Echelon celebrates great company builders and great company building. The firm offers venture capital among a constellation of resources to build in a world shaped by data and climate.

Echelon

Multicoin Capital is a thesis-driven cryptofund that invests long term in tokens that reshape entire sectors of the global economy. It is on a mission to accelerate the transition from the centralized institutions of the industrial age to the decentralized institution of the internet age. By accelerating the transition from permissioned to permissionless financial systems, Multicoin aims to accelerate humanity’s ability to achieve its full potential. Multicoin Capital was established in 2017 and is based in Austin, Texas.

Multicoin Capital

Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem.

Binance Labs

Delphi Ventures is a venture capital firm that has focused on investing in biotechnology and medical devices for over two decades.  With more than $1.1 billion in committed capital, Delphi Ventures has funded over 170 companies.  More than 110 of our portfolio companies have either completed an initial public offering or have been acquired by a leading healthcare corporation.

Delphi Ventures

Protocol Ventures is the leading digital asset fund of funds in the space. Protocol's strategy is multi-pronged. We invest in the most reputable funds in the crypto asset class, offering our investors diversification and access to top tier deal flow via a single LP investment. We also opportunistically invest in early stage venture deals at the intersection of financial technology and digital assets.

Protocol Ventures

Spartan is a blockchain advisory and asset management firm that specializes in hedge funds, venture capital, and fundraising.

The Spartan Group

Robot Ventures is a (pre-)seed investor in exceptional fintech and blockchain companies led by founders with big ambitions, and contrarian worldviews.

Robot Ventures

Hypersphere Ventures is a venture capital firm that invests in and develops blockchain technology. A Hypersphere is an investment group leveraging on-chain treasuries, decentralized organizations, and governance to increase the utility of the blockchain networks in which we invest.

Hypersphere Ventures

Ryze Labs

Defiance Capital is a Decentralized Finance (DeFi) focused cryptoasset fund that combines fundamental research with an activist investment approach.

DeFiance Capital

Genblock Capital invests exclusively in blockchain and cryptocurrency, with a focus on decentralized finance. We have been deeply entrenched in the crypto markets since early 2017, and invest in liquid cryptocurrencies on the secondary market as well as early-stage funding rounds. We aim to be power users of the project we invest in and help projects with bootstrapping liquidity, token economics, market making, marketing, and connecting founders with our vast network.

Genblock Capital

OKX Ventures focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value. Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

OKX Ventures

Sequoia is a venture capital focused on energy, financial, enterprise, healthcare, internet, and mobile startups. The firm helps a small number of daring founders build legendary companies. It spurs them to push the boundaries of what’s possible. The firm seeks to invest in all sectors with a focus on energy, financials and financial services, healthcare and healthcare services, Internet, mobile, outsourcing, and technology.

Sequoia Capital

Andreessen Horowitz is a venture capital firm specializing in investing in seed, start-ups, early, mid-stage, growth, and late-stage. It prefers to invest in the social media business and technology sector with a focus on software, back-end infrastructure, the infrastructure of the Internet, cloud computing, enterprise software and services, consumer, business Internet, mobile-Internet, consumer Internet, cloud computing, data storage, social network browsers data-storage, consumer electronics, networking functions, software related biology, biotech, and medicine companies at the intersection of computer science and life sciences with a focus on digital therapeutics, cloud technology in biology, and computational medicine.

Andreessen Horowitz

FTX Ventures invests in equity and/or tokens, at any check size and stage of blockchain. It leverages resources across FTX and the ecosystem of global partners. It supports founders and wants the team to retain flexibility and decision-making, not to get in their way.

FTX Ventures

Founded in 2001, Tiger Global Management, LLC (“Tiger Global”) is a New York-based investment firm pursuing a long-term approach to investing in leading, global public and private companies that leverage technological innovation. Tiger Global’s public equity business includes fundamentally oriented long/short, long-focused and crossover strategies, targeting investments in high-quality, public growth companies. The private equity business invests in early through late stage companies that pursue innovative approaches to new and existing industries, building on over 20 years of experience investing in hundreds of businesses in more than 30 countries with more than 90 portfolio company IPOs. With a strong track record investing across sectors and stages, Tiger Global aims to be a thought partner to companies and their management teams across their lifecycle in public and private markets. The Firm’s mission is to generate world-class returns for its investors and to do so in a way that makes its employees, partners and portfolio companies proud.

Tiger Global Management

CoinFund is a private cryptoasset investor and blockchain research and advisory firm that focuses on crypto and blockchain investments. The firm was founded in 2015 and is headquartered in Brooklyn, United States.

CoinFund

Coinbase Ventures is an investment arm of Coinbase that aims to invest in seed-stage cryptocurrency and blockchain startups. The company was founded in 2018 and is based in San Francisco, California, United States.

Coinbase Ventures

Dapper Labs, the company behind NBA Top Shot, uses blockchain technology to bring NFTs and new forms of digital engagement to fans around the world. Since it was founded in 2018, Dapper Labs has given consumer enthusiasts a real stake in the game by bringing them closer to the brands they love, building engaged and exciting communities for them to contribute to, and producing new pathways for them to become creators themselves.

Dapper Labs

Gemini is a next-generation cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets. The company was founded in 2014, by brothers Cameron and Tyler Winklevoss, to build a bridge to the future of money. Its goal to build a world-class digital asset exchange and custodian based in the United States.

Gemini

PayPal Ventures is PayPal's venture capital arm, investing in PayPal's strategic interest fields for return. Leveraging PayPal Venture's expertise and experience, PayPal – and the companies in which it invests – are helping to bring innovative solutions to market more quickly, scale them faster, and build a global financial system that is more transparent, personalized, inclusive, and customer-focused. PayPal Venture's investments reinforce its commitment to leading the financial technology industry and supporting entrepreneurship.

PayPal Ventures

Polygon is a platform for Ethereum scaling and infrastructure development and web3. Its growing suite of products offers developers easy access to all scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 7,000+ applications hosted, 1B+ total transactions processed, ~130M+ unique user addresses, and $5B+ in assets secured.

Polygon

Zokyo builds, secures, incubates, and invests in blockchain solutions for startups and enterprises worldwide.

Zokyo

Crowd Venture Capital is committed to funding unique ideas and excellent teams around the world, with an emphasis on the Metaverse, NFT, and Web3. We invest in high-growth technology companies that solve key challenges in broad markets and assist entrepreneurs by using our global network of experts, operators, executives, and potential customers. When we see compelling Web2 and Web3 potential, we invest in both equity and digital assets. We enjoy what we do and are inspired and motivated by the people and organizations we support.

Crowd Venture Capital

Christie’s, the world's leading art business, had global auction and private sales in 2014 that totalled £5.1 billion / $8.4 billion, making it the highest annual total in Christie’s history. Christie’s is a name and place that speaks of extraordinary art, unparalleled service and expertise, as well as international glamour.   Founded in 1766 by JamesChristie, Christie's has since conducted the greatest and most celebrated auctions through the centuries providing a popular showcase for the unique and the beautiful. Christie’s offers around 450 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more.  Prices range from $200 to over $100 million. Christie's also has a long and successful history conducting private sales for its clients in all categories, with emphasis on Post-War & Contemporary, Impressionist & Modern, Old Masters and Jewellery. Private sales totalled £916.1 million ($1.5 billion) in 2014, an increase of 20% on the previous year.  Christie’s has a global presence with 54 offices in 32 countries and 12 salerooms around the world including in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zürich, Hong Kong, Shanghai, and Mumbai.

Christie's

Wave Digital Assets is a digital asset management organization that combines venture capital, funds, and wealth management. They also offer early-stage VC investment, asset management, treasury management, and strategic consulting in the crypto and blockchain ecosystems.

Wave Digital Assets

An esteemed blockchain investment firm and service provider, Almora Capital is an exemplary leader around the globe when it comes to crypto asset investment and management. We are committed to the pursuit of various opportunities in the blockchain industry, helping people, businesses and institutions build, preserve and manage wealth to realize their financial goals. Through timely and in-depth analysis of companies, industries, markets, and investment structures, Almora Capital has earned a reputation for itself in the field of blockchain investment. Anchored by our strategic alliances in India, Turkey, and Korea, our experts offer the best insights and resources to deliver sustainability and resilience to both private individuals and financial institutions.   At Almora, we believe in placing our deep understanding of technology, market economics and blockchain finance at the fore to deliver optimized investment solutions. We help clients map their investment themes into systematic matrices spanning all major exchanges. Our services include designing and optimizing infrastructure protocols, application protocols, and financial services for clients. Almora Capital offers full life-cycle solutions, including incubating and asset management to our portfolio, bringing about global impacts.  Almora Capital rests on the shoulders of a team of experienced visionaries, investors and changemakers who share a deep curiosity and competence for digital currency asset management.

Almora Capital

OpenSea Ventures is a investment arm of opensea. OpenSea supports the next generation of founders building protocols, companies, teams, and ideas that will power the future of open web3 economies.

OpenSea Ventures

BOND combines classic correspondence with modern convenience. We make it easy for anyone to send personal messages, heartfelt greetings and personal thank you notes using their mobile device or keyboard.

BOND

King River Capital invests in high-growth software and AI-driven technology businesses that are solving critical problems. The firm aims to cultivate a diverse, energized ecosystem of entrepreneurs, operators, and partners that will build the world’s iconic companies and create a better future. It invests typically in the Series A through Series C rounds.  King River Capital (KRC) was founded in 2019 as a venture capital fund dedicated to investing in exceptional teams that are building innovative companies in Australia and the US. It is headquartered in Surry Hills, Australia.

King River Capital

Samsung NEXT Ventures is an investment arm of Samsung NEXT, a multifaceted innovation group within Samsung Electronics dedicated to identifying new growth opportunities that will define the next decade. The firm prefers to invest in artificial intelligence, fintech, blockchain, health technology, infrastructure, and media technology sectors.

Samsung NEXT

A16z crypto is a $300M venture fund that will invest in crypto companies and protocols. The company's fund is designed to include features of traditional venture capital, updated to the modern crypto world.

a16z crypto

K5 Global Advisor LLC (“K5”) is a venture capital firm and incubation studio that supports founders across the business lifecycle. The firm was founded in 2018 by Michael Kives and Bryan Baum and has deployed capital of around $1B as of March 31, 2024. K5 invests across multiple stages, from seed through growth stage companies, with a focus on Enterprise SaaS, Vertical SaaS, and FinTech. In 2023, Keenan Rice and Daniel Marcotte, investors from Tokyo Black Capital Advisors, LLC, and both on the founding team of Looker (acquired by Google in 2020 for $2.6B), joined with K5’s early-stage SaaS investing team. K5 seeks to help innovative companies expand their networks and best position them to achieve growth targets.

K5 Global

Circle Ventures invests in projects that accelerate global crypto innovation and adoption in service. They foster crypto innovation by assisting founders and teams that are committed to open access, financial inclusivity, and programmable commerce, all of which may contribute to global economic success.

Circle Ventures

CryptoViet Ventures is an investment branch of CryptoViet Info. We focus on incubating and investing in projects specializing in blockchain.

CryptoViet Ventures

Electric Ant is an investment firm that invests in crypto technology companies.  Electric Ant was founded in 2021 and was headquartered in Los Angeles, California.

Electric Ant

Zephyrus Capital focus on incubation and connecting with initiatives, exchanges, and launchpads.

Zephyrus Capital

Cynegetic Investment Management, based in Hong Kong, is dedicated to research and development in advanced quantitative strategies. By leveraging artificial intelligence and emerging technologies, Cynegetic drives innovation in the financial sector, developing cutting-edge solutions that push the boundaries of traditional investment approaches. The firm's R&D initiatives focus on harnessing data analysis, trading algorithms, and expertise in the DeFi ecosystem to pioneer new, impactful strategies in the global financial markets.

Cynegetic Investment Management

What Is Banana Capital? A full-cycle investment company: hedge fund, venture capital arm, and incubator, specializing in Web3 projects. For investors: we aim to assist investors in safely managing capital, diversifying risks, and consistently achieving high returns regardless of the Web3 market dynamics. For founders: we provide support to project founders not only through financial backing but also by offering assistance in early-stage incubation. Our team: leveraging years of experience, we serve as gateways for investors to opportunities for safe capital expansion. Our mission: we strive to contribute to the development of the Web3 market, employing secure yet high-yielding investment strategies.

Banana Capital

LayerZero Labs

Disrupting the traditional financial system using blockchain

Decentralized Finance (DeFi)

Founded in April 2022, Orderly offers a permissionless, decentralized exchange (DEX). Built on the NEAR protocol, it provides users with a risk engine, matching engine, and asset pools for users to build decentralized applications for trading. The platform enables users to spot and margin trade, perform perpetual swaps as well as lend and borrow cryptocurrencies. The company launched on the NEAR mainnet in October 2022 and had plans to release new features such as an on-chain order-book, community pool, and swap functionality, as of the same date.Key partnerships and customersThe development of the platform was supported by <a href="https://sp-edge.com/companies/600556">NEAR </a>and WOO Network (a DeFi liquidity solution), which also incidentally launched its DEX on the protocol. WOO DEX was the first dApp to be launched on Orderly Network, later becoming the platform’s main interface for trading tools. The protocol also partnered with Kronos Research, a DeFi market-maker, to access liquidity. The platform went on to <a href="https://sp-edge.com/updates/21873">partner with Google Cloud </a>to co-develop user-centric developer tools for DeFi applications in September 2023. Functioning as off-chain components of DeFi infrastructure, these tools will enable specific interactions to be processed away from the main blockchain while others are carried out on-chain. The partnership also saw Orderly becoming a listed DeFi infrastructure provider on Google Cloud Marketplace. Funding and financialsIn June 2022, Orderly Network raised USD 20 million in funding from Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, and Alameda Research, among several others. The company earmarked the funds to expand its employee base, invest in product development, and establish new ecosystem partnerships. It also stated that the funding will enable it to launch new community lending pools for token holders.

Echelon is a decentralized lending protocol designed to facilitate borrowing and lending of crypto assets through non-custodial asset pools. Built using the “Move” programming language, the platform supports institutional-grade markets on Movement, Aptos, and other Move-based blockchains. The protocol's key features include increased borrowing power on correlated assets, isolated pools for long-tail asset markets, and direct in-wallet integration.Echelon differentiates itself by allowing users to leverage Aptos-based liquid staking derivatives as collateral, enabling rehypothecation for higher yields. Moreover, the company plans to develop new treasury and RWA-backed strategies and implement vaults for cross-chain deposits.&nbsp;As of August 2024, Echelon had over USD 30 million in total locked value (TVL) on its platform.

Turn your spare time into extra cash with simple online tasks and micro-jobs. Earn money whenever and wherever you like. Rewardable is an AI-driven task-to-earn platform that empowers verified users to earn extra income anytime, anywhere by completing simple online tasks and micro-jobs. Designed to bridge Web2 and Web3, Rewardable connects KYC-verified users with brands and projects seeking authentic, high-quality engagement in a secure and trusted environment. With a Web2-style UI/UX, the platform offers an intuitive, familiar interface that simplifies onboarding for Web2 users, enabling them to seamlessly transition into Web3. Rewardable’s omnichain functionality, powered by LayerZero, supports earning across multiple blockchain networks, while its proprietary IDscore system ranks users based on task performance, social verification, and engagement. By integrating AI at its core, Rewardable is revolutionizing digital engagement and opening new avenues for income generation.

Echelon is a high-efficiency money market that allows users to borrow and lend assets via non-custodial pools, earning interest and increasing purchasing power through leverage.

Defi.money is a developer of a decentralized finance system to create a capital-efficient and interoperable USD stable coin.

SatoshiSync is the chain agnostic protocol for inscriptions and BTC L2, simplifying BTCFi liquidity. It pioneers permissionless inscription markets on BRC20, enabling easy customization and one-click bridging to ERC20 or EVMs.

TapiocaDAO is a decentralized autonomous organization (DAO) focused on the development of full-link decentralized financial (DeFi) products in order to establish a seamless and compatible cross-chain future.

Orderly Network is a permissionless, decentralized exchange protocol built on NEAR. Founded in April 2022 with the mission to create the most robust liquidity layer infrastructure for any dApp to utilize and build on, Orderly Network offers market-leading execution with low latency, minimal fees, and access to ample liquidity options.

LayerZero Labs is a blockchain messaging protocol developer that allows decentralized applications build across multiple blockchains. The company is a User Application (UA) configurable on-chain endpoint that runs a ULN.

Based in Canada, LayerZero Labs develops omnichain interoperability protocols (called LayerZero) to connect different blockchains that allow dApps to exist on multiple chains. The LayerZero protocol works by using on-chain nodes and non-upgradable smart contracts, with users only required to pay for transaction fees on the source chain. The protocol connects over 30 mainnet blockchains including EVM-compatible chains such as Ethereum, Avalanche, and Polygon. In December 2023, the company introduced its v2 iteration, launching over 40 testnets for the blockchain networks it supports. The upgraded release aims to streamline third-party development, enhance security, and improve throughput.

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

LayerZero Labs, Eigen Labs raise the stakes on cross-chain transactions

Rewardable

IBC Group

Sarson Funds

Amber Group

Saison Capital

Serafund

Selini Capital

Re7 Capital

Web3Port

Interop

Laser Digital

Cypher Capital

280 Capital

Organizations and protocols that allow individuals to lend their crypto assets and take out collateralized or uncollateralized loans from to/from these projects

Defi.money

GBV Capital

SatoshiSync

Portal

Chainlink

ZBS CAPITAL

Candaq Fintech Group

Maven Capital

MH Ventures

Seedify

Rootstock Foundation

Core DAO

Ape Terminal

Covey network

Alphabet

To serve as an outside verifier to attest to the reliability of the information transmitted through LayerZero's messaging protocol.

Platforms that provide tools such as SDKs, blockchain node infrastructure, and bridges for developers to create, host, debug, and add extra functionality to dApps on one or many blockchains.

TapiocaDAO

Tradecraft Capital

Fisher8 Capital

Magnus Capital

Jones DAO

PARC Capital

Dewhales Capital

Capybara Capital

Orderly Network

Kronos Research

Pantera Capital

ViaBTC

Crypto.com

HongShan

DDEX

BitMart

Cobo

LedgerPrime

AscendEX

Dragonfly

BTSE

IOSG Ventures

Alameda Research

Three Arrows Capital

D1 Ventures

LBank

SevenX Ventures

Hoo.com

Raydium

Hotbit

MEXC Global

Mirana

Antalpha

SID Venture Partners

Jump Crypto

Lendhub

MetaWeb Ventures

Mentha Partners

Newman Capital

WOO Ventures

Foresight Ventures

C² Ventures

AGBuild

Gate Ventures

Proximity

Decentralized exchanges that help connect buyers and sellers of DeFi tokens without the need to rely on an intermediary

Based in Canada, LayerZero Labs develops omnichain interoperability protocols (called LayerZero) to connect different blockchains that allow dApps to exist on multiple chains. The LayerZero protocol works by using on-chain nodes and non-upgradable smart contracts, with users only required to pay for transaction fees on the source chain. The protocol connects over 30 mainnet blockchains including EVM-compatible chains such as Ethereum, Avalanche, and Polygon. In December 2023, the company introduced its v2 iteration, launching over 40 testnets for the blockchain networks it supports. The upgraded release aims to streamline third-party development, enhance security, and improve throughput.The company also offers a cross-chain liquidity transfer protocol Stargate, which is built on top of the LayerZero protocol.&nbsp;Key customers and partnershipsNotable customers using its technology include PancakeSwap, Sushiswap, and Uniswap.In July 2022, LayerZero Labs collaborated with Singapore-based GameFi company Ethlas to enable the latter’s metaverse platform to be accessed by users in other blockchains such as Ethereum, while enabling users to move tokens (money) across the different networks. It also entered into a strategic&nbsp;<a href="https://sp-edge.com/updates/21768">partnership with Google Cloud</a> in September 2023, with the latter serving as an outside verifier to attest to the reliability of the information transmitted on its protocol.&nbsp;In October 2024, the company&nbsp;<a href="https://sp-edge.com/updates/34401">partnered with EigenLayer</a> to launch the open-source CryptoEconomic Decentralized Verifier Networks (DVNs) Framework, enabling users to create DVNs on EigenLayer using various tokens. The framework enhances blockchain interoperability by allowing verifiers to stake assets like ZRO, EIGEN, and ETH to secure cross-chain message verification.As of April 2023, LayerZero Labs had processed over USD 6 billion in transactional volume.

NEAR Protocol is an open-source layer-1 blockchain launched in October 2020. The blockchain uses a proof-of-stake consensus mechanism to validate transactions. Its native token is NEAR, which can be used to pay for transactions and storage on the blockchain, while also allowing token holders to participate in the platform’s governance process. In August 2024, NEAR launched a significant upgrade called "<a href="https://sp-edge.com/updates/32890">Nightshade 2.0</a>" to enhance scalability and usability. This update is a major step in integrating sharding into NEAR's core architecture, which divides the blockchain into smaller segments, allowing the network to process more transactions at a lower cost. Validators no longer need to store shard states locally; instead, they retrieve "state witnesses" from the network to validate changes. This improves shard performance and boosts the network’s ability to support more shards.NEAR allows users to sign up for a wallet (account) using unique human-readable names (e.g., johndoe.near, in comparison to cryptographic and randomly generated private keys, which is a characteristic of chains such as Ethereum), which in turn enables easy sign-ins for dApps for users and improves the overall usability of the blockchain. The platform also allows developers to prepay gas fees for first-time users, allowing the latter to interact with a dApp for free. NEAR also offers the Rainbow Bridge, which allows users to transfer ERC-20 and NEAR tokens or any other digital asset between the Ethereum and NEAR blockchain. In addition, the platform provides tools such as SDKs, CLIs, and APIs for developers to create dApps on its blockchain. In addition, NEAR allocates 30% of the transaction fees to developers to encourage them to build applications on its platform, with the remainder being burnt.The protocol also incorporates <a href="https://sp-edge.com/updates/32771">Chain Signatures</a>, a technology that allows smart contracts to sign transactions across multiple blockchains without relying on cross-chain bridges. This aims to simplify multichain dApp development by reducing the need for multiple wallets and manual bridging, as well as enhancing user experience and increasing asset liquidity and utility across blockchains.As of July 2022, NEAR had 100 validators on its blockchain, which it expected to increase in proportion to the number of transactions. The platform uses an auction system to select and determine the seat price for its validators every epoch (time interval of 12 hours). The platform claims to be able to scale infinitely by adding more validators owing to its underlying architecture.Key customers and partnershipsIn June 2021, NEAR joined ICON’s Blockchain Transmission Protocol (BTP), which seeks to improve cross-chain communication. The partnership allowed data to be transferred between the NEAR blockchain and other BTP partners such as Polkadot and Harmon. Moreover, NEAR partnered with <a href="https://sp-edge.com/updates/23393">Nym Technologies </a>to integrate end-to-end encryption and privacy safeguards into the NEAR blockchain ecosystem.In addition, NEAR partnered with Ardana, a stablecoin and decentralized exchange (DEX) liquidity pool built on the Cardano blockchain in November 2021, to build a bridge to support integrations and token transfers between the NEAR and Cardano blockchains. It had also planned to enable cross-chain smart contract functionality and allow the NEAR token to be used as collateral on Ardana to mint stablecoins in the future.

NEAR

Ava Labs develops the open-source layer-1 blockchain, Avalanche. The Avalanche network architecture contains three separate blockchains in order to address the decentralization, security, and scalability limitations of blockchains. These include 1) the Exchange Chain (X-Chain), which is the default blockchain on which assets are created and exchanged and also includes Avalanche’s native token–AVAX; 2) the Contract Chain (C-Chain)—which is based on the Ethereum Virtual Machine (EVM)—allows for the creation and execution of smart contracts with cross-chain interoperability; and 3) the Platform Chain (P-Chain), which coordinates validators and enables the creation and management of subnets (a sovereign network that defines its own rules for membership and tokenomic). Avalanche uses a proof-of-stake consensus mechanism and is able to execute 4,500 transactions per second. As of December 2022, ~1,000 projects were built on Avalanche, including DeFi projects like Tether, SushiSwap, Chainlink, and Circle. As of the same date, the network processed on average two million daily transactions and was secured by more than 1,200 validators.Ava Labs launched Core, a dedicated non-custodial crypto wallet for AVAX as a browser extension, through which users are able to browse dApps on the Avalanche blockchain. In April 2023, the company announced plans to launch “ <a href="https://sp-edge.com/updates/17583">Evergreen Subnets </a>,” a suite of blockchain deployments, tooling, and customization services specifically designed for financial institutions to run their own private, permissioned chains with approved parties. In addition, financial institutions will be able to communicate and transfer data with other subnets through Avalanche’s native communication protocol Avalanche Warp Messaging (AWM) without relying on any third parties. It also launched <a href="https://sp-edge.com/updates/18842">AvaCloud </a>in May 2023, a no-code Web3 launchpad that assists businesses in building fully managed blockchain ecosystems. AvaCloud consists of four main components: an automated blockchain builder, managed validators, comprehensive data tools, and chain interoperability within Avalanche subnets.Key customers and partnershipAvalanche has partnered with several cloud services providers to improve its network such as <a href="https://sp-edge.com/updates/15079">Alibaba Cloud </a>(December 2022) to improve its infrastructure and support for its validators. Users of the Avalanche blockchain can launch new validator nodes using Alibaba Cloud’s plug-and-play infrastructure-as-a-service (IaaS), while dApp developers can use the latter’s storage and computing resources for the efficient running of their dApps. It also collaborated with <a href="https://sp-edge.com/updates/15640?industryIds=144">AWS </a>(January 2022) to scale and improve blockchain adoption and support its dApp ecosystem, while also enabling one-click node deployments through the AWS marketplace.

Ava Labs

Based in Australia, Immutable is a developer of blockchain-based video games and a provider of a Web3 game development platform. The company develops and publishes its games through Immutable Game Studio, and released its first game, Gods Unchained, in March 2021. The game is a NFT strategy card game, and had ~80,000 active players as of January 2022. It also claimed that over USD 25 million of Gods Unchained digital assets have been traded as of the same date. In February 2024, the company launched the mobile version of Gods Unchained, available on Google Play and Apple App Store. Immutable launched its second game, <a href="https://sp-edge.com/updates/29491">Guild of Guardians </a>, in May 2024 to over 1 million pre-registered users. It is a mobile role-playing game set in a fantasy world on the brink of destruction, where players must form teams to battle against evil Dreads.Its Web3 game development platform, Immutable X, provides a SDK that offers APIs and smart contracts to allow developers to leverage ready-made Web3 infrastructure to quickly build and deploy blockchain-based games. These include an onboarding solution (non-custodial wallet) called <a href="https://sp-edge.com/updates/16041">Passport </a>, transaction infrastructure, and NFT minting tools. The platform also consists of a developer hub which allows developers to launch and manage their projects in one-place and obtain related performance analytics.In addition, Immutable X also acts as a layer-2 scaling solution on the Ethereum blockchain. It uses <a href="https://sp-edge.com/companies/607497">StarkWare's </a>StarkEx roll-up technology and can process 9,000 transactions per second, with zero gas fees, while claiming to be carbon-neutral. Its native token IMX can be used to pay for transactions as well as stake and govern the network. Notable companies building on Immutable X include GameStop, TikTok, OpenSea, Ember Sword, Illuvium, GreenPark Sports, and Vee Friends (Gary Vee).Key customers and partnershipsImmutable partnered with Mineloader to develop Guild of Guardians, and it has also collaborated with several game developers, including Turner Sports and Kongregate, to build Web3 games on the Immutable X platform. Furthermore, Immutable partnered with <a href="https://sp-edge.com/updates/22566">Amazon Web Services (AWS)</a> to develop infrastructure solutions to assist companies in developing and scaling blockchain-based games, and <a href="https://sp-edge.com/updates/24637">Amazon Prime Gaming</a> to list in-game content for Gods Unchained in the latter’s platform. This partnership also aimed to introduce the game to a broader audience circle through Amazon's platform, which boasts over 200 million Prime Gaming members. It also collaborated with <a href="https://sp-edge.com/updates/25892">Axelar</a> to integrate games built on Immutable's zkEVM into the Axelar network to enhance user onboarding across blockchain.The company collaborated with <a href="https://sp-edge.com/companies/786111">Polygon</a> to launch its <a href="https://sp-edge.com/updates/24881">zero-knowledge Ethereum Virtual Machine</a> (zkEVM) scaling solution to bypass the scaling limitations of the Ethereum blockchain and promote Web3 gaming. This network allows developers to completely abstract transaction fees, allowing a frictionless player onboarding and improved user experience.

Immutable

Mythical Games is a video game studio building games based on blockchain technology, playable NFTs, and play-to-earn game economies. The company developed two games—NFL Rivals and Blankos Block Party. The latter was discontinued in December 2023 after its launch in June 2022.In May 2022, NFL and the NFL Players Association partnered with Mythical Games to develop an NFT-based video game NFL Rivals. The game was launched in 2023, with players taking part in arcade-style gameplay, assuming the role of NLF general manager. They can collect and trade players represented as NFTs on the secondary market via the iOS and Android apps, as well as Mythical’s web-based marketplace. In addition, a unique feature of the game is the “squad system,” which enables players to team up with fellow players to compete with others.Mythical Games also enables other game developers and publishers to build or integrate blockchain-based play-to-earn economies into their games through The Mythical Platform. The platform also includes built-in regulatory KYC/AML compliance and indemnity as well as a verified wallet for transacting both real and cryptocurrencies. Further, the company also offers a marketplace that enables users to sell and trade their digital assets.The Mythical Platform is built on an EVM-compatible sidechain Mythical Chain, which uses a proof-of-authority consensus mechanism to validate transactions. The chain also offers interoperability features, allowing players to transfer and trade NFTs across multiple blockchains. It also claims the minting of NFTs and integrating the marketplace over its platform does not require mining.It acquired <a href="https://sp-edge.com/updates/15966">DMarket </a>–a digital gaming asset marketplace–in January 2023, and utilized its technology to launch an improved version of its own marketplace (Mythical Marketplace 2.0), with features such as a blended payment gateway and AML and fraud protection systems.Key customers and partnershipsAs of June 2023, the company reported to have achieved daily gross sales exceeding USD 1 million and gained more than 2.5 million new users over the past year. Moreover, it expects to reach over 20 million player accounts across its entire game portfolio by the end of 2023, primarily propelled by NFL Rivals and the upcoming release of Nitro Nation World Tour.The Mythical Platform’s first developer partners were announced by the company in November 2021, which includes 1) CCG Games to create Epic Spell Wars: Magic Fight, a trading card game; 2) Creative Mobile to create Nitro Nation – World Tour, a racing game; and 3) Abstraction Games to create a new action strategy title. These were slated to be released in 2023.Funding and financialsIn November 2021, Mythical Games raised USD 150 million in a Series C round led by Andreessen Horowitz at a valuation of ~USD 1.3 billion. Additionally, it raised <a href="https://sp-edge.com/updates/19719">USD 37 million in a Series C1 </a>funding round led by Scytale Digital in June 2023, at a similar valuation. This funding round is expected to close later in 2023 and reach USD 57 million-67 million. It had planned to utilize the fresh funds toward initiatives that will drive profitability within the next year and expand its games and infrastructure to reach a larger audience.

Mythical Games

Storj Labs developed the Storj Decentralized Cloud Storage (DCS) network that works by compressing, encrypting, and splitting files into more than 80 smaller pieces to distribute and store them across a global network of individual storage nodes, which are excess hardware space rented out by individuals in return for a fee. Storj audits its network through random file verification every hour, which ensures its files are consistently being hosted by its nodes; it automatically reconstitutes the data when it is required by the user. The company claims to have more than 10,000 active nodes with over 6 petabytes of available storage capacity spread across the world, as of August 2022. It uses its native token STORJ, which is used by customers to pay for providers of decentralized storage.Key customers and partnershipsStorj partnered with <a href="https://sp-edge.com/companies/792614">Matter Lab’s </a>zkSync Era ( <a href="https://sp-edge.com/updates/18986">in May 2023 </a>) to integrate the latter's zero-knowledge roll-up technology into its cloud storage platform to optimize transaction speed, reduce gas fees, and improve the overall efficiency of the payment process. Additionally, the partnership enables EVM-compatible composability for decentralized storage payments, providing customers with increased flexibility and a wider range of customization possibilities. As part of the development, Storj also had plans to develop and maintain two open-source libraries, Crypto-Batch-Payment and Storjscan, which will focus on creating a seamless onboarding experience for its customers on the zkSync Era network.

Storj

Developers of video games that use elements of blockchain technology, allowing gamers to earn cryptocurrency by playing games. They can either convert it into real money or purchase in-game assets.

A decentralized alternative to traditional social networks that operate on independently run servers on the blockchain. These are community-owned and reward user participation.

An alternative storage system in which data is encrypted, segmented, and stored on multiple nodes across the blockchain rather than a single server.

Developers of dApps for use in industries such as travel, health, and fitness, which are yet to reach wider adoption.

Providers of wallets that allow users to purchase and store the cryptocurrencies/tokens required to interact with web3 apps, along with app browsers for users to browse and access dApps.

Also known as layer-1 networks, these include developers of the base blockchain network.

Also known as layer-2 solutions, this includes providers of scaling solutions, such as sidechains, state channels, and rollups, which improve the speed and throughput of transactions occurring in layer-1 blockchain networks.

Includes companies that form the Web3 ecosystem

Web3 is based on blockchain tech, a key enabler of the industry

GenAI tools help develop smart contracts and query the blockchain for data

Providers of node-as-a-service and SDKs to build dApps operate under this model

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<div>
 
 LayerZero and EigenLayer have collaborated to create the CryptoEconomic Decentralized Verifier Networks (DVNs) Framework. This framework allows users to establish a DVN on EigenLayer using different tokens and operators. It offers economic security for message validation across various blockchains, through staking assets like ZRO, EIGEN, and ETH.
 The framework aims to improve blockchain interoperability through a marketplace for verifiers. This allows applications to select DVNs according to their security requirements. It also offers a transparent method to evaluate DVN trustworthiness based on the value of staked assets and the slashing risk.
 
</div> Analyst QuickTake: 
 LayerZero's focus on improving blockchain interoperability is highlighted by its earlier partnerships. In July 2024, it <a href="https: 
//sp-edge.com/updates/31428"> teamed up with Initia Labs </a> , a Move-based layer-1 network, to create an interoperability standard for Cosmos. This collaboration allows Cosmos SDK-based chains to connect with LayerZero-enabled chains using a Cosmos SDK Module. Additionally, <a href="https: 
//sp-edge.com/updates/32144"> LayerZero partnered with Animoca Brands </a> to enhance the compatibility of digital assets in the Web3 gaming space.

LayerZero Labs

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