Crypto VC Funding Hits $2.7B in Q2, Tron May Be ‘Most Profitable Blockchain’ – Finance Redefined
Welcome to Finance Redefined, your weekly dose of decentralized financial insights – a newsletter designed to bring you the most relevant developments from the past week.
This week, Pitchbook data showed that crypto startup funds rose 2.5% to $2.7 billion in the second quarter of 2024, bringing new hope to crypto investors this week after a decline in overall investment deals.
In the broader crypto space, the Tron network has surpassed the 90-day revenue of the Ethereum network, which could reach more than $2 billion in revenue by the end of 2024. Profitable Blockchain on Earth.
Crypto startup funding will grow to $2.7 billion in Q2, despite overall deals falling
According to data from Pitchbook, crypto startups received slightly more venture capital funding than in the second quarter, although the overall number of deals decreased.
In its Aug. 9 report, Pitchbook said overall investment volume increased 2.5%, but deals fell 12.5% compared to Q1.
Pitchbook said this could be more promising than institutional investors in the market.
“With positive investor sentiment returning to crypto and barring any major market downturn, we expect the volume and pace of investment to continue to increase throughout the year,” PitchBook wrote.
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The Tron network has outperformed Ethereum in revenue over the past 90 days
The Tron network has surpassed the Ethereum network in earnings over the past 90 days, with roughly $435 million in fees compared to Ethereum's roughly $364 million in fee income, according to data from Token Terminal.
Tron founder Justin Sun highlighted the 30-day revenue performance of the blockchain network, which “outperformed Ethereum protocol revenue by 50%,” according to Tron's founder. The Sun gave Tron some forward-looking guidance:
“If this trend continues, TRON protocol revenue could exceed $2 billion this year, making it the most profitable blockchain on Earth!”
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ZK-powered DEX raises $10 million from heavyweight Web3, launches mainnet.
With $10 million in seed funding, Vessel plans to develop a comprehensive layer-3 solution for DeFi focused on exploring zero-knowledge (ZK) technologies and applications. The goal is to solve key challenges in DeFi such as liquidity allocation and chain compatibility.
One of the challenges in the crypto trading industry is striking the right balance between efficiency and transparency. Centralized exchanges offer fast transactions but often lack transparency, leading to concerns about security and trust.
Decentralized exchanges (DEXs), on the other hand, provide users with more visibility into system operations, but often involve lengthy processes that conflict with the fast pace of the crypto market.
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Coinbase has found a flaw in the definition of an exchange filed by the SEC
Coinbase has submitted a new letter to the United States Securities and Exchange Commission regarding the agency's proposed revisions to the national securities exchange definitions. This marks Coinbase's third comment letter focused on the SEC's cost-benefit analysis of the proposed changes.
Coinbase argues that the SEC does not have the necessary information to conduct a cost-benefit analysis and instead relies on unreasonable arguments. The author of the letter, Coinbase Chief Legal Officer Paul Grewal, said that the SEC should at least consider the idea and start again after doing research.
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Ethereum's supply has surpassed 120 million ETH, showing an increase again.
The decentralized open source blockchain platform Ethereum recently reached a milestone when the total supply of Ether reached 120 million.
The development comes as they witness an increase in the monitoring process when depositing and re-holding Ether (ETH), further strengthening the proof-of-stake communication mechanism.
According to the latest data on Ultrasound.money, the supply of ETH has increased to 120.28 million ETH, with an outflow of 77,091 ETH in the last 30 days.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market cap ended the week in the red for the second week in a row.
Out of the top 100, Solana-based memecoin Dogwifhat (WIF) fell more than 20% on the weekly chart as the biggest loser, followed by the BRETT token, which fell to 17%.
Total value locked in DeFi. Source: Defillama
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
