Organized by: Babywhale, Foresight News

Recently, the Hong Kong government and regulatory agencies have sent more and more olive branches to the Web3 and Crypto world, and strongly supported the development and implementation of Web3 from various aspects such as policies, resources, and funds.

In fact, starting from the end of 2022, we have already seen many milestone changes. Alibaba Cloud added support for Avalanche verification nodes and infrastructure in early December 2022, and then jointly organized the Web3 Global Entrepreneurship Competition with PlatON and HashKey.

Tencent Cloud has launched the exploration of Web3 since September 2022, and signed a memorandum of understanding with Strange Universe Technology, a Singaporean Web3 company. Since then, Tencent Cloud has successively reached cooperation with the famous Korean game developer Nexon, Sui development company Mysten Labs, scalable blockchain MultiversX, and the recent infrastructure Ankr and ZK Rollup-based Ethereum expansion network Scroll.

On the other hand, institutions with a keen sense of smell have also begun to deploy business in Hong Kong, including HashKey Group, which has successively obtained the virtual asset trading platform license issued by the Hong Kong Securities Regulatory Commission and the qualification for virtual asset over-the-counter trading.

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Public Chain/ Expansion Network

Layer 1 

Conflux

Conflux, with Yao Qizhi, the only Chinese Turing Award winner so far, as the chief scientist, was established in July 2018 and completed a financing of US$35 million in December of that year. The participating investors included Sequoia China, F 2 Pool, Huobi, Metastable and IMO Ventures etc. Previously Conflux announcedCooperation with China Telecom, will launch a blockchain-enabled SIM card in Hong Kong. According to DefiLlama data, the TVL on Conflux is about 18.48 million US dollars, mainly concentrated on DEX Swappi.

Nervos

Nervos is a Layer 1 public chain with a layered architecture. The bottom layer uses the PoW mechanism to ensure security, and the upper layer application chain ensures performance. Nervos completed $28 million in financing in July 2018, led by Sequoia China and Wanxiang Blockchain. Participating investors include Matrix Partners China, Polychain Capital, Multicoin, etc.

VeChain

Vechain was established in 2015, completed a multi-million RMB seed round of financing in 2016, and then conducted an ICO of tokens in 2017. VeChain focuses more on Web3 solutions in traditional industries, and has reached cooperation with companies in luxury goods, automobiles, agriculture, auditing and other industries. In 2018, PwC acquired part of VeChain.

IoTeX

Founded in 2017, IoTeX is a blockchain focused on the Internet of Things. IoTeX core developer MachineFi Lab announced in June 2022 the completion of an investment led by Samsung Next, Draper Dragon Fund, and Jump Capital.$10 million seed round, and then announced the launch of$50 million in Series A financing, participating institutions include HashKey, IOSG, etc.

Injective

Injective is the smart contract platform of the Cosmos ecosystem. In August 2022, it announced the completion of the investment led by Jump Crypto.$40 million financing, which was later announced in January this yearLaunch of $150M Ecosystem Initiative, supporting institutions include Pantera Capital, Kraken Ventures, Jump Crypto, etc.

Oasis Network

Oasis Network is an EVM-compatible Layer 1 public chain that includes privacy protection. According to DefiLlama data, the TVL on Oasis is about 22.49 million US dollars, mainly concentrated in DEX ValleySwap.

Harmony

Established in 2018, Harmony is a Layer 1 blockchain using sharding technology, and launched on Binance Launchpad in 2019. According to DefiLlama data, the TVL on Harmony once reached US$1.4 billion in January 2022, but currently only about US$7.53 million is left. The reason is that the star project DeFi Kingdoms on HarmonyMigrate to Klaytn。

Neo

Neo (Little Ant) was founded by Da Hongfei in 2014 and officially changed its name to Neo in June 2017. Neo will be updated to version N 3 in 2021, which is positioned as a "full-featured blockchain development platform". According to DefiLlama data, the TVL on Neo is about 57.33 million US dollars, mainly concentrated on its DEX Flamingo Finance.

Ontology

Ontology (Ontology) was founded in 2017, and the main network was officially launched in 2018. In mid-2021, Ontology will be compatible with EVM. According to DefiLlama data, the total TVL on Ontology and its EVM network is about 25 million US dollars, mainly concentrated on the lending platform Wing Finance.

Tron

Tron was founded by Justin Sun in September 2017, and received millions of yuan in angel investment in the early days of its establishment. At present, Tron has grown into one of the more mainstream Layer 1 blockchains. According to Defillama, the TVL on Tron has reached 5.37 billion US dollars, second only to Ethereum, and it is mainly concentrated in the lending agreement JustLend, the stable currency agreement JustStables and DEX SUN .

IOST

Founded in 2018, IOST has said it has received institutional investment including Zhen Fund. IOST announced in March 2022 that it will launch a platform that supports EVM compatibility and interoperability.Project Entroverse, and announced in April that it will cooperate with investment institutions such as Big Candle Capital and some partners and nodesLaunch of $100 million EVM Developer Incentive Fund。

REI Network

REI Network, formerly known as GXChain, was founded in 2017. After the original project changed its name at the end of 2021, it announced the launch of a USD 150 million ecological fund to support the development of projects such as DeFi and GameFi.

PlatON

PlatON is a blockchain-based privacy network initiated by the LatticeX Foundation. By establishing a computing system consisting of cryptographic algorithms such as verifiable computing, secure multi-party computing, zero-knowledge proof, and homomorphic encryption, it provides users with computing power needs infrastructure services.

Since its establishment, PlatON has completed a total of more than 50 million US dollars in financing. Participating parties include HashKey Capital, Hash Global Capital, etc.

In addition to the projects introduced above, related Layer 1 blockchains also include Qtum, QuarkChain, Fusion, MXC, etc.

Cortex Labs

Cortex is an artificial intelligence-focused blockchain network that supports on-chain execution of AI models. Cortex has introduced ZkMatrix, a Layer 2 solution based on ZK Rollup on Cortex.

In addition to the aforementioned Layer 1 blockchains, related projects include BNB Chain, Heco, OKX Chain, KuCoin Community Chain (KCC), GateChain, etc.

Layer 2 

Loopring

Loopring is an Ethereum expansion network based on ZK Rollup, which completed a $45 million financing through a token sale in 2017. According to L 2B EAT data, Loopring's TVL reached 133 million US dollars, but about 60% of which is the native token LRC.

Taiko

Taiko is an Ethereum expansion network based on ZK Rollup. Its first testnet was closed on February 15th.The new testnet is scheduled to launch within a month。

Scroll

Scroll is an Ethereum expansion network based on ZK Rollup, announced in April 2022 that it completed the investment led by Polychain Capital$30 million in Series A financing, Scroll has been launched on the Pre-Alpha test network at present, supporting developers to develop projects based on the test network, and also supporting users to try product functions such as cross-chain and transactions.

Zecrey

Zecrey is a Layer 2 privacy network based on ZK Rollup. It completed the investment led by Spartan Group and Shima Capital in March and May 2022.$4 millionand Binance Labs investedstorage。

infrastructure

storage

Crust Network

Crust Network is a decentralized storage network of the Polkadot ecosystem, which won the 30th round of the Polkadot parachain slot auction in October 2022. Crust Network announced in September 2020 the completion of the A round of financing with the participation of NGC Ventures, DFG, IOSG and others.

to pay

to pay

Alchemy Pay

Alchemy Pay is a cryptocurrency payment gateway that supports the use ofApple Pay、Google PayAs well as credit cards and other methods to directly use fiat currency to purchase cryptocurrency.

identity

.bit

.bit, formerly known as DAS, is a Web3 identity protocol. In August 2022, it announced the completion of a US$13 million Series A financing led by CMB International.

Cross-chain

Cross-chain

Celer Network

Celer Network is a cross-chain communication protocol, and its cross-chain bridge cBridge supports nearly 40 blockchains including Ethereum, BNB Chain, Arbitrum, Optimism, etc. Celer announced at the end of October 2022Full chain liquidity protocol Peti。

Multichain

The cross-chain interoperability protocol Multichain, formerly known as Anyswap, currently supports cross-chain transfers between nearly 80 chains. In December 2021, Multichain completed a US$60 million financing led by Binance Labs and participated by Sequoia China and others. Previously, the cross-chain infrastructure zkRouter announced by Multichain has beenLaunch test network。

Ren

Ren, formerly known as Republic Protocol, is an underlying cross-chain protocol, and its products include renBTC, etc. Ren stated in November 2022 that due to the bankruptcy of Alameda, the funding provided to the Ren development team will only last until the fourth quarter. Later, Ren closed version 1.0 and enabled version 2.0. In addition, a foundation was established and new REN tokens were minted to support the development of the project.

Oracle

Oracle

Lithium Finance

other

other

Ankr

Ankr products include RPC for developers, liquid staking products, multi-chain API, game SDK and application chain development tools, etc. Previously, Tencent Cloud announced that it had signed a contract with Ankrmemorandum of cooperation, to jointly develop a series of blockchain API services and provide a decentralized RPC node network.

Octopus Network

Octopus Network is an interoperable multi-chain network for launching and running Substrate-based blockchains, EVM-compatible blockchains, and Appchains.

Related projects also include UniPass, MAP Protocol, ChainIDE, zCloak Network, Opside, DREP, etc.

DeFi

comprehensive agreement

WOO Network

WOO Network, formerly known as WOOtrade, is an ecological network focused on cryptocurrency liquidity incubated by Kronos Research. WOO previously acquired Three Arrows Capital in November 2021. Crypto.com Capital and others participated in the financing of US$30 million, and in January 2022, it received another US$12 million financing led by Binance Labs. According to DefiLlama data, the current TVL on WOO Network is about 17.02 million US dollars.

Parallel Finance

Parallel Finance is the DeFi center of the Polkadot ecosystem, and its products include transactions, loans, and liquid pledges. Parallel Finance announced in 2021 the completion of strategic financing led by Sequoia Capital and Founders Fund. According to the official website, the TVL on Parallel Finance currently exceeds 290 million US dollars.

dForce

dForce is a cross-chain DeFi platform, including lending, trading and other functions. According to DefiLlama data, the TVL on it is currently about 43.6 million US dollars, supporting Ethereum, BNB Chain, Polygon, Arbitrum, Optimism, etc.

Related projects also include izumi Finance, Flamingo Finance, Chainge Finance, Wepiggy, etc.

DEX

DODO

DODO is a DEX protocol based on an active market maker algorithm. In 2020, it announced the completion of a US$5 million financing jointly led by Pantera Capital, Three Arrows Capital, and Binance Labs. According to DefiLlama data, the current TVL on DODO is about 44 million US dollars.

Wombat Exchange

Wombat Exchange is a DEX focusing on stablecoins. In March 2022, it announced the completion of a US$5.25 million Series A financing led by Animoca Brands and Hailstone Ventures. In April of the same year, it again received strategic financing led by Shima Capital.

MDEX

MDEX is the mainstream DEX protocol on Heco, and its TVL once reached a peak of nearly 5.3 billion US dollars in May 2021. At present, MDEX has also added support for BNB Chain. According to DefiLlama data, the TVL on it is currently about 72 million US dollars.

Zenlink

Derivatives

Derivatives

Shield

Shield, a decentralized derivatives protocol, announced in May 2021 that it had completed a $2 million funding round led by A&T Capital and HashKey Capital.

Related derivatives agreements also include Divergence, Kine Protocol, etc.

ApeX Protocol

other

other

In addition to the above-mentioned comprehensive DeFi products, DEX, and derivatives protocols, related DeFi protocols include the liquidity protocol Multiple Protocol, the insurance protocols Degis and InsurAce, the Polkadot ecological currency market Konomi Network, the securities tokenization protocol Liquefy, and

NFT

X2Y2

X2Y2 is also an NFT trading platform, which raised 1,500 Ethereum through ILO in February 2022 (later used to add liquidity on Uniswap). At present, the transaction volume of X2Y2 on Ethereum is second only to Blur and OpenSea.

Element

Element, an NFT trading platform, announced in May 2021 that it had completed an $11.5 million round of financing led by SIG and Dragonfly Capital. Element and current support include NFT on Ethereum, BNB Chain, Polygon, and Avalanche.

IRIS Network

IRIS Network is the NFT cross-chain interoperability protocol of the Cosmos ecosystem.

The Weirdo Ghost Gang

The Weirdo Ghost Gang is an NFT series launched in early 2022. Its parent company, ManesLAB, announced in September 2022 the acquisition of the trend culture studio CutUp (https://foresightnews.pro/news/detail/10864 ), and published in this Announced the completion of the round led by YZB Investment$1.8 million seed round。

In addition to the above projects, the NFT field also includes NFT series including Cheers UP, Phanta Bear, Zombie, Soulda, Dr.Ji, DuDu, Peking Monsters, Producer C, Theirsverse Official, ZombieClub Token, etc. In addition, there are the NFT platform APENFT on Tron, the Flow-based NFT platform Mynft, the decentralized NFT community BCA Labs, the NFT copyright platform Euterpe, and the NFT EtherPOAP launched by HaskKey to commemorate the completion of the Ethereum merger.

game

game

Cocos-BCX

Launched in 2017, Cocos-BCX aims to establish a multi-platform game operating environment, provide convenience for blockchain game developers, and help game development through incubation, investment, and IGO.

StarSharks

social contact

social contact

Mask Network

Mask Network positions it as a gateway for the transition from Web2 to Web3, and has gradually become an investor and builder of Web3 infrastructure. It completed a $3 million financing led by DCG in early 2021. In July 2022, Bonfire Union, the venture capital arm of Mask Network, raised $42 million. Participating investors include Digital Currency Group, Alameda Research, Binance, Animoca Brands, Protocol Labs, Arweave, etc.

RSS3

RSS3 is a decentralized content and social protocol designed to replace the Web2 application ecosystem with traditional centralized distribution as its core. RSS3 announced in December 2021 the completion of a funding round led by CoinShares Ventures.

TwitterScan

TwitterScan, a DID social platform, announced in September 2022 the completion of a $4.56 million funding round led by Redpoint Ventures.

Metaverse

Metaverse

The Sandbox

The Sandbox is a Metaverse game based on Ethereum. The parent company is Animoca Brands, and the token is SAND. Users can use Voxel and Game Maker tools to create scenes on 166,464 lands and earn income. The iOS version of the game was launched in 2012. In January 2022, The Sandbox raised $359 million, with a valuation of over $5 billion.

Highstreet

Highstreet is a business-centric metaverse, which will be launched on Binance Launchpool in November 2021, using the dual Token mechanism of HIGH and STREET. In October 2021, Highstreet completed a seed round of strategic financing led by Binance and Animoca Brands. The CEO of Highstreet announced a partnership with Asian king Jay Chou on Twitter Space.

Digination

mechanism

mechanism

In recent years, a large number of Web3 investment institutions established or led by Chinese or overseas Chinese have sprung up all over the world, and some investment institutions have begun to pay attention to and invest in Web3 companies or projects. The backbone of development.

In the previous "Unofficial Crypto VC Industry Panorama ReportIn ", the total number of institutions in China, Hong Kong, and Singapore (a large number of institutions established by Chinese people) is 374. Excluding some European, American, Japanese, Korean, and Southeast Asian institutions registered in Singapore, the investment, asset management, and There should also be more than 300 trusteeship and other institutions.

Among them, investment institutions include HashKey, LD Capital, SevenX Ventures, Foresight Ventures, IOSG, Fenbushi Capital, Dragonfly, etc., while asset management or custody institutions include Cobo, Matrixport, etc.

content platform

There are many high-quality centralized and decentralized content platforms in the Chinese world of Web3, including Foresight News, BlockBeat Rhythm, Odaily, PANews, Wu Shuo Blockchain, Deep Chain Finance, Babbitt, Golden Finance, Chain Catcher, MarsBit et al.

In addition to the above-mentioned content platforms, there are also ReadON, a decentralized content distribution platform that announced in August 2022 the completion of the $2 million investment led by SevenX Ventures.

mining

wallet

tool

wallet

BitKeep

BitKeep is a Web3 multi-chain wallet, which integrates wallet, transaction aggregator, NFT market, DApp browser, Launchpad and other functions, supports over 90 public chains, covering 168 countries or regions in North America, Europe and Asia. BitKeep announced in May 2022 that it had completed a $15 million Series A financing led by Dragonfly at a valuation of $100 million.

TokenPocket

TokenPocket is a self-hosted multi-chain wallet that supports Bitcoin, Ethereum, BNB Chain, Tron, Polygon, Solana, Heco, Klaytn, Avalanche, OKC, Fantom, Polkadot, etc.

data analysis

data analysis

DeBank

DeBank is a data platform that integrates functions such as wallet asset monitoring, DeFi and NFT data statistics. At the end of 2021, it announced the completion of a US$25 million financing led by Sequoia China.

Footprint

Footprint is a blockchain data analysis platform that received a $1.5 million seed round led by IOSG Ventures in January and a $2.65 million Seed+ round led by Matrix Partners in May 2022.

other

other

EthSign

EthSign is a decentralized electronic agreement signing platform. In March 2022, it announced the completion of a $12 million financing led by Sequoia Capital India and Mirana Ventures.

It also includes rating, data analysis and content platform Token Insight and Web3 online education infrastructure DeSchool, etc.

DAO

Community

Community

Safety

Safety

At present, when the technology is immature, security is still the top priority of all Web3 projects, and the companies that "escort" this world built on "digital" include Paidun Technology, SlowMist Technology, Beosin (Chengdu Lianan), Beijing Lianan, Bitrace, etc.

Non-Web3 native companies

In addition to the previously mentioned projects, companies, institutions, communities, etc. in the Web3 field, there are also a large number of non-Web3 companies that are also exploring on the road to Web3. The areas of exploration include alliance chains, metaverses, etc.

Mofa Technology

Founded in 2018, Mofa Technology is a metaverse technology company with computer graphics and AI technology as the core. It completed the C round of financing on April 6, 2022, with a total financing amount of 130 million US dollars.

next generation culture

Next World Culture was established in 2016. In 2018, it created the first domestic live-action + animation interactive drama "Xiyin Jianghu", which officially entered the metaverse track. Next World Culture has created an industry benchmark case of star and personal virtual IP linkage. In February 2023, it completed the A++ round of financing, with a total network traffic of over 2 billion, and nearly 20 cooperative brands and platforms.

PICO bird look

The Pico brand was established in March 2015, focusing on C-end users as the main market, committed to VR research and development, virtual reality content and application creation, and released virtual reality software and hardware products. In September 2021, PICO was officially merged into ByteDance, and the Byte XR business line was established on the basis of the original business. In June 2022, PICO established copyright content cooperation with the six major Hollywood studios.

VeeR

VeeR (Beijing Weikuai Technology Co., Ltd.), established in 2016, is committed to creating a global, high-quality immersive entertainment platform.

Its core business lines include VeeR Global VR Content Platform, Space Zero VR Cinema and VR Film and Television Studio VeeR Studio.

Domestic related companies also include Qulian Technology, Lexiang Technology, Insta 360 Shadow Stone, Fangtian Shenghua, Tunguang Technology, Lingdi Style 3D, Prism Holography, Yuanxiangweisi, BUD, Instant Technology, Cafe Technology, Baidu , China Telecom, Tencent, Huawei, Alibaba, Bytedance, Netease, China Mobile, Ant Group, Digital Domain, iFlytek, Bilibili, Goertek, Xiaomi, BOE, iQiyi, BlueFocus , WIMI, Tianxiaxiu, China Unicom, SenseTime, Lipai Guangjing, Tiandi Online, Inspur Group, Lanyun, CITIC Group, Inverse, Leke VR, Broadband Network, Xiaohongshu, MetaCJ, Fengyu Zhu, Huya, etc.