Zach Anderson
Jul 17, 2024 13:55
OKX Ventures highlights regular progress in varied fields, together with safety, infrastructure, and modern functions, based on their Might-June 2024 bi-monthly report.
OKX Ventures has reported regular progress throughout a number of fields in its newest bi-monthly funding report for Might and June 2024, based on OKX Ventures. The report highlights vital developments within the cryptocurrency market, pushed by technological innovation and developments in varied sectors.
Steady Efforts in A number of Fields
In accordance with OKX Ventures, the crypto business is experiencing a “regular and constructive” improvement pattern. The approval of the Ethereum spot ETF by the U.S. Securities and Change Fee (SEC) on Might 23, 2024, marks a big milestone. If buying and selling begins in July 2024, the dimensions and buy-in quantity of the ETH spot ETF might attain tens of billions of {dollars}.
On-chain information reveals slight stability, with Ethereum and Bitcoin’s on-chain transaction volumes in Might and June 2024 being $390 billion and $338 billion, respectively. The provision of stablecoins elevated to $142.6 billion, and Ethereum burned 26.7k and 26.3k tokens in Might and June, respectively. Meme-type belongings maintained excessive recognition, particularly on the Solana chain, the place Meme transaction quantity accounted for greater than 50% of complete transaction quantity.
Infrastructure and Ecological Tasks
The business’s infrastructure is enhancing, with the quantity and complete worth locked (TVL) of Bitcoin Layer-2s rising. OKX Ventures notes the significance of native infrastructure, together with synthetic intelligence (AI), GameFi, and social networks. The TON ecosystem, supported by Telegram’s 900 million lively customers, continues to develop, with TVL surpassing $700 million and a number of functions attracting over ten million customers.
Safety Issues
On-chain safety stays a essential situation, with losses from safety incidents reaching $688 million in Q2 2024, a 37% enhance in comparison with Q1. DeFi and public blockchains are the primary targets for hacker assaults, highlighting the necessity for improved on-chain safety measures.
Newest Funding Updates
OKX Ventures continues to spend money on modern tasks throughout totally different sectors. Notable investments embody Bedrock, Codatta, GoPlus, and Nubit.
Bedrock
Bedrock, the world’s first multi-asset liquid restaking protocol, secures customers’ digital belongings with non-custodial options. It has launched a number of restaking belongings in collaboration with Babylon, EigenLayer, and IoTeX, enhancing safety and boosting rewards for customers.
Codatta
Codatta is the primary decentralized information protocol that builds infrastructure for builders, protocols, and AI. It enhances information transparency and integrity within the crypto ecosystem by offering metadata annotation capabilities for blockchain addresses.
GoPlus
GoPlus gives a modular safety layer for Web3, enhancing consumer safety with complete safety for each stage of the transaction lifecycle. It integrates with any blockchain platform and makes use of superior AI-driven options for thorough threat evaluation.
Nubit
Nubit is a safe and scalable Bitcoin information availability layer designed to develop Bitcoin’s information capability. It goals to handle bottlenecks within the Bitcoin ecosystem resulting from information throughput constraints, enhancing the scope and effectivity of the community.
The Market Outlook Stays Optimistic
Constructive momentum is rising within the cryptocurrency business, fueled by technological innovation, elevated institutional funding, and developments within the regulatory surroundings. Extra enterprises and establishments are adopting blockchain expertise, growing decentralized functions, good contracts, and decentralized finance.
General, the crypto business is predicted to proceed rising by way of additional technological innovation and monetary inclusion efforts. OKX Ventures stays optimistic in regards to the market’s prospects and is dedicated to supporting and investing in modern tasks.
Danger Warning and Disclaimer:
This text is for reference solely. The views expressed don’t signify the place of OKX. This text doesn’t supply funding recommendation, suggestions, or solicitations to purchase, promote, or maintain digital belongings. Holding digital belongings includes excessive dangers and will fluctuate considerably. Seek the advice of authorized/tax/funding professionals on your particular circumstances.
Picture supply: Shutterstock
