financing amount last week.

Fairblock

On October 6th, privacy infrastructure provider Fairblock completed a $2.5 million pre-seed round of financing, with Galileo leading the investment and participation from Lemniscap, Dilectic, Robot Ventures, GSR, Chorus One, Dorahacks, and Reverie.

Fairblock aims to make conditional decryption and pre-execution privacy a reality. Conditional decryption refers to allowing users to set conditions so that the protocol can execute transactions without leaking any on-chain information before execution. Unlike zero-knowledge (ZK) technology, Fairblock's design ensures that information is encrypted or decrypted only under specific conditions. Fairblock co-founder Peyman Momeni stated that Fairblock is built using the Cosmos SDK but is not limited to the Cosmos ecosystem. It is reported that the blockchain has recently upgraded to its second private testnet, and a public testnet is about to be launched.

Peyman pointed out that applications such as sealed bid auctions, random number generation, private governance, and encrypted limit orders can all be built on top of cryptographic libraries. Additionally, he believes that "we hope to build something that allows users to freely choose to retain transactions and protect transaction content. Transactions can be decrypted under certain conditions, such as a deadline or specific price."

Cicada Partners

On October 5th, according to Finsmes, Cicada Partners, a blockchain credit risk management company, completed a $9.7 million Pre-Seed round of financing. Choppa Capital led the investment, with participation from Bitscale, Bodhi Ventures, and Shiliang Tang. The funds raised will be used to provide seed funding for multiple new non-custodial lending pools and to conduct research and development on new blockchain lending application cases. Lars Rensing, a member of Cicada's board of directors, commented: "The recent round of financing marks the beginning of an exciting chapter, allowing the team to focus on the ambitious goal of creating a more fair and responsible DeFi lending environment."

The goal of Cicada is to build non-custodial credit products based on the explosion of the Cambrian period of blockchain-based credit initiation protocols. The company aims to bring responsible lending back to the centralized finance sector by leveraging smart contracts, its proprietary risk model, and the growth of stablecoin usage.

The Cicada team consists of experienced former buyers and sellers of credit professionals. The co-founders have over 35 years of diversified experience in the traditional lending market. After realizing that utilizing a transparent public blockchain could improve the experience for borrowers and lenders, they entered the cryptocurrency field full-time.

Digital Asset Management/Payment

There were a total of 1 financing in the field of digital asset management/payment, with a total amount exceeding 3.5 million US dollars, accounting for 2.26% of the total financing amount last week.

Ostium Labs

On October 6th, according to The Block, cryptocurrency startup Ostium Labs completed a $3.5 million financing round with participation from General Catalyst, LocalGlobe, SIG, and Balaji Srinivasan. The funds will be used to develop a digital perpetual contract protocol for commodities. Ostium Labs aims to attract both traditional commodity traders and native cryptocurrency traders by providing transparent and flexible trading alternatives for various assets, including oil, bitcoin, and forex pairs.

Web3+AI

In the field of Web3+AI, a total of 1 financing was completed with a total amount exceeding 100 million US dollars, accounting for 64.6% of the total financing amount last week.

On October 2nd, AI digital identity provider Prins AI completed a $100 million Series B financing round, led by AAB VC. The new funds will strengthen Prins AI's financial position and support its ongoing research and development efforts. The Prins AI platform uses blockchain technology and smart contracts to record the training and application behavior of AI digital humans, and employs a cryptocurrency reward mechanism to encourage user participation in AI digital human training programs.

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Other Financing

There were 4 other financing deals totaling $36.83 million, accounting for 9.42% of last week's total financing amount. These deals include:

On October 4th, according to official sources, Blackbird announced the completion of a $24 million Series A financing round, led by a16z Crypto, with participation from Amex Ventures and QED Investors. Blackbird aims to provide loyalty and connectivity tools for restaurants, allowing every guest to have a dining experience like a regular. Every time you dine out, you can click on Blackbird to gain access, rewards, benefits, and FLY loyalty points.

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