Welcome to Finance Redefined, your weekly dose of essential decentralized finance insights — a newsletter crafted to bring you the most significant developments from the past week.
This week brought renewed optimism for crypto investors after Pitchbook data revealed that crypto startup funding rose 2.5% to $2.7 billion in the second quarter of 2024 despite declining overall investment deals.
In the broader crypto space, the Tron network has surpassed the 90-day revenue of the Ethereum network, which could put it on track to surpass $2 billion in revenue by the end of 2024. According to Sun, this would make it the “most profitable blockchain on Earth.”
Crypto startup funding grows to $2.7 billion in Q2 despite fall in total deals
Crypto startups secured slightly more venture capital funding in the second quarter than in the first, despite a decrease in the total number of deals, according to data from Pitchbook.
In an Aug. 9 report, Pitchbook said total capital invested increased 2.5%, but deals declined 12.5% compared to Q1.
Pitchbook said this could mean more promise from institutional investors in the market.
“With positive investor sentiment returning to crypto and barring any major market downturns, we expect the volume and pace of investments to continue increasing throughout the year,” wrote Pitchbook.
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Tron network surpasses Ethereum in revenue over past 90 days
The Tron network has exceeded the Ethereum network’s revenues over the past 90 days, accruing approximately $435 million in fees compared to Ethereum’s fee revenues of roughly $364 million, according to data from Token Terminal.
Tron founder Justin Sun highlighted the 30-day revenue performance of the blockchain network, which has “exceeded Ethereum’s protocol revenue by 50%,” according to the Tron founder. Sun then offered forward-looking guidance for Tron:
“If this trend continues, Tron’s protocol revenue could even surpass $2 billion this year, making it the most profitable blockchain on Earth!”
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ZK-powered DEX raises $10 million from Web3 heavyweights, launches mainnet
With $10 million in seed…
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