Web3 Investment Research Report for the Second Quarter of 2024

Written by: RootData Research

Abstract

Web3 industry funding remained strong in Q2 2024, totaling $2.75 billion, up 38.9% year-over-year. The social track has suddenly emerged, and total financing increased by 650% month-on-month. The total net inflows of Bitcoin spot ETFs in Q2 reached US$2.394 billion, a decrease of 80% from the previous quarter, and total asset management decreased by 12.4% from the previous quarter.

The total number of mid- and late-stage financings in Q2 2024 increased by 20.7% month-on-month. This trend may reflect that as the market stabilizes, investment institutions are more inclined to make strategic large-scale investments in advance. Animoca Brands was the most active institution in Q2 with 36 investments. Investment by the top ten institutions in the GameFi track increased by 71% month-on-month.

Paradigm announced the completion of US$850 million in fundraising, becoming the largest fund raising event in Q2 and even the first half of 2024. In the rising bull market stage that started at the end of 2023, the total amount of funds raised by Web3 funds was more than 10 times lower than the previous bull market, and the BTC price was no longer driven by the inflows of Web3 funds.

The search volume of high FDV and low circulation projects reaches a peak when it is about to TGE, but then declines like a cliff. The competition for Binance List Token is fierce: the average valuation of the Launchpool project reaches US$217 million, and the institutional investment rate is less than 2%. It is expected that more than 30 large-scale projects will conduct TGE in Q3.

1. The total amount of financing in Q2 of 2024 reached US$2.75 billion, a year-on-year increase of 38.9%; the total amount of financing in the social track surged by 650% month-on-month

2024 年 Q2 比特币价格走势与 Web3 行业融资总额Source：RootData

In Q2 of 2024, the price of Bitcoin has experienced significant fluctuations. Bitcoin prices reached a quarterly high of $71,630 on April 8 before falling to a quarterly low of around $58,300 on May 1. As of June 30, Bitcoin prices were down about 13% from the start of the quarter. Total net inflows into Bitcoin spot ETFs in Q2 reached $2.394 billion, down 80% from Q1. As of June 30, the asset management scale was US$51.127 billion, a decrease of approximately 12.4% from Q1. In this complex market environment, the popularity of Web3 primary market financing continues to grow. According to RootData statistics, a total of 418 financing events occurred in the Web3 primary market in Q2 2024, with a total financing amount of US$2.75 billion, a year-on-year increase of 38.9%.

2024 年 Q2 投融资金额 Top3 赛道Source：RootData

According to RootData statistics, the top three fields in terms of financing amount in Q2 are infrastructure, DeFi and social. Total funding in the infrastructure track reached $1.016 billion, up 145% quarter-over-quarter. It is worth noting that the social track has emerged, with total financing reaching US$227 million, a surge of 650% month-on-month and 261% year-on-year.

The strong performance of the infrastructure track is related to the large financing received by multiple Layer1 and Layer2 projects, such as Monad raising US$225 million and Berachain raising US$100 million. In the DeFi track, there are 56 projects with million-dollar financing, mainly in seed rounds, indicating that new projects are emerging in large numbers. The biggest reason for the explosive growth of the social track may be that projects represented by Farcaster successfully balance technological innovation and user experience, while cultivating a high-quality, low-noise community culture. This innovative model may solve the sustainability issues of early SocialFi projects and also provide new possibilities for attracting a wider user group, thus promoting the rapid development of the entire track and the influx of large investments.

Second, the total number of mid- and late-stage financings in Q2 increased by 20.7% month-on-month, and the total financing amount of the Top 5 increased by 81.25% month-on-month

2024 年 Q2 项目融资金额分布Source：RootData

From the perspective of the financing amount range, the number of early-stage investment (below $5M) projects in Q2 was 160 , a slight decrease from the previous month; the number of medium-term investment ($5M-$10M) projects was 79, a year-on-year increase of 61.2%. The total number of mid- and late-stage financings reached 146, a month-on-month increase of 20.7%. This trend may reflect that as the market stabilizes and perhaps prepares for the next expected market rally, investment institutions are more inclined to invest in investment opportunities that can be exited in the short term.

The top five projects with the highest financing amount in Q2 2024 received a total of US$725 million in financing, an increase of 81.25% compared to Q1. Among them, Monad topped the list with $225 million in financing led by Paradigm. It is worth noting that Farcaster completed US$150 million in financing at a valuation of US$1 billion. The overall financing status of the track has been relatively sluggish before, with the total project financing amount disclosed in Q1 being only about US$70 million. In addition, Berachain’s valuation reached US$1.5 billion in Series B financing in April 2024. Its valuation increased 257% in one year.

2024 年 Q2 融资金额 Top5Source：RootData

3. The total investment volume of the top ten institutions in Q2 increased by 2% month-on-month. Animoca Brands made 36 transactions and became the most active investment institution in Q2

2024 年 Q2 机构活跃度排行榜Source：RootData

据 RootData 数据显示，2024 年 Q2 投资次数最多的前十家投资机构共参与 202 宗投资，环比增长约 2%。OKX Ventures 在 Q1 出手 30 次位居榜首，Q2 虽降至 25 次，但仍持续活跃。基础设施仍然是最受欢迎的赛道，前十家机构在该赛道上出手 81 次，占其 Q2 全部投资的约 40%。

Q2 出手次数前十家投资机构在 GameFi 赛道共出手 53 次，相比 Q1 增长 71%。这种爆发性增长或源于该赛道的项目正从简单的「玩赚」模式向更复杂、更具吸引力的游戏体验转变，这种转变不仅提高游戏质量和用户体验，更重要的是维持经济模型的可持续性。相比之下，缺少创新的 DAO 和 NFT 赛道仍然延续了 Q1 的低迷状态。

查看机构链上持仓实时数据：OKXVentures；HashKeyCapital；The Spartan Group

四、Web3 投资基金上半年募资额达 13.8 亿美元，投资者偏向谨慎与合规，比特币维持独立上涨

Web3 风投基金募资数量和金额（2015-2024Q2）Source：RootData

自 2015 年以来的公开数据显示，Web3 领域共发生 177 笔基金募资事件，募资总金额超过 396 亿美元。大规模的外部资本推动 2021 至 2022 年的牛市爆发，并且留下了大量高估值的项目，例如 StarkNet 和 zkSync 等。

虽然近两年资本进入的速度有所减缓，但总体上仍远高于 2020 年，并呈现出上升趋势。2024 年上半年，Web3 基金已完成 13.8 亿美元的募资，其中 6 月 13 日 Paradigm 宣布完成 8.5 亿美元募资，成为 Q2 季度乃至 2024 上半年最大的基金募资事件。

在 2023 年底开启的牛市上涨阶段，Web3 基金的募资总额低于上一次牛市 10 倍以上，比特币价格不再由 Web3 基金流入所驱动。这或许是传统高净值用户更加谨慎，通过 ETF 等合规途径进行投资 Web3 货币，并且担心成为上一轮牛市退出潮的接盘者，从而推动了比特币独涨局面。

五、Q2 项目热搜回顾

5.1 空投季如期而至，高估值与低流通模式或抑制币价表现

RootData Q2 热搜 Token 榜单（ Top12 ）Source：RootData

Q2 季度比特币在 57,000 – 72,000 美元宽幅震荡，众多明星项目选择在这个窗口期进行 TGE，例如 Wormhole、io.net、zkSync、Layerzero、Blast 等。在 Q2 热搜最高的 12 个已进行 TGE 的项目中发现，项目即将 TGE 时搜索量到达高峰值，之后却呈断崖式下降。同时，关注度数值显著受到比特币价格影响，与 Web3 市场信心密切相关。

许多高关注度的项目带有「高估值、低流通」的光环，RootData 此前的研究指出，近 3 年 Binance Launchpool 项目平均估值为 2.17 亿美元，OKX Jumpstart 项目平均估值为 3.73 亿美元。此外，FDV 在 10 亿美元内且未上币安的项目，仅有逾 30% 的项目未出现一、二级估值倒挂。

在 2021-2022 年间，一级市场资本大量涌入，采用激进的估值策略，并处于乐观的市场情绪下，许多 Web3 基金盲目选择高估值投资策略。然而，这些项目未能展示出可持续的商业模式。同时，美元加息带来的流动性萎缩也对 Web3 市场产生了影响，可能是投资者不愿意购入新 Token 的外部原因之一。

5.2 币安 List Token 竞争白热化，预计 Q3 将有超过 30 个大型项目进行 TGE

Q3 或将 TGE 的高 FDV、大额融资项目Source：RootData

RootData 发布的 Q3 预计 TGE 项目列表中收录了 30 个大额融资、高 FDV 的明星项目，例如 Monad、Fuel、Scroll、Succinct 等，都有较大概率上线 Binance。

据统计 288 个投资者的投资组合后发现，其平均上币安 Launchpool 项目的数量占投资组合不超于 2%，近 30 个币安 Launchpool 项目有 21 个受 Binance Labs 投资 ，占其投资组合的逾 11%。

由于 Binance 交易深度和滑点优势，以及合约费率的竞争力， Binance 竞争激烈的上币环境对市场产生深远影响，项目方选择在币安进行 TGE 可以有效利用其市场优势和平台资源，为项目的长远发展奠定良好的市场基础。

5.3 Web3 领域最核心的品牌分布在交易所、底层公链、Web3 媒体和分析工具领域

X 影响力指数Source：RootData

RootData 推出的 X 影响力指数，便捷地向用户展示了最具影响力的 Web3 项目，其中核心的 12 个项目分布在 4 个关键领域：

• Exchanges: Coinbase, Binance, Uniswap
• Underlying public chains: Bitcoin, Ethereum, Solana, Polygon
• Web3 Media: CoinDesk, The Block, Cointelegraph
• Analysis tools: CoinMarketCap, Messari

5.4 It is easier to discover Alpha projects and is highly correlated with investor sentiment

X Popularity List As a market dynamic observation tool, due to its close linkage with X platform data, it quickly attracted many potential Alpha projects and was updated frequently . At the same time, the list has become an important window for investors to understand market sentiment, and the popularity value showed an overall downward trend in Q2:

• April: Web3 market sentiment is optimistic, and project activity is high
• May: Market shocks, investor attitudes Be cautious
• June: BTC rebounded without breaking the previous high, market liquidity decreased, and social popularity dropped to freezing point

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