Blockchain
DePIN early-stage fundraising has grown 296% YoY: Messari
Published
4 months agoon
By
adminThe decentralized physical infrastructure network market continues to see significant growth, with funding for earliest-stage projects increasing 296% year-over-year.
According to details shared by crypto market intelligence platform Messari on X, early-stage DePIN projects had raised more than $246 million across 70 deals by Aug. 1, 2024. IoTeX (IOTX) is the platform that has so far registered one of the biggest funding rounds in this ecosystem.
In terms of volume, the figure represents a 296% year-over-year jump, Messari noted. Comparatively, the total market cap of the top DePIN projects grew 400% within the past year to currently put the sector at $20 billion.
DePIN sector seeing growth
The growth in the decentralized physical infrastructure network market has seen a number of new projects attracting the most attention from venture capital firms and other investors.
These emerging projects are also likely to challenge top artificial intelligence and DePIN platforms such as Filecoin (FIL), Helium (HNT) and The Graph (GRT). Some of the new players are in decentralized gaming infrastructure, AI data layer, and robotics.
Biggest DePIN funding deals so far
According to Messari, two of the top three largest deals for DePIN in 2024 as of Aug. 1 are investments into L1 projects IoTeX and peaq.
IoTeX is a modular infrastructure platform that raised $50 million in a strategic funding round in April. Investors included Borderless Capital, Amber Group, and Foresight Ventures among other VC firms. Meanwhile, peaq is a DePIN and machine real-world assets platform that has raised $30 million in a strategic funding round led by Borderless Capital and Generative Ventures.
Revenue still low
Despite the significant spike in funding and overall market cap growth, the DePIN sector has not recorded a substantial increase in revenue.
Only four of the industry’s largest DePIN-focused projects rank in the top eight protocols by revenue.
“The overall lackluster revenue growth reflects the DePIN sector continuing to be primarily demand-constrained,” Messari analysts wrote.
A lot of this is down to centralized platforms that have a bigger chunk of the market thanks to their widely integrated solutions.
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Blockchain
Sui Network blockchain down for more than two hours
Published
17 hours agoon
November 21, 2024By
adminThe Sui Network is suspected to be down for more than two hours. The protocol has not produced any new transaction blocks since Nov. 21 UTC 9:15.
Based on the latest data from Sui Network’s explorer site Sui Vision, the decentralized layer-1 blockchain has stopped producing blocks for more than two hours.
At the time of writing, the last transaction block took place on Nov. 21 at 9:15 am UTC. Since then, no new blocks have been produced on the blockchain.
The Sui Network confirmed the outage on its official X account, stating that the blockchain is currently unable to process transactions. However, it claims that the problem has been identified and will be back to normal soon.
“We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates,” wrote the protocol on X.
Sui’s blockchain outage has seemingly impacted the SUI token price. According to data from crypto.news, the Sui token has gone down by nearly 2% in the past hour. It is currently trading hands at $3.41. In the past 24 hours, SUI has plummeted by 7.29%.
Even though, the token has gone up by nearly 75% in the past month.
SUI currently ranks in the 18th place in the lineup of cryptocurrencies, holding a market cap of $9.7 billion and a fully diluted valuation of $34 billion. The Sui token has a circulating supply of $2,8 billion tokens.
The South Korean crypto exchange, Upbit, announced it will be temporary suspending deposits and withdrawals for the Sui token due to its block generating outage.
The notice informs users that if they deposit or withdraw Sui tokens after the announcement was posted, then there is a chance that their funds cannot be recovered.
Several crypto industry figures took to X to comment on the recent Sui Network outage. Most of them teased Sui’s goal of becoming Solana’s biggest competitor. Ironically, the Solana blockchain also has a track record of outages in the past, with the latest one recorded in February this year.
“Sui [is] just repeating Solana history,” said one X user.
“Hasn’t Solana gone down multiple times?” asked another X user.
“SUI blockchain is down. And they claimed to be a Solana Killer,” wrote crypto YouTuber Ajay Kashyap on his X post.
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Blockchain
SBI, UBS and Chainlink complete pilot for automated tokenized fund solution
Published
4 days agoon
November 18, 2024By
adminSBI Digital Markets, UBS Asset Management, and Chainlink have successfully completed a pilot program showcasing the use of smart contracts to manage tokenized funds.
The companies announced this on Nov. 18, noting that the solution brings automated tokenized fund management to the market and leverages the Chainlink (LINK) infrastructure. With this solution, users can automate their tokenized fund management processes, unlocking blockchain capabilities for the world’s $132 trillion assets under management market.
urrently, the total real-world assets on-chain represent a market of around $13.2 billion.
Solution allows for efficient scaling of tokenized funds
According to a press release, the tokenized fund pilot demonstrated how fund managers can leverage smart contracts and Chainlink’s Cross-Chain Interoperability Protocol to efficiently scale their products on-chain and across distributors.
Central to this initiative is the Digital Transfer Agent smart contract model, a novel fund administration system that utilizes multiple Chainlink oracle networks. SBI’s custodian and fund distributor successfully deployed this model to enable multi-chain subscriptions and redemptions.
As the tokenized funds industry evolves to attract the world’s top players, the demand for on-chain administration is increasing. Notably, a recent report revealed that 93% of fund services providers do not offer full automation for their data inputs and workflow processes. This lack of automation creates key bottlenecks for traditional fund operators.
However, smart contracts, oracle networks, and tokenized funds provide the asset management industry with a pathway to full automation.
“This new way of launching fund structures and administering them via smart contracts empowers both fund managers and their service providers to deliver new on-chain financial products and lower operational costs to investors, both things they are actively looking for,” said Winston Quek, chief executive officer at SBI Digital Markets.
The solution, currently live on various blockchain testnets, will soon go to mainnet.
SBI Digital Markets, UBS Asset Management, and Chainlink announced the solution at the Singapore Fintech Festival, launching it as part of the Monetary Authority of Singapore’s ‘Project Guardian.’
This development follows a partnership between Swift, UBS Asset Management, and Chainlink aimed at bridging tokenized assets with legacy payment systems. UBS also recently unveiled a pilot for cross-border payments called “UBS Digital Cash”.
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Bitcoin
Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals
Published
1 week agoon
November 14, 2024By
admin“This report tells the story of progress and calculated risk, the use of a diverse set of strategies to leverage opportunities and most of all, the continued belief in the market’s long-term potential to reshape traditional financial markets” Lucas Schweiger, Sygnum Digital Asset Research Manager and report author, said in the press release shared with CoinDesk.
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