Crypto VC funding hits $2.7B in Q2, Tron may be ‘most profitable blockchain’ — Finance Redefined

Crypto Startup Funding Sees 2.5% Increase in Q2

In the second quarter of 2024, funding for crypto startups rose by 2.5%, reaching $2.7 billion, despite a decline in overall investment deals. Pitchbook data suggests that while the total number of deals fell by 12.5%, institutional investor interest in the crypto market remains strong. Pitchbook anticipates continued growth in investment volumes if market conditions stay favorable.

Tron Outperforms Ethereum in Revenue

The Tron network has recently outpaced Ethereum in revenue over the past 90 days, generating approximately $435 million in fees compared to Ethereum’s $364 million. Tron founder Justin Sun forecasts that if this trend persists, Tron could surpass $2 billion in revenue by the end of 2024, potentially making it the most profitable blockchain globally.

ZK-Powered DEX Secures $10 Million in Seed Funding

Vessel, a new decentralized exchange (DEX) utilizing zero-knowledge (ZK) technologies, has raised $10 million in seed funding. The project aims to tackle key challenges in decentralized finance (DeFi) such as liquidity fragmentation and cross-chain compatibility, with a focus on balancing efficiency and transparency in crypto trading.

Coinbase Criticizes SEC’s Proposed Exchange Definition

Coinbase has submitted a third comment letter to the SEC regarding its proposed revisions to the definitions of a national securities exchange. Coinbase argues that the SEC’s cost-benefit analysis is flawed and lacks critical information. The company urges the SEC to withdraw the proposal and conduct further research before proceeding.

Ethereum’s Supply Hits 120 Million ETH

Ethereum has reached a new milestone with its total supply surpassing 120 million ETH. This increase comes amid a surge in both staking and restaking activities, reinforcing Ethereum’s proof-of-stake consensus mechanism. Recent data shows that approximately 77,091 ETH has been issued in the last 30 days.

DeFi Market Overview

Most of the top 100 cryptocurrencies ended the week in decline, continuing a trend from the previous week. The Solana-based memecoin Dogwifhat (WIF) saw the biggest drop, falling over 20%, followed by the Brett (BRETT) token with a nearly 17% decrease.

source: https://cointelegraph.com/news/ava-labs-coo-x-account-hacked-memecoin-phishing-posts