A large amount of financing is concentrated in the vertical Layer1 and Layer2 sectors, with AI blockchain being one of the hottest tracks. Full-chain is the mainstream trend for chains and applications, while many classical tracks are gradually declining, indicating a new round of the Crypto cycle is emerging.

Author: ABC Alpha Researcher @cyrus_g3

To study the evolution trends of current Crypto projects, we need some currently active projects that have not yet undergone TGE as research subjects. Therefore, we analyzed Pre-TGE projects on the InfoFi platform @KaitoAI as the base data.

From the 43 Pre-TGE projects, we found some interesting data and roughly observed the mainstream direction and evolution trends of current Crypto projects. Ultimately, we organized 8 small trends, which will be introduced one by one below. At the end, we will provide basic information on the 43 Pre-TGE projects.

1. The Most Crowded Track is AI

There are a total of 11 projects, accounting for 25.5%, which are:

@0G_labs, @AlloraNetwork, @campnetworkxyz, @hyperbolic_labs, @Mira_Network, @Novastro_xyz, @NetworkNoya, @OpenledgerHQ

@symphonyio, @TheoriqAI, @wardenprotocol

AI track projects are developing diversely, mainly including: AI-specific Layer1 blockchains, DeAI (DeFi Agent), and AI infrastructure.

Among them, the largest financing amount and the most numerous are the "AI-specific Layer1 blockchain projects," with the top 3 financing amounts being:

@0G_labs 75M

@AlloraNetwork 32.5M

@campnetworkxyz 29M

2. Layer1 Blockchain Track Remains Active, Showing High Performance and Vertical Trends

There are a total of 10 Layer1 blockchain projects, accounting for 23.2%, second only to AI projects.

High-performance Layer1, a total of 3:

@FogoChain @monad_xyz @Somnia_Network

Layer1 customized for AI, a total of 6:

@0G_labs, @AlloraNetwork, @campnetworkxyz, @Mira_Network

@OpenledgerHQ, @wardenprotocol

Dedicated data Layer1: a total of 1:

@irys_xyz

3. Full-Chain Applications Become a Trend

There are a total of 8 full-chain infrastructure and application projects, accounting for 18.6%.

Web3 OS supporting multi-chain deployment of dApps: @anoma,

Customized Rollup platform, seamlessly achieving cross-chain interoperability @Calderaxyz

One-stop multi-chain financial platform: @infinex

Programmable multi-chain liquidity network @MitosisOrg

Multi-chain yield protocol supporting various asset types @multiplifi

AI-driven multi-chain RWAFi protocol @Novastro_xyz

Unified liquidity layer for cross-chain currency markets @0xSoulProtocol

ZK-driven full-chain interoperability protocol @union_build

4. General Layer2 Disappears, Vertical Layer2 Trends Begin to Emerge

Layer2 supporting EVM and SVM: @EclipseFND

Layer2 focused on DeFi ecosystem: @katana @tradeparadex

High-performance Ethereum L2 capable of parallel processing computing tasks: @megaeth_labs

5. Bitcoin Ecosystem Projects Still Exist, but Numbers Have Significantly Decreased, Totaling 4

Bitcoin ZK-Rollup providing BTC yield @GOATRollup

DeFi protocol bringing BTC into multi-chain @Lombard_Finance

Non-custodial Bitcoin cross-chain infrastructure @PortaltoBitcoin

Universal yield layer for Bitcoin @satlayer

6. ZK Track Still in Infrastructure and Technical Service Stage, Totaling 3

General ZK protocol built on RISC Zero @boundless_xyz

Infrastructure providing ZK proofs for applications @SuccinctLabs

ZK support for full-chain interoperability protocols @union_build

7. Classical Track Projects like GameFi, SocialFi, DID, Depin Have Significantly Decreased and Show Marginalization Trends

Among the 42 projects we surveyed: only 1.5 GameFi projects, one being a multiplayer online on-chain farm adventure game @LumiterraGame. The other is an on-chain gambling market using cryptocurrency payments @yeet, which counts as half a GameFi;

1 SocialFi project combined with Meme Launchpad @MemeX_MRC20

1 DID protocol based on human palm prints @Humanityprot

1 Depin project utilizing idle computing power for mining @theblessnetwork

GameFi, SocialFi, DID, and Depin, which were once popular in the last cycle, are gradually declining, again reflecting the strong cyclicality of the Crypto industry.

8. The Highest Financing Amounts are in Layer1, AI, and Full-Chain

These three tracks basically represent the main development trends of current Crypto projects.

The project with the highest financing amount is the high-performance Layer1 blockchain project @monad_xyz, with a total financing of 224M

Supported by leading institutions such as Paradigm, Dragonfly, Wintermute, etc.

The project with the second highest financing amount is the AI-specific blockchain project @0G_labs, with a total financing of 75M

Supported by leading institutions such as Hack vc, Delphi Digital, OKX Ventures, etc.

The project with the third highest financing amount is the one-stop multi-chain financial platform @infinex, with a total financing of 65.3M

Supported by leading institutions such as Wintermute, Framework Ventures, Solana Ventures, etc.

Summary

From the survey of 42 Pre-TGE projects on @KaitoAI, we summarized 8 small trends, roughly seeing that both Layer1 and Layer2 are showing vertical trends, with a large amount of financing concentrated in vertical Layer1 and Layer2 sectors. AI blockchain is the hottest track, while full-chain is the mainstream trend for chains and applications. Many classical tracks are gradually declining, indicating a new round of the Crypto cycle is emerging.

Below is the complete information of the 42 Pre-TGE projects, sorted A-Z:

1. 0G

@0G_labs

Positioning: Decentralized AI Layer1

Financing and Investment Institutions: 75M. Hack vc, Delphi Digital, OKX Ventures, etc.

2. Allora

@AlloraNetwork

Positioning: Self-evolving AI Layer1 blockchain

Financing and Investment Institutions: 32.5M Polychain, Coinfund, Blockchain Capital, etc.

3. Anoma

@anoma

Positioning: Web3 OS supporting multi-chain deployment of dApps

Financing and Investment Institutions: 57.8M Polychain, Electric Capital, etc.

4. Bless

@theblessnetwork

Positioning: Depin project utilizing idle computing power for mining

Financing and Investment Institutions: 8M NGC, MH Ventures, etc.

5. Boundless

@boundless_xyz

Positioning: General ZK protocol built on RISC Zero

Financing and Investment Institutions: 54M Blockchain Capital, Fenbushi Capital

6. Caldera

@Calderaxyz

Positioning: Customized Rollup platform, seamlessly achieving cross-chain interoperability

Financing and Investment Institutions: 24M Founders Fund, Dragonfly, Sequoia Capital

7. Campnetwork

@campnetworkxyz

Positioning: Layer1 blockchain built for AI and IP

Financing and Investment Institutions: 29M 1Kx, Blockchain Capital, etc.

8. Eclipse

@EclipseFND

Positioning: Layer2 supporting SVM on Ethereum

Financing and Investment Institutions: 65M Placeholder, Polychain, etc.

9. Fogo

@FogoChain

Positioning: High-performance millisecond-level Layer1 blockchain

Financing and Investment Institutions: 13.5M Distributed Global, CMS Holding, etc.

10. Hana

@HanaNetwork

Positioning: App-based financial entertainment platform based on Hyperliquid

Financing and Investment Institutions: 4M Dewhales Capital, Morph, Orange DAO, etc.

11. GOAT Network

@GOATRollup

Positioning: Bitcoin native ZK-Rollup capable of providing BTC yield @GOATRollup

Financing and Investment Institutions: Not disclosed

12. Humanity Protocol

@Humanityprot

Positioning: DID protocol based on palm print recognition

Financing and Investment Institutions: 50M Pantera Capital, Jump Crypto, etc.

13. hyperbolic

@hyperbolic_labs

Positioning: On-demand AI cloud computing power platform

Financing and Investment Institutions: 50M Variant Fund, Polychain

14. Infinex

@infinex

Positioning: One-stop multi-chain financial platform

Financing and Investment Institutions: 65.3M

Wintermute, Framework Ventures, Solana Ventures, etc.

15. Irys

@irys_xyz

Positioning: Programmable data chain

Financing and Investment Institutions: 8.7M

Framework Ventures, Lemniscap

16. Katana

@katana

Positioning: Layer2 blockchain focused on DeFi

Financing and Investment Institutions: To be disclosed

Polygon Labs, GSR

17. Lombard

@Lombard_Finance

Positioning: DeFi protocol bringing BTC into multi-chain

Financing and Investment Institutions: 17M

Ploychain, YZi Labs, DAO5, etc.

18. Lumiterra

@LumiterraGame

Positioning: Multiplayer online on-chain farm adventure game

Financing and Investment Institutions: Not disclosed

19. Megaeth

@megaeth_labs

Positioning: High-performance Ethereum L2 capable of parallel processing computing tasks

Financing and Investment Institutions: 20M

Dragonfly, Robot Ventures, etc.

20. MemeX

@MemeX_MRC20

Positioning: A platform integrating SocialFi, Meme, and Launchpad

Financing and Investment Institutions: 7M

Memecore, etc.

21. Mira

@Mira_Network

Positioning: Proprietary blockchain for cross-validating AI outputs

Financing and Investment Institutions: 7M

Framework Ventures, Bitkraft Ventures, etc.

22. Mitosis

@MitosisOrg

Positioning: Programmable multi-chain liquidity network

Financing and Investment Institutions: 7M

Foresight Ventures, GSR, Amber Group

23. Monad

@monad_xyz

Positioning: High-performance Layer1 compatible with EVM

Financing and Investment Institutions: 244M

Paradigm, Dragonfly, Wintermute, etc.

24. MultiBank.io

@multibank_io

Positioning: Crypto compliant exchange

Financing and Investment Institutions: Not disclosed

25. Multipli.fi

@multiplifi

Positioning: Multi-chain yield protocol supporting stablecoins, tokens, RWAs, and other assets

Financing and Investment Institutions: Not disclosed

Pantera, Sequoia Capital, etc.

26. Novastro

@Novastro_xyz

Positioning: AI-driven multi-chain RWAFi protocol

Financing and Investment Institutions: 1.2M

Woodstock, Double Peak Group, etc.

27. Noya.ai

@NetworkNoya

Positioning: Trustworthy protocol bringing agents into multi-chain DeFi

Financing and Investment Institutions: Not disclosed

28. Openledger

@OpenledgerHQ

Positioning: AI proprietary blockchain

Financing and Investment Institutions: 8M

Polychain, Borderless Capital

29. Paradex Network

@tradeparadex

Positioning: Perpetual contract exchange on Starknet with an independent application chain

Financing and Investment Institutions: 35M

Paradigm, Jump Capital, Dragonfly

30. Portal

@PortaltoBitcoin

Positioning: Non-custodial Bitcoin cross-chain infrastructure

Financing and Investment Institutions: 42.5M

Coinbase Ventures, OKX Ventures, etc.

31. puffpaw

@puffpaw_xyz

Positioning: Crypto e-cigarette ecosystem incentivizing smoking cessation

Financing and Investment Institutions: 6M

The Spartan Group, Lemniscap, etc.

32. Satlayer

@satlayer

Positioning: Universal yield layer for Bitcoin

Financing and Investment Institutions: 8M

Hack VC, OKX Ventures

33. Sidekick

@Sidekick_Labs

Positioning: Web3 live content platform

Financing and Investment Institutions: Not disclosed

YZi Capital, Folius Ventures

34. Somnia

@Somnia_Network

Positioning: EVM-compatible Layer1 focused on high performance

Financing and Investment Institutions: Not disclosed

MSquared

35. Soul Lab

@0xSoulProtocol

Positioning: Unified liquidity layer for cross-chain currency markets

Financing and Investment Institutions: Not disclosed

36. Succinct

@SuccinctLabs

Positioning: Infrastructure providing ZK proofs for applications

Financing and Investment Institutions: 55M

Paradigm, Robot Ventures, Bankless Ventures

37. Symphony

@symphonyio

Positioning: AI-driven DeFi execution layer

Financing and Investment Institutions: Not disclosed

CSP DAO, Dewhales Capital

38. Theoriq

@TheoriqAI

Positioning: System enabling efficient collaboration of Web3 agents

Financing and Investment Institutions: 10.2M

Hack VC, IOSG Ventures

39. Thriveprotocol

@thriveprotocol

Positioning: Web3 project review and funding platform supported by Polygon, ApeCoin, and Hedera

Financing and Investment Institutions: 100M

Polygon, ApeCoin, Hedera

40. Turtle.Club

@turtleclubhouse

Positioning: Liquidity distribution protocol

Simultaneously rewards users for providing liquidity, swaps, referrals, and other on-chain activities with tokens

Financing and Investment Institutions: 6.2M

THEIA, ConsenSys

41. Union

@union_build

Positioning: ZK-driven full-chain interoperability protocol

Financing and Investment Institutions: 16M

LongHash Ventures, gumi Cryptos Capital

42. Warden

@wardenprotocol

Positioning: Proprietary blockchain for quickly integrating AI agents into on-chain applications

Financing and Investment Institutions: Not disclosed

43. Yeet

@yeet

Positioning: On-chain gambling market using cryptocurrency payments

Financing and Investment Institutions: 7.8M

Dragonfly, Primitive Ventures

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