jakiro
Original Author: rootdata Research
Table of contents
The characteristics of the overall development trend of the web3 industry
1.1. Bitcoin leads the increase in global large -scale assets, and Bitcoin spot ETF will promote the long -term development of the industry
1.2, the total financing of 2023 was US $ 9.043 billion, and the first and secondary market linkage helped the industry to move towards the new cycle
1.3, the first half market is becoming a new choice for investment or withdrawal
1.4, 2023 Infrastructure and CEFI leading the development of the web3 industry, 6 new unicorn beasts are added
1.5, 2023 WEB3 project failure decreased by 50%
Analysis of Web3 Asset Development Features and Plate Trends
2.1, the essence of the four waves of innovation in the web3 industry is to find the native assets of the largest consensus
2.2, the number of web3 developers increased by 66%year -year, Ethereum ecosystem has an overwhelming advantage
2.3, web3 popular sector rotation: L1/L2, DEFI, Gamefi is still the most concerned track in the market
2.4, Stanford’s most produced web3 practitioners, the highest amount of project financing amount of Google
WEB3 fund flow characteristics and trend analysis
3.1, 2023 web3 investment agency style and activity analysis
3.2, 2023 WEB3 investment institutions’ shots of the number of times of rising and falling analysis
3.3. Research and analysis of the top ten projects of infrastructure circuit annual financing
3.4. Research and Analysis of the top ten projects of the annual financing amount of DEFI track
3.5, CEFI track annual financing of the top ten project research and analysis
3.6. GAMEFI Circuit Annual Financing Ten Project Research and Analysis
2023 RootData List List
4.1, web3 industry TOP 50 project
4.2, web3 industry TOP 100 investment institution
4.3, web3 industry vertical track list
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CEFI track TOP 20 project
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Layer 1 track TOP 20 project
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Gamefi track TOP 20 project
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DEFI track TOP 20 project
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Layer 2 track TOP 20 project
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SocialFi track TOP 20 project
The web3 industry has a strong recovery trend as a whole. Bitcoin has reached 160%throughout the year. Investment returns lead the global assets of the world. Bitcoin spot ETF has become a new entry channel for incremental funds.
The total financing amount of the web3 industry reached 9.043 billion US dollars in 2023. The financing performance of different tracks was also different. Enterprise -level infrastructure and wallet direction were favored by capital.In the DEFI trend, Dex competition is fierce, and derivatives and RWA have attracted much attention.The total financing amount of CEFI tracks has fallen, but Bitcoin ecological opportunities have attracted much attention from capital.
Finding the largest consensus native new assets has become an important law for the development of the web3 industry.The number of developers increased by 66%year -on -year, and Ethereum ecology led the trend with its overwhelming advantages.The popular plates are concentrated in traditional fields such as DEFI, L1/L2, and Game, but the opportunities for compliance and social directions are becoming an important consensus in the market.
In 2023, more than 10 institutions led at least 8 times.Hashkey Capital first ranked first in the number of annual investment, and was large -scale in infrastructure, DEFI and other directions in the Asia -Pacific region.DWF Labs has become a dark horse in the year, mainly investing in projects with issuing coins and low market enthusiasm.
1. The characteristics of the overall trend of the web3 industry
1.1, secondary and macro analysis: Bitcoin leads the increase in global large -scale assets, the new dimension of the spot ETF starts the market
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1. Bitcoin: Highlights in the field of global assets
In 2023, Bitcoin performed well as an asset category.According to NYDIG statistics, as of October 2023, Bitcoin became the best assets in 40 selected asset categories with a 63.3%increase.This surpasses 28.2%of the US market’s growth stocks, as well as other major assets, such as the US stock market (12.2%), commodity (6%), cash (3.8%) and gold (1.1%).In addition, Kaiko Research’s analysis showed that despite the tension conditions of the macroeconomic and anti -winding industry, Bitcoin’s increase in 2023 still exceeded 160%.
2. Bitcoin is halved: new opportunities for supply and demand in the market
The Bitcoin halving incident will occur in Q2, 2024.Historically, the price of Bitcoin has increased significantly after half of each decrease, but at the same time, it is accompanied by the increase in volatility.In terms of demand, according to GlassNode data, as of December 22, 2023, the number of non -zero -oriented Bitcoin addresses has exceeded 50 million.The increase in the data reflects the growth of user foundation.These factors jointly affect the market value and trading activities of Bitcoin.
3. Bitcoin spot ETF: Lead the growth trend
The Bitcoin spot ETF market performed well. The transaction volume on January 16 exceeded 1.8 billion US dollars, which was three times the total amount of 500 other ETFs on the same day.The transaction volume in the first three days was nearly $ 2 billion.It mainly includes funds managed by GrayScale, BlackRock and Fidelity.The foreign exchange research director of Standard Chartered Bank predicts that the amount of funds in 2024 may reach 50 billion to 100 billion US dollars.This reflects the market’s good interest and growth potential for these ETFs.
4. Transformation of monetary policy: catalyzed the wave of Web3 new bull market
The last round of the bull market was related to the US loose monetary policy, and the latest data showed that the Fed may cut interest rates in 2024.In this context, cryptocurrencies such as Bitcoin have become investors diversified choices due to non -correlation and risk aversion attributes.After the Bitcoin spot ETF approved, Bitcoin transformed from personal investment to institutional investment, reducing the scarcity of increased circulation.The Fed’s interest rate cut expectations and inflation may promote more investors to allocate Bitcoin, indicating that the beginning of the new bull market cycle of the Web3 industry.
1.2 and 2023 total investment in financing reached 9.043 billion US dollars. The first and secondary market linkage promoted the recovery and growth of the Web3 industry
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Being affected by Bitcoin spot ETF is favorable, the price of BTC has ushered in a breakthrough after testing the 30,000 mark multiple times. With the market’s rise in the market, as of December 31, the total financing of Web3 industry in 2023 reached 9.13 billion US dollars, of which a month was single, of which a single month was single month.The highest financing amount reached US $ 1.312 billion in November, and the financing amount of the Q4 quarter was ahead of three quarters. This originated from the Web3 industry’s short -level transmission path has a great relationship, showing that the first -level market is gradually entering the track of restoration and growth.
Since the Q3 quarter of 2023, a number of funds have announced the completion of fundraising. The Web3 Fund LightSpeed Faction has announced the completion of US $ 285 million (14%), Standard Chartered Bank and the Japanese financial giant SBI, and $ 100 million in Web3 Fund, supported by Li Zekai support.The web3 fund CMCC Global completes $ 100 million in fundraising.
1.3, the first and a half market is becoming a new choice for investment or exit.
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With the acceleration of Web3’s acceleration, the high -level linkage of the first and secondary markets is more likely to cause the FOMO emotion and high project valuation of investors. More and more investors are regarding the first -level market as an important investment and exit path.
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Among the 45 projects on the ROOTDATA -level semi -market, Fireblocks has the most retraceable valuation over off -market transactions, reduced by about 4 billion US dollars.Copper and Dune Analytics all have about hundreds of millions of dollars off -site valuations.EIGENLAYER has performed strongly. The current $ 2.5 billion off -site transaction valuation is 5 times the latest round of financing valuation of 500 million US dollars.The off -site valuation of Aleo, Layerzero and other projects is relatively stable.
1.4, 2023 Infrastructure and CEFI leading the development of the web3 industry, 6 new unicorn beasts are added
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According to ROOTDATA data, in the past three years, infrastructure, CEFI, games, NFT, DEFI, etc. are the tracks with the most capital inflows.The average financing amount in 2023 was reduced by about half compared with US $ 1822 in 2022.Even after two years of bear market, the infrastructure has always been a high -thermal track.
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As of December 31, 2023, a total of 91 unicorn projects were born in the Web3 industry, of which 32 CEFI, 29 infrastructures, and 8 NFT.However, in the past two years, the market is sluggish and the pace of investment in the first -level market has slowed down. As a result, the number of Web3 unicorn projects (Andalusia Labs, Scroll, Flashbots, Bitgo, Wormhole, RAMP), which have risen in 2023, is only 1/5 of 2022 in 2022.Essence
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1.5, the web3 industry is tending to mature: the number of deaths in 2023 decreased by 50% year -on -year
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According to ROOTDATA data, about 120 projects announced bankruptcy or stop operation in 2023, and the cumulative financing amount reached 940 million US dollars.Compared with 239 projects died in 2022, the total financing was 4.033 billion US dollars, and the overall showed declined significantly, reflecting that the industry was gradually maturing and stable.These death projects are distributed in various tracks, of which the DEFI track has died the most (40), followed by CEFI (18) and infrastructure (16).
The top three of the financing projects are Prime Trust (cumulative financing of 163 million US dollars), Voice (cumulative financing of $ 150 million), and Rally (cumulative financing 72 million US dollars).Insufficient funds are the most important and most direct reasons for the most project to stop operation. Other reasons include the lack of market fit, rigorous regulatory policies, and hacking attacks.
2. Analysis of the development characteristics of web3 assets and the trend of the sector
2.1. Four waves of innovation in the web3 industry: find the native new assets of the largest consensus
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The essence of the four waves of innovation in the web3 industry is to find the native new assets that are the largest consensus. New asset -driven funds are pouring in.Its resistance and narrative space will be larger.
2.2, the number of web3 developers increased by 66%year -year, Ethereum ecosystem has an overwhelming advantage
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Ethereum ecology has the biggest advantage: whether it is a single -strand or multi -chain, Ethereum ecology has an overwhelming advantage. The remaining ecology mainly undertakes the value overflow of Ethereum;
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Solana became the most eye -catching public chain in 2023: SOL tokens increased by nearly 1,000%, Solana Foundation announced that the monthly active developers remained more than 2,500, and the ecological star project was in turn.Star projects such as Jito, Jupiter, Pyth Network, etc., have gradually formed a unique ecological advantage.
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The number of developers increases compared to the overall cycle: Compared with the previous bear market, the number of developers has increased by 66%;
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Changes in developer types: Mature developers are still strong in the Web3 industry and speculative developers have left in batches. From the data from 2023, the biggest changes in this round of bear markets are novice developers (the number is reduced by 58%)And the number of experienced developers is increasing, and the proportion of developer code submission of developers with more than 1 year of experience is 75%.
2.3, web3 popular sector rotation: L1/L2, DEFI, Game are still the most concerned track in the market. Layer 3, Restaking and other sectors are being concerned about the market.
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Judging from the ROOTDATA tags of millions of tags, DEFI, L1/L2, Games are the hottest labels.The pledge service leader Lido and RWA concept pioneer MakerDao led the Defi track to rejuvenate.
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Layer 3, Intent, RestAKing and other sectors are being concerned about the market.EIGENLAYER will introduce the trust of the Ethereum level into the middleware, which has created a new re -pledged ecosystem.
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In 2023, the A total of 26 new currencies were launched, covering more than 20 popular labels such as infrastructure, Layer 1 and Meme. The number of searches has decreased greater NFTFI, DAG, DOV and other labels.
2.4, Stanford’s most produced web3 practitioners, the highest amount of project financing amount of Google
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From the perspective of educational experience and work experience, the United States, China and Singapore are the most important countries in the Birth of the Web3 project. The mainstream web3 practitioners basically have dual financial and technical capabilities and resources.
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The Harvard University Web3 Entrepreneurship Team and the Google Entrepreneurship Team have the highest amount of financing. The Peking University Web3 Venture Team has a cumulative financing amount of fifteen places, and the cumulative financing amount of the Binance Entrepreneurship team ranks tenth.Among the Chinese, the number of entrepreneurial teams in Binance and HTX.In addition, the number of entrepreneurial teams of OKX and Bitmain is increasing.The non -native Chinese practitioners are mainly from Ali and Tencent.
Third, analysis of the characteristics and trend of web3 funds
3.1, 2023 WEB3 investment institution style and activity analysis: Hashkey Capital is most willing to make a shot, A16z Crypto prefers led investment
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HashKey Capital has become the largest number of shots of the year
Hashkey Capital first ranked first on the number of annual investment times, and laid out a large -scale layout in infrastructure, DEFI and other directions, and pay special attention to the Asia -Pacific project.In January 2023, it was announced that its three -phase funds had completed $ 500 million in fundraising to provide strong support for its high -frequency investment.Typical investment cases: MyShell, DAPPOS, Supra, Synfutures, PolyHedra.
DWF Labs becomes a dark horse of the year
DWF Labs mainly invests in projects with issuing coins and low market enthusiasm, and its style has caused many controversy.Typical investment cases: EOS, Conflux, Mask Network, Synthetix, FETCH.AI.
A16z Crypto prefers to lead investment and large investment
A16Z Crypto prefers the style of led investment and large investment, maintaining an active investment attitude in infrastructure, games, entertainment and other fields.Typical investment cases: Gensyn, Mythical Games, Proof of Play, Story Protocol, CCP Games.
In 2023, more than 10 institutions led at least 8 times
Judging from the number of ledns, 2023 Andreessen Horowitz, Polychain, Bitkraft Ventures, Dragonfly, 1KX, Hack VC, Shima Capital, Jump Crypto, ABCDE Capital, at least 8 times.
3.2. In 2023, the number of web3 investment institutions rising and falling analysis: Animoca Brands has the largest number of shots, and 85 institutions have invested more than 10 times a year
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From the perspective of the number of investment, a total of 85 investors have shot more than 10 times, and 9 investors have shot more than 30 times, a sharp decline from 2022, which reflects most investment institutions.The effects of the cause have greatly lowered the frequency of investment.
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Among them, Animoca Brands, GSR, CoinBase Venture, Shima Capital, Spartan Group, A16Z, Paradigm, Circle Ventures, Mirana Ventures and other investment institutions have decreased significantly, down 40%.
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Web3 investment institutions generally face fundraising difficulties. Only Blockchain Capital, Hashkey Capital, CMCC Global, Bitkraft Ventures, No Limit Holdings and other institutions have announced the fundraising amount of more than $ 50 million.
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At the same time, a small number of investment institutions are also accelerating the frequency of investment to inject motivation for the bleak market.According to statistics, the number of investment in ABCDE CAPITAL, SuperScrypt, ForeSight Ventures, OKX Ventures, Sora Ventures, No Limit Holdings and other institutions have increased significantly, rising by more than 50%.
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In the Bitcoin ecological boom at the end of the year, ABCDE Capital, Sora Ventures, WaterDrip Capital and other institutions maintained an active trend and became the main investors of Bitcoin ecological projects.
3.3. Infrastructure track: The largest financing case of the year of cross -chain direction, and the direction of enterprise -level infrastructure and wallets is sought after by capital
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The largest financing case of the birth year of the cross -chain track
Wormhole announced in November 2023 that it completed US $ 225 million in financing, becoming the highest annual financing project. Cross -chain is also one of the hottest industry trends in 2023.As Layer 1, Layer 2, and even Layer have emerged, users’ assets and data cross -chain demand is growing rapidly. Wormhole and Layerzero have opened up barriers between various blockchain through cross -chain communication.
Wallet is used as a traffic entrance to get capital blessings
As a user traffic entrance, the wallet track is still the target of capital injection.Crypto hardware wallets Ledger and social login wallet Magic have received huge amounts of financing, which reflects the needs of users in terms of wallet safety and convenience. Their development and evolution are the key to the next one billion -level user of the blockchain.
Enterprise -level infrastructure becomes the focus of layout
Enterprise infrastructure has become the focus of layout.Digital asset custody and distribution infrastructure AURADINE and blockchain development platform QuickNode are mainly facing enterprise -level customers to help enterprises solve the problems of asset issuance and application development on the asset side, thereby transporting high -quality assets and projects to the market.
3.4, DEFI track: Dex competition continues to intensify, derivatives and RWAs have become the focus of industry attention
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Derivatives agreement becomes the focus of capital attention
The derivative protocol is the focus of the DEFI field. Focusing on sustainable contracts, synthetic assets, structural products, etc., Synfutures, Thetanuts Finance, Synthetix and other agreements have obtained capital injection. The core highlight is thatMechanisms and more user -friendly products.
The DEX track has intensified competition in compliance, thin ordering, cross -chain and other directions
There are also many highlights of the decentralized trading track. Mauve, which focuses on compliance, TANX, which focuses on thin transactions, and Izumi Finance, which focuses on multi -chain, is competing for market share from leaders such as UNISWAP through the market and functions.Investment institutions have high hopes.
The market has high expectations for RWA
RWA assets are becoming the most noticeable direction in the DEFI market. Due to the stable yields of real estate, Treasury, bills and other assets, this allows RWA to provide sustainable and rich true return on the encryption market.The newly founded SUPERSTATE of Compound is one of the latest main forces of the RWA track. The project is committed to purchasing short -term U.S. Treasury bonds and chain on the chain for tokens.
3.5, CEFI track: The total amount of financing in the main track has fallen the highest, and Bitcoin ecological opportunities are sought after by capital
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The highest decline in the main track
In 2023, the total financing amount of the CEFI track was 1.18 billion US dollars, a decrease of 75.%, which was the highest decline in the main track.This is mainly affected by the CEFI malignant mine since 2022.
Bitcoin related financial services get capital betting
Bitcoin -related financial services have attracted the most attention. Swan, Unchaned, and River Financial all provide solutions for the Bitcoin ecosystem, providing savings, borrowing, brokerage and other services.Bitcoin, as the highest -value encryption asset, provides a huge unstepanic value for its holders with various solutions.
Exchange track experience turning
After the Exchange Circuit has gone through the FTX incident, the vacant market space still attracts the attention of many capitals. Blockchain.com, One Trading and other exchanges have obtained huge financing with the advantages of vertical business, regional or license.
3.6. Gamefi track: The total financing has fallen more than 57%, and 3A games are still favored by investment institutions
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The overall financing amount of the Gamefi track fell more than 57%
Affected by the secondary market, the overall financing amount of the GameFi track decreased by more than 57%. Large financing was initiated by A16Z Crypto, Griffin Gaming Partners, Bitkraft Ventures and other institutions.
Play -to -play is the mainstream trend
The 3A game is particularly favored by investment institutions. The web3 lines of the traditional game of football, shooting, and adventure are also optimistic. The playability supremacy has become a trend of Gamefi; in addition, all -chain games are being highly hoped for capital and market.
Fourth, 2023 rootdata list
Web3 is becoming an important change of force that cannot be ignored in global society. In order to show these great contributions to the web3 power more clearly, Rootdata rely on its leading and rich data advantages with more than tens of millions of users from users.The principles of rigorous and impartiality are dedicated to creating a data -driven list of industry credibility -ROOTDATA LIST, showing more industry representatives in the Web3 field to help the industry’s high -quality development.
The ROOTDATA LIST list in 2023 includes the “Web3 Industry TOP 50 Project”, “Web3 Industry TOP 100 Investment Institution”, “CEFI Circuit TOP 20 Project”, “DEFI Tour TOP 20 Project”, “Layer 1 TOP TOP 20 project”,” Layer 2 Circuit TOP 20 Project “,” GameFi Circuit TOP 20 Project “,” SocialFi Circuit TOP 20 Project “.
Selection standard description:
Institutional selection: Core measurement indicators include investment times, the number of leds, the quality of investment projects, media heat, and rootdata heat.
Project selection: Core measurement indicators include market value/valuation, media heat, total locking value, financing amount, rootdata heat, investment institution quality, narrative and track card position.
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