According to the “2021 State of Blockchain” report from CB Insights, VC funding for blockchain startups reached $25.2 billion last year, up 713% from $3.1 billion in 2020. With over 1,000 deals executed in 2021, funding for blockchain startups accounted for more than 4% of global venture dollars, up from 1% in 2020. Of these deals in 2021, 79% were early stage investments. Why?
Crypto savvy investors, flush with cash after several large token launches and an extremely bullish 2021, are driving capital back into the market at earlier stages in hopes of generating even greater returns over the long term.
A Virtual Demo Day For Early-Stage Crypto Startups
We introduced CoinList Seed in 2020 as a platform for early-stage crypto entrepreneurs to connect with the global CoinList community. Since launching CoinList Seed, we’ve hosted over 50 top crypto startups in the program.
Interest in the program has grown tremendously, with over 1,000 startup applicants for last week’s Winter 2022 batch of CoinList Seed, compared to just 80 applicants for our first cohort. Participants have benefited from broad exposure to the CoinList community of over 4 million KYC-verified users, collaborations with other CoinList Seed companies, and lots of love from crypto media.
Many of these companies presenting at CoinList Seed have gone on to raise from top tier investment funds including Electric Capital, Pantera Capital, Multicoin, Placeholder, Blocktower, and many have launched their tokens, protocols, or dApps across the crypto ecosystem with widespread adoption. We highlight some of these companies at the end of the article.
CoinList Seed Winter 2022 Batch
Without further ado, we’re proud to introduce the Winter 2022 batch of CoinList Seed projects:
1. EthSign - EthSign is the first ever Web 3 native agreement signing and execution platform.
- Learn more: https://ethsign.xyz/
2. Exorde Labs - Exorde is a Web 3 protocol that empowers developers to scrape and link all public data on the web.
- Learn more: https://exorde.network/
3. Immortal Game – Immortal Game is building the first play-and-earn Chess game with gamified NFTs, leagues, levels, crafting, achievements and more.
- Learn more: https://immortal.game/
4. Mesha - Mesha is a decentralized social investing platform that lets users invest together in teams.
- Learn more: https://www.mesha.club
5. Paychant - Paychant helps businesses in Africa to easily accept digital currency for online payments, saving up to 90% transaction fees that traditional payment gateway charges them.
- Learn more: https://paychant.com
6. Smoothie - Smoothie is a tokenized awards protocol that helps founders launch their web3 projects.
- Learn more: https://www.withsmoothie.com/
7. t3rn - T3rn (pronounced 'tern') is a smart contract hosting platform that enables fail-safe, multi-chain execution and trustless, composable collaboration.
- Learn more: https://www.t3rn.io/
CoinList Seed = Growth
As we noted above, past participants in CoinList Seed have shown tremendous growth in recent months. A few examples from various batches:
- Acala (Summer 2020) — Acala, a DeFi platform built for the Polkadot ecosystem, has amassed a vibrant ecosystem of projects building on Acala since participating in the Summer 2020 batch of CoinList Seed. Since then, Acala has secured a $7M round from top VCs at the end of 2020, raised over $61M from 26,000+ contributors for the Acala treasury, won Polkadot’s first ever parachain auction having received 32.5 million DOT tokens worth $1.27 billion for the auction, and most recently, launched the aUSD token, Acala’s decentralized, multi-collateral stablecoin that will power its DeFi economy. Acala is bringing some serious value and utility to the Polkadot ecosystem and has a live token (ACA) that is trading with a current FDMC (Fully Diluted Market Cap) of $1.32B. Learn more: https://acala.network/
- PARSIQ (Summer 2020) — Parsiq, the blockchain data monitoring platform and member of the first ever CoinList Seed cohort, has since launched its $PRQ token, raised a $3M funding round led by the Solana Foundation, and secured strategic partnerships with over 50 companies in the crypto and traditional finance space, including brands like Solana, AAVE, Polkadot, Clover Finance, and Balancer Protocol. PARSIQ has grown to 43,000 registered users and has over 150,000 deployed smart triggers, or smart-contracts deployed into the PARSIQ environment The PRQ token is live and trading with a current FDMC of $130M. Learn more: https://www.parsiq.net/en/
- RabbitHole (Fall 2020) — Rabbi Hole is a learn-to-earn platform that partners with protocols to drive awareness and network user acquisition. Since participating in the Summer 2021 CoinList Seed batch, RabbitHole has raised an $18M Series A and partnered with protocols such as TheGraph and PoolTogether, helping both grow their communities. The number of curators on TheGraph grew by 4x and PoolTogether increased the number of $POOL token holders by 12% after their respective RabbitHole quest periods. The learn-to-earn vertical continues to gain traction, and RabbitHole has been a strong contributor to this growth and is well positioned for future success. Learn more: https://rabbithole.gg/
- Pawnfi (Fall 2021) — Pawnfi, the first liquidity protocol for non-standard assets, raised a $3M strategic round, partnered with Biconomy (another CoinList Seed project) to enhance the liquidity of NFT assets and build promising Web 3 products, partnered with numerous metaverse projects to expand the borders of NFTs, and achieved 3x active user growth since participating in the Fall 2021 Seed cohort. Learn more: https://pawnfi.com/
Despite volatility in the crypto markets in 2022, appetite for early stage crypto startups is only increasing. If you’re an entrepreneur or developer working on a distributed web project, we want to hear from you.
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