Key Takeaways

• According to Cryptorank data from December 2nd, the Web3 industry completed 121 fundraising deals in November 2024, totaling $1.76 billion — a 28.45% decrease from the previous month.
• November saw more diverse fundraising options, with MARA raising capital through convertible bonds and 0G Labs using an innovative combination of seed funding and token purchase commitments.
• Blockchain services and public blockchain sectors became hotspots for fundraising, with blockchain services ranking first at $1.11 billion in funding, followed by public blockchains with $356 million.
• The fundraising amounts were primarily distributed in the $3–10 million and $1–3 million ranges, accounting for 37.68% and 24.64%, respectively.
• Seed and Pre-Seed rounds had the highest number of deals, with Seed and Series A rounds accounting for the largest share of total funding.
• Animoca Brands made the most investments in November, investing in 6 projects.

Funding Overview

According to Cryptorank data from December 2nd, the Web3 industry completed 121 fundraising deals in November 2024, with a total funding amount of $1.76 billion.[1]

• Increased number of deals, but lower total funding: Compared to the previous 3 months, the number of fundraising deals in November slightly increased, but the total funding amount declined, showing a 28.45% decrease from the previous month.
• November’s funding total ranks among the highest: Despite the decline, November’s total funding of $1.76 billion ranks second-highest this year, surpassed only by October’s record-breaking figure driven by Stripe’s acquisition of Bridge.
• October and November stand out in funding: Two months saw exceptional fundraising totals — October due to Stripe’s major acquisition and November when MARA secured $1 billion through convertible bonds.

November continued October’s strong fundraising momentum while introducing more diverse financing options. MARA led the way by raising $1 billion through innovative convertible bonds, planning to use the funds to buy back debt, increase Bitcoin holdings, optimize its capital structure, and expand operations. 0G Labs followed with $290 million raised through a combined seed round and token purchase commitment structure. These diverse fundraising approaches demonstrate the blockchain industry’s increasing maturity and financial flexibility. [2]

According to Cryptorank data, in November 2024, Web3 funding was concentrated in five sectors: blockchain services, public blockchains, DeFi, CeFi, and GameFi.

• Blockchain Services: This sector led with $1.11 billion in funding. Notable projects included MARA, Deblock, and Canaan, focusing respectively on Bitcoin mining, digital asset management, and mining machine solutions. These investments highlight strong investor interest in comprehensive blockchain solutions. MARA drew particular attention with the highest single funding amount in the industry.
• Public Blockchains: The public chain sector followed with $356 million in funding, with 0G Labs’ modular AI blockchain standing out as a key project.
• DeFi: Ranking third with $85.45 million, the DeFi sector was driven by projects like StakeStone and World Liberty Financial, which focused on liquid staking and decentralized lending.
• CeFi: Projects like Wyden and Partior concentrated on providing institutional investors with professional digital asset trading and payment solutions, addressing the growing market demand.
• Stablecoins: The stablecoin sector was represented by usdx.money, which offers stable value anchoring for the Web3 ecosystem.
• GameFi: The GameFi sector featured Monkey Tilt, a project combining prediction games, sports, poker, and cryptocurrency, enabling users to earn crypto by predicting game outcomes.

Based on data from 69 disclosed fundraising projects in November, most funding amounts were concentrated in the $3–10 million and $1–3 million ranges, accounting for 37.68% and 24.64% of the total, respectively. This indicates a strong market enthusiasm for small to mid-sized projects. Large projects with funding exceeding $50 million comprise only 2.9% of the total.

In terms of funding rounds, among the 68 projects with disclosed funding rounds, Seed and Pre-Seed rounds were the most active, accounting for 35.3% and 23.5%, respectively. This reflects investors’ interest in early-stage Web3 projects.

Notably, Seed round funding accounted for the largest share of total funds raised at 45.7%, followed by Series A at 22%. Series A funding represents a larger share of total funding than Pre-Seed rounds, indicating that some early-stage projects have achieved market validation and entered a phase of rapid growth. While Pre-Seed projects were numerous, the funding amounts per deal were relatively small, highlighting investors’ broad coverage and cautious approach to early-stage investments.

Based on Cryptorank data from December 2nd, Animoca Brands made the most investments in November, investing in 6 projects. Its investments spanned multiple sectors, including public blockchains, blockchain services, DeFi, GameFi, and social platforms. In contrast, most other investment institutions primarily focused on blockchain services (blue in the chart below) and DeFi (yellow in the chart below), reflecting sustained investor interest in foundational services and decentralized finance. The social sector, however, remained relatively quiet.

Key Funded Projects in November

0G Labs

Overview: 0G Labs is a company that develops decentralized artificial intelligence systems. They are building a high-performance, scalable modular AI blockchain to provide a secure infrastructure for AI dApps. Through its Uni-Chain architecture, 0G Labs enables interoperability between different blockchains and has developed a decentralized AI operating system (dAIOS) and a decentralized inference layer to enhance the efficiency and security of AI applications. [3]

On November 13, 0G Labs announced the completion of a $290 million fundraising round, comprising $40 million in seed funding and $250 million through token purchase commitments. The funds will drive dAIOS development to foster growth in on-chain AI applications. The company’s total funding has now reached $325 million. This new capital will fund team expansion to 80 members and support initiatives, including developer incentives, hackathons, and community-building projects. [4]

Investors/Angel Investors: Hack VC, Delphi Digital, OKX Ventures, Samsung Next, Bankless Ventures, Animoca Brands and its co-founder Yat Siu, Polygon and its co-founder Sandeep Nailwal, Stanford Blockchain Fund, Abstract VC, Alchemy, Blockdaemon, and Foresight Ventures

Highlights:

1. The 0G architecture is acclaimed as the first decentralized data availability layer with a universal storage layer and unlimited scalability. Compared to other solutions like EigenDA and Celestia, 0G offers significant advantages in performance and scalability. According to reports, 0G’s performance is 10,000 times faster than Ethereum’s Dank Sharding and four times faster than Solana’s Fire Dancer.
2. 0G Labs has attracted top-tier investors, including Hack VC, Delphi Digital, OKX Ventures, and Samsung Next Fund. In March 2024, the company raised $35 million in a Pre-Seed round, providing robust funding and demonstrating market recognition of 0G Labs’ innovation and potential in the decentralized data availability space.
3. The 0G ecosystem has begun to take shape, with deep collaborations established with notable projects. 0G critically supports several initiatives, including ZK-Layer1 Gevulot, EigenLayer, Babylon, and loNet. Additionally, mainstream blockchains like Polygon, Optimism (OP), Arbitrum, and Web3 infrastructure providers like Nodekit and AltLayer have adopted 0G’s decentralized storage and data availability solutions, showcasing its strong ecosystem integration capabilities.
4. 0G Labs has assembled a team of industry elites from top universities and tech giants, bringing extensive experience in blockchain, finance, and technology. Founder Michael Heinrich, a partner at Pioneer Fund and founder of Garten, is a Stanford graduate and an early investor in unicorns such as Stripe, Anthropic, and Brex. Ming Wu and Fan Long are founding members of Conflux Network, while Thomas Yao is a founding partner of IMO Ventures.

StakeStone

Overview: StakeStone is an innovative omnichain liquidity asset protocol that provides highly adaptable liquid ETH (Yield Bearing Liquid ETH) and BTC (SBTC, STONEBTC) for the DeFi ecosystem by integrating mainstream staking pools, Restaking, and LSD DeFi strategy yields. StakeStone’s adaptive staking network supports risk-free consensus layers and maximizes yield through an on-chain governance mechanism. The protocol is committed to creating a decentralized, transparent, and auditable liquidity protocol. [5]

On November 11, StakeStone secured $22 million in funding in a round by Polychain Capital. The capital will fuel StakeStone’s DeFi sector expansion, enabling the platform to provide users with an enhanced suite of liquidity products and services. [6]

Investors: Polychain Capital, Binance Labs, OKX Ventures, SevenX, Nomad Capital, HashKey Capital, Amber Group, Bankless Ventures

Highlights:

1. StakeStone identified the limitations of traditional liquid staking tokens (LSTs) in cross-chain liquidity and innovatively introduced the concept of omnichain liquidity distribution. Leveraging the LayerZero protocol, STONE tokens achieve cross-chain interoperability, overcoming traditional LST liquidity constraints. By incorporating EigenLayer Restaking technology, StakeStone enables asset reuse, significantly enhancing capital efficiency.
2. Compared to traditional LSD and Restaking protocols, StakeStone implements the OPAP mechanism to adjust the underlying yield-generating asset pools flexibly, optimizing yields based on market conditions. Users can actively participate in selecting underlying yield scenarios and ETH allocation decisions, ensuring a higher level of decentralization. Additionally, StakeStone eliminates the complexity of yield management for users by using smart contracts to select high-yield, low-risk yield scenarios automatically.
3. Since opening ETH deposits in December 2023, StakeStone’s total value locked (TVL) has increased rapidly, peaking at over $1.3 billion, demonstrating strong growth momentum. Currently, StakeStone’s TVL remains at a high level of $486 million. Beyond its impressive TVL performance, StakeStone is actively expanding its multi-chain presence. It now supports mainstream blockchains such as Ethereum, Arbitrum, Polygon, BNB Chain, and Bitcoin L2, establishing deep collaborative relationships with numerous public blockchains.

KGeN

Overview: KGeN is a decentralized gaming platform that has established a global gaming community across genres and regions through its Proof of Gamer (PoG) engine. It enables players to share gaming experiences, connect with new friends, and gain full ownership of their gaming data, which they can leverage for additional rewards and benefits. KGeN connects millions of players worldwide and provides game developers with deep player insights to help customize gaming experiences and foster loyalty. [7]

On November 20, KGeN announced the completion of a $10 million funding round led by Aptos Labs. The funds will primarily be used to scale the platform and develop new features. To date, the platform has raised a total of $30 million. [8]

Investors: Aptos Labs, Game7 DAO, Polygon, Prosus Ventures, Courtside Ventures

Highlights:

1. KGeN aims to solve resource allocation challenges in gaming guilds and communities by building a decentralized multi-chain player network. By introducing Soulbound Tokens (SBTs) and PoG scoring, KGeN provides an innovative player data solution for the gaming industry. SBTs serve as players’ unique digital identities, enabling them to build digital reputations, while PoG scores offer developers detailed user profiles for targeted marketing. Integrating SBTs and PoG scoring fosters healthy ecosystem development and attracts more players.
2. To date, KGeN’s PoG engine has constructed an extensive player data graph, amassing over 197 million player attribute data points across 93 dimensions. With these insights, developers can implement personalized marketing strategies to improve user retention. Partner feedback indicates that adopting KGeN’s solution has reduced customer acquisition costs by 30%–60%.
3. KGeN is committed to bringing millions of micro-gaming communities from emerging markets into the Web3 world. Currently, KGeN has a strong presence in emerging markets like India, Brazil, and Nigeria, with 10.8 million registered users and 3.3 million monthly active users. Additionally, the platform achieved $12 million in annual revenue in October 2024.

Noble

Overview: Noble is an appchain built on the Cosmos ecosystem, designed to simplify the native issuance process of digital assets. It enables stablecoins like USDC to be minted and burned directly within the Cosmos ecosystem without relying on external bridges. Noble provides an efficient platform for developers to build decentralized applications by leveraging the flexibility of the Cosmos-SDK. Noble’s vision is to become the world’s leading digital asset issuance hub, connecting different blockchains and driving growth across the blockchain industry. [9]

On November 19, Noble announced the completion of a $15 million Series A funding round led by Paradigm. The funds will be used to develop new user-focused products, expand the team, and accelerate the adoption of stablecoins. This round brings Noble’s total funding to $18.3 million. [10]

Investors/Angel Investors: Paradigm, Polychain, Foresight Ventures, Wintermute Ventures

Highlights:

1. As an asset issuance platform, Noble bridges the gap between stablecoin issuers and appchain developers. By integrating the Inter-Blockchain Communication (IBC) protocol, assets issued on Noble can seamlessly flow across over 50 blockchain ecosystems, significantly enhancing liquidity and usability. Noble simplifies the asset issuance process, providing stablecoin issuers with a secure and efficient channel to distribute assets to broader markets.
2. Noble’s economic model emphasizes efficient resource allocation and innovative technical architecture. It enables block issuance in one second, ensuring rapid asset transfers and transactions. Additionally, Noble offers developers intuitive and user-friendly interfaces, facilitating easy integration of app chains and accelerating ecosystem development.
3. Noble has partnered with major stablecoin issuers such as Circle, Ondo Finance, Hashnote Labs, and Monerium. The platform currently manages assets worth over $458 million. Circle has launched its $USDC stablecoin on Noble, while Noble collaborated with Ondo to introduce USDY, the first native yield-bearing stablecoin on the Cosmos network. Monerium has issued the euro-backed stablecoin EURe on the Noble blockchain, filling the gap for euro-denominated stablecoins within the Cosmos ecosystem.

Deblock

Overview: Deblock is a fintech company founded by former executives from Revolut and Ledger, aiming to provide secure and convenient cryptocurrency financial services. The platform combines the advantages of traditional banking, such as euro withdrawals and Apple Pay payments, with the benefits of a non-custodial crypto wallet, giving users full control over their digital assets. Deblock has launched in France, operating under strict regulation by local financial authorities to offer a robust digital asset management platform. [11]

On November 21, Deblock announced the completion of a £13.3 million (approximately $16.8 million) seed funding round. Previously, the company raised €12 million last year. [12]

Investors: Headline, Hoxton, 20VC, Kraken Ventures

Highlights:

1. Deblock empowers users with full control over their digital assets. Through its non-custodial wallet, users can securely store and manage a variety of cryptocurrencies and NFTs. Additionally, Deblock offers convenient personal IBAN accounts, supports multi-currency exchanges, and provides customizable debit cards for everyday spending. The platform also enables users to convert digital assets into fiat currency, accommodating large payments such as property or vehicle purchases.
2. The founding team of Deblock boasts exceptional achievements in their respective fields. Team members include Jean Meyer, former Head of Crypto at Revolut; Aaron Beck, former Head of Payments at Revolut; Mario Eguiliuz, former Head of Engineering at Ledger; and Adriana Restrepo, former COO of Revolut’s European banking operations. With a team of top talent from payments, blockchain, and traditional finance sectors, Deblock has garnered significant industry attention and support.
3. Deblock has received registration as a Digital Asset Service Provider from France’s Financial Markets Authority (AMF, Autorité des marchés financiers) and an electronic money institution license from the ACPR — demonstrating the platform’s leadership in regulatory compliance.

Summary

In November 2024, despite a 28.45% decline in total funding compared to October, the monthly fundraising amount still ranked as the second-highest this year at $1.76 billion. Blockchain services, public blockchains, and DeFi sectors received significant attention, with blockchain services leading at $1.11 billion in funding, driven by MARA’s widely discussed convertible bond issuance. The diversity of fundraising methods and enthusiasm for small to mid-sized projects reflects the market’s dynamism and continued focus on innovative initiatives. Meanwhile, the rapid growth of leading projects such as 0G Labs, StakeStone, KGeN, Noble, and Deblock further underscores the vast potential of the Web3 industry.


References：

1. Cryptorank , https://cryptorank.io/funding-analytics
2. Cryptorank, https://cryptorank.io/funding-rounds
3. 0G Labs , https://0g.ai/
4. The Block, https://www.theblock.co/post/326241/crypto-ai-startup-0g-labs-funding-token-commitment
5. StakeStone, https://stakestone.io/
6. Bitcoin.com , https://news.bitcoin.com/zh/stakestone-zai-you-polychain-capital-lingtou-de-touzi-lun-zhong-huode-2200wan-meiyuan-rongzi-bing-huode-laizi-binance-labs-he-okx-ventures-de-zhanlue-touzi/
7. KGeN , https://kgen.io/
8. X ( @KGeN_IO ) ,https://x.com/KGeN_IO/status/1859520228453122053
9. Noble , https://www.noble.xyz/
10. Fortune Crypto , https://fortune.com/crypto/2024/11/19/stablecoin-company-noble-raises-15-million-in-series-a-from-paradigm/
11. Deblock , https://deblock.com/en-FR
12. sifted, https://sifted.eu/articles/20vc-deblock-raise-news

Gate Research
Gate Research is a comprehensive blockchain and cryptocurrency research platform that delivers in-depth content. This includes technical analysis, hot topic insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click here to visit now

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.