2023 Web3 Financing Review: Infrastructure Track Leads, Several Potential Projects Stand Out

Data shows that there were a total of 1,178 financing events throughout 2023, with a total financing scale of 2.839 billion dollars.

In terms of financing scale, the infrastructure track ranks first. Top investment institutions such as a16z, a certain trading platform's lab, and Paradigm have all focused on the infrastructure track as a key layout direction. Although different institutions have varying preferences for tracks, the infrastructure track occupies an important position in the investment landscape of each. In addition, a16z places more emphasis on the gaming sector; Polychain, Coinbase Ventures, and a certain trading platform's lab focus on the DeFi track, while Paradigm has fewer investments, with a more even distribution across other fields.

Here are a few potential projects in the infrastructure sector:

B² Network

B² Network is an EVM-compatible Rollup based on Bitcoin zero-knowledge proof verification commitments. Its Rollup data and zk proof verification commitments are recorded on the Bitcoin network and ultimately confirmed through a challenge-response mechanism. The project participated in a Bitcoin ecosystem project roadshow held by a certain institution in 2023 and received investment. Core team members of the project are active in mainstream open-source communities such as Ethereum and Bitcoin. Recently, B² Network upgraded from the Alpha testnet to the Haven Beta testnet, and its Odyssey tasks are also underway.

Mind Network

Mind Network is a zero-trust layer aimed at bringing more users and capital to Web3. The project offers security and data privacy solutions to achieve true CrossFi scale, comply with regulatory requirements, while adhering to the Web3 principles of asset tokenization and personal data ownership. Mind Network was selected for the fifth season incubation program of a certain exchange platform's lab and the Chainlink BUILD program. In June 2023, the project completed a $2.5 million seed funding round, with investors including a certain exchange platform's lab, Comma3 Ventures, SevenX Ventures, and HashKey Capital.

Omni Network

Omni is the interoperability layer for Ethereum, providing core infrastructure support for all modular applications on Ethereum. Developers can break through the limitations of a single Rollup or execution environment to build applications that exist throughout the Ethereum ecosystem while accessing all users and capital. Omni's predecessor is the DeFi protocol Rift Finance, which provides financial services for Web3 projects. The project has received a total of $18 million in funding, with investors including Coinbase Ventures, Jump Capital, and Pantera Capital. In June 2023, the Omni testnet was launched, and the official team has not yet announced any airdrop plans.

Wormhole

Wormhole is a decentralized universal messaging protocol that enables developers and users of cross-chain applications to leverage the advantages of multiple ecosystems. The project completed a $225 million funding round at a $2.5 billion valuation, with investors including Coinbase Ventures, Folius Ventures, and Multicoin Capital, making it the largest funding round of 2023.

CESS

CESS is committed to building a blockchain-based distributed cloud storage system, effectively managing distributed resources through virtualization technology, and providing customers with consistent and efficient distributed storage services. The CESS global content delivery network enables users to easily access data anytime and anywhere. In December 2023, CESS completed a $8 million financing round, with investors including DWF Labs and Infinity Ventures Crypto. The CESS team previously won the Web3 hackathon organized by the Web3 Foundation in 2021 and has passed all three milestones funded by W3F. According to the official roadmap, CESS plans to issue tokens in 2024. Currently, CESS has testnet activities available for participation on a certain task platform.