15 L1 Chains Funded Over $10M in 2024
You can understand certain trends.
Good morning.
Mitsui from web3 researcher.
Today we present 15 projects titled "L1 Chains Funded Over $10M in 2024".
📕TL;DR
✨Summary of 15 projects
💬Summary and discussion
📕TL;DR
First, here is a list of all 15 projects with rounds, funding amounts, dates, and lead investors.The data was taken from Rootdate.
Let me briefly explain each one.
Sonic
Fastest EVM chain with secure gateway to Ethereum, providing the fastest payment layer for over 10,000 TPS of digital assets, with a transaction confirmation time of 1 second.
Developed by the team that previously ran a chain called Fantom, the Fantom team will release its first generation EVM compatible chain Opera in 2019 and the fastest EVM chain Sonic in 2024 Sonic's governor token is $S,Opera is $FTM.
Sonic is scheduled for release around November~December 2024, and the "Sonic Boom" test-net incentive program is currently underway.
MXC.
Ethereum's largest AI+ DePIN infrastructure and global smart city IoT network, MXC supernodes provide geo-location-based LPWAN coverage for devices worldwide, enabling them to connect, commit, and communicate more efficiently.
It has a unique consensus algorithm called Proof-of-Participation Consensus, which ensures that it remains a robust, economical, and environmentally friendly data protocol, and that the network created by the nodes remains stable even as the number of users increases during global adoption.and the node-created network will remain stable even as the number of users grows during global adoption.
MANTRA
The first RWA L1 blockchain capable of complying with and enforcing real-world regulatory requirements, built on IBC's interoperable Cosmos SDK, with a focus on regulation and compliance, seamlessly bridging traditional and decentralized finance, and providing a secure ecosystem for the tokenization of real-world assetssystem for tokenization of real-world assets.Proprietary token is $OM.
Nibiru
A general-purpose blockchain that simultaneously delivers decentralization, security, and scalability, ensuring an optimal user experience even during periods of high demand.The network's superior throughput, instant finality, and advanced parallel processing capabilities make it the ideal platform for real-time consumer applications.
It is EVM compatible and aims to be the most developer and user-friendly smart contract platform on the web3.
Particle Network
Modular L1 blockchain that drives chain abstraction by creating a universal account that provides users with a single address and interaction point across the chain while abstracting gas and unifying liquidity.
Centrifuge
Platform for on-chain tokenized real world assets.Features a variety of asset pools including credit, real estate, US Treasuries, carbon credits, and consumer finance.
The company launched the Centrifuge Chain, a Layer 1 blockchain dedicated to RWA funding in late 2023.This is an EVM-compatible PoS blockchain built on Substrate that allows users to bring assets onto the chain as NFTs.
Tabi
Gaming blockchain built on Cosmos with EVM compatibility.Connects the Cosmos and Ethereum ecosystems using innovative cross-chain functionality for smooth communication and an asset layer to centrally manage chain and shard liquidity.
Burnt (XION)
XION is a modular abstraction layer developed by Burnt specifically for use by the general public. xion provides seamless legal tender on/off ramps, direct credit card purchases, familiar web2 login, secure account abstraction for mobile support, gastoolkit, including zero fees, to remove technical barriers to cryptocurrency for the average user.
Espresso Systems
Coordination layer to facilitate interactions between blockchain ecosystems.Designed for any chain seeking efficient cross-chain coordination, decentralized sequencing, and/or increased value created and earned.
Espresso network providing rapid finalization of transaction order and data across chains and chains can sell transaction sequencing rights to block builders to maximize chain revenue and minimize friction in interoperating with other chainsOperates the Espresso marketplace.
0G
Modular AI chain with scalable and programmable DA layer for AI dapps.It can provide a highly scalable on-chain database for any type of web2 or web3 data suitable for a variety of needs, including on-chain AI.At the same time, as a data availability layer, anyone can seamlessly verify that the data is stored accurately.
Flare Network
A blockchain for data that aims to make data available to all without being controlled by a centralized organization.By providing developers with trustless access to the broadest range of data needed for the software they build, blockchain use cases where data is critical, such as DeFi, gaming, NFT, music, social networks, RWA, machine learning (ML), artificial intelligence (AI), etc.further development of data-critical blockchain use cases.
Movement
Provides a modular framework for building and deploying Move-based infrastructure, applications, and blockchains in any distributed environment.The team's first release, M1 (L1 chain), is compatible with Solidity and connects EVM and Move liquidity.
IoTeX
An EVM-compatible L1 blockchain for secure human-to-machine exchanges, in operation since 2017, recently upgraded as IoTeX 2.0, with a particular focus on DePIN and an open modular infrastructure for DePIN.
Berachain
A high-performance EVM-compatible blockchain built on Proof-of-Liquidity (PoL) consensus, a new consensus mechanism that aims to align network incentives and create strong synergies between the Berachain validator and the project ecosystem.The PoL is a new consensus mechanism that aims to align network incentives and create strong synergies between the Berachain validator and the project ecosystem.
Monad
The highest performance EVM compatible Layer 1 blockchain.Enables parallel processing of transactions, 10,000 transactions per second, 1 second block duration, and single-slot finality.
💬Summary and Discussion
The above is the L1 blockchain that raised over $10M in 2024.This is only a brief overview, but I hope it gives you a better understanding of what kind of projects are being procured.
I have personally heard of many of the projects, but there were some that I did not know at all, such as Espresso, 0G, Berachain, and Monad, which are well known and have interesting concepts, so I would like to write another in-depth article.
To sum up, of course, a project that raises more than $10M in new funding with so many L1s has some kind of technological advantage and has built a unique positioning.
Whether or not the technology stack works exactly as it should, it has developed a proprietary technology and has put in its description that it can solve existing problems.
On top of that, most of the chains were EVM compatible.Since emerging chains need to attract developers, they may have decided that the largest existing ecosystem, the EVM ecosystem, cannot be removed.
Attracting developers from existing EVM ecosystems to their own chains and gradually expanding their ecosystems seems to be the way to go.
On the other hand, how to attract developers and align applications may be a matter of debate.Specifically, is it better to have existing protocols support multiple chains or to have new applications developed?
My personal subjective view is that the latter, new application development, is better for emerging chains; Solana is a natural choice since its language is SVM, but both the emerging Blast and Base, Eth's L2, have new applications driving their ecosystems.
I believe this is probably from two perspectives: "commitment" and "airdrop".
The first point, "commitment," is a matter of motivation on the application side.For example, is the motivation on the protocol side the same to have Uniswap support a new application as it is to have a new application originally developed?Absolutely not.
Uniswap is already the reigning champion, so it is only 1 of its counterparts, but the development team of the new application will make a commitment to succeed in this chain at all costs.The brand may not be strong, but the greater the commitment, the more heat will be propagated in the ecosystem and the more it will thrive.
The second point, "airdrop," is also a very important perspective, and it is easy to understand if you recall Blast: in addition to the airdrop of Blast itself, airdrops of new applications were held at the same time, which brought users into the Blast ecosystem at once.This is not possible with existing protocols that have already issued tokens.
The chain can also encourage application use by doing airdrops in conjunction with new applications, and attract users with a double or triple incentive that is not just about the chain's tokens.
In this sense, I personally think Berachain is making a unique move and seems to be starting to build its own ecosystem.Their branding is unique, and I sense a sort of cult-like culture.I'll have to look into the details, but that's the impression I get.
So, I've put together this article about L1 Blockchain, which has raised over $10M in 2024.The amount raised is not everything, but it is a fact that they have received a certain amount of recognition from VCs who have received pitches dozens of times larger than ours, so I believe that following these trends will help us understand the trends.If it is well received, I will compile a report on other age groups and categories as well.
Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.
About us
🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 The English version of the web3 newsletter, which is available in 5 languages. Based on the concept of ``Learn more about web3 in 5 minutes a day,'' we deliver research articles five times a week, including explanations of popular web3 trends, project explanations, and introductions to the latest news.
Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.
Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:
Telegram：@mitsui0x
*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.