ether.fi is a decentralized, non-custodial delegated staking protocol with a Liquid Staking Derivative token. One of the distinguishing characteristics of ether.fi is that stakers control their keys. The ether.fi mechanism also allows for the creation of a node services marketplace where stakers and node operators can enroll nodes to provide infrastructure services and the revenue from these services is shared with stakers and node operators.

Sui is a revolutionary new high-throughput blockchain poised for large-scale gaming and payment applications, serving as a Layer 1 for the next billion users.

zkLink is a trustless cross-chain DEX based on zero-knowledge proof technology.

Giza aims to be the next evolution of current machine learning platforms by providing an alternative path for the collective development of AI in a way that is open and transparent. Utilizing the power of StarkNet, Giza will implement AI powered smart contracts, enable AI agents within games built on StarkNet, and enable ML inference on Ethereum L1. The team recently announced their collaboration with Yearn Finance, leveraging verifiable ML to evaluate automated Yearn strategies.

Scalable layer 1 blockchain.

Interoperability protocol.

Iron Fish is a Layer 1 blockchain that provides the strongest privacy guarantees on every single transaction.

Superstate was founded by Compound’s Robert Leshner, with an initial focus on creating a short-term government bond fund and an open-ended mutual fund with a secondary record of ownership tracked on the Ethereum blockchain. The fund plans to launch more vehicles in the future, with a focus on bringing real world assets on-chain.

ImmutableX is the first layer 2 Starkware-based scaling solution for NFTs on Ethereum, eliminating gas fees, allowing for the creation and exchange of NFTs at zero cost, while inheriting the security properties of Ethereum’s layer 1.

Algorand is a permissionless, pure proof-of-stake consensus protocol solving the scalability trilemma.

Algofi is capital markets protocol enabling decentralized borrowing and lending on the Algorand blockchain.

xBacked is a decentralized algorithmic stablecoin built on the Algorand blockchain.

Talis is an NFT marketplace launching on the Terra blockchain.

BAYZ is a DAO that operates as an all-in-one hub for blockchain game initiatives, esports and content creators.

Aperture is a cross-chain yield aggregator bringing opportunities spanning multiple blockchains into a unified interface.

Meta Goons is a DAO focused on the P2E gaming economy.

Palm Tree Crew Crypto is a crypto venture fund focused on the creator economy.

Tinyman is the first AMM DEX built on the Algorand blockchain.

Sipher is a 3D live action RPG, PvE and PvP blockchain game introducing the World of Sipheria.

C3 Protocol is a decentralized capital market on Algorand powered by a cross-margined, cross-collateralized clearing engine protocol.

Clearpool is a decentralized capital markets ecosystem where institutional borrowers can access unsecured liquidity.

Valkyrie is a dApp activation protocol built on the Terra blockchain, creating a superior paradigm for social referrals to flourish on-chain.

Nexus Protocol is Terra’s first yield optimizer enabling liquidation protector vaults.

Eternal is an NFT marketplace for tokenizing iconic Twitch streaming moments.

Ready Player DAO is a decentralized autonomous organization committed to harnessing the collective power of play to create equity for all. The DAO invests in the gaming economy, builds P2E / DAO tooling and nutures P2E scholars.

Mellow Protocol is a Uniswap V3 LP optimization solution.

Metalink is a Web3 native social network and chat application designed for the metaverse.

Levana is the first decentralized perpetual swap protocol built on the Terra blockchain.

Moss is the company behind the MCO2 token, the first truly global Carbon Credit Token, providing ease, transparency, global scale and security for carbon footprint compensation.

Krystal is a multi-chain DeFi frontend for wallet management, trading, earning and lending.

SubQuery is a data indexing and querying protocol built for the Polkadot blockchain.

Domain is a seamless and secure platform to invest in both stocks and cryptocurrencies: earn interest on your assets, borrow against them and spend with a cryptocurrency rewards credit card – all in one place.

RociFi is an undercollateralized capital markets protocol leveraging on-chain algorithmic credit scoring and NFT-based credit history to improve the capital efficiency of borrowing or lending crypto-assets.

Verto is a decentralized trading protocol built on top of the Arweave blockweave.

Minty is a protocol for establishing NFT focused DAOs.

Portal brings DeFi to Bitcoin with a layer 2 P2P network that provides fast, cross chain, non-custodial trading.

Divergence Derivatives is a decentralized platform for volatility hedging and trading with a focus on blockchain-native asset prices, LP tokens, interest rates, DeFi farming and staking rewards.

Vektor is the Bloomberg Terminal for DeFi, introducing a powerful query language for automating DeFi workflows across blockchains.

Hummingbot open-source software that lets you build and run customizable trading strategies, automating your cryptocurrency trading on centralized exchanges and decentralized protocols.

Nifty Island is a gameverse that is radically open to user generated content, putting user ownership and control at the heart of its design.

Arcade Protocol is a decentralized peer-to-peer lending and borrowing protocol on the Ethereum blockchain. Through Arcade, NFT owners are able to maximize their asset utility by borrowing against them, while lenders earn yield by providing liquidity. Arcade Protocol enables the financialization of NFTs, a step forward in the evolution of value storage and ownership of unique assets. Arcade has become the go-to market for holders of high end NFT collections such as Bored Apes and Punks, and has even expanded to real world assets such as luxury clothing and collectibles. They have shown incredible resilience by continuing to grow despite the broader NFT market conditions.

Tuned is an all-in-one platform to create, test, automate, and monetize crypto-trading strategies.

Secret Network is a privacy-first blockchain leveraging secure enclave technology and the Tendermint SDK.

BenQi is the leading capital markets protocol on the Avalanche blockchain, enabling dynamic lending and borrowing markets for crypto-assets.

Yat Labs is the development company behind the “Yat”, your universal emoji username, website URL, payment address, and more.

The DeFi Alliance is the leading DeFi accelerator, investing and mentoring early stage startups across multiple blockchain ecosystems, including Polkadot, Solana and Algorand.

Esprezzo is an open platform for blockchain-based automation, providing developers with a simple toolkit to integrate real time notifications triggered by blockchain state changes.

Dexible is the smart execution layer for DeFi, providing powerful, non-custodial tools to enhance the DEX experience.

Efinity is Enjin’s game-channel network built on Polkadot.

Vega is a decentralized, highly-scalable protocol for creating and trading margined financial products, built on the Tendermint blockchain.

Quicknode is a Node-as-a-Service platform powering blockchain applications, equipped with powerful tools and analytics.

Unbound Finance is a liquidation-free, synthetic assset issuance protocol collateralizing AMM LP tokens.

Swing is a cross-chain crypto liquidity protocol helping traders and yield farmers move crypto capital efficiently across blockchains.

Mirror is a protocol for the creation and exchange of permissionless synthetic assets, built on the Terra blockchain.

Hashflow is a permissionless protocol for connecting DEX traders with offchain market makers.

Teller Finance is an undercollateralized lending protocol bringing credit scores from the traditional world into DeFi.

Moonbeam is a Polkadot parachain that provides compatibility with the existing Ethereum developer toolchain and network, providing a full EVM implementation, a Web3-compatible API, and an Ethereum bridge.

Witnet is a decentralized oracle network that connects smart contracts to the outer world, allowing any piece of software to retrieve the contents published at any web address at a certain point in time.

Persistence bridges DeFi and traditional finance by facilitating borrowing of cryptoassets using real-world assets as collateral.

Chai is a mobile payments app powered by Terra’s blockchain network.

Bella is a suite of DeFi products bringing familiar mobile banking experiences to crypto.

Ramp DeFi is a decentralized finance solution that focuses on unlocking liquid capital from staked digital assets.

Paraswap is a decentralized exchange aggregator that provides the best prices over multiple DEXs on the Ethereum blockchain.

Nexus Mutual is a discretionary mutual offering an alternative to insurance for Ethereum users.

Acala is a decentralized stablecoin platform powering cross-blockchain open finance applications.

BlockFi helps crypto investors manage digital assets and earn crypto by offering crypto interest accounts, crypto trading, and crypto backed loans.

Skale Labs is one of the first of its kind to allow developers to easily provision highly configurable blockchains, which provide the benefits of decentralization without compromising on computation, storage, or security.

Polkadot is a next-generation blockchain protocol connecting multiple specialized blockchains into one unified network.

Casper Labs is developing a fully decentralized, scalable, public blockchain designed for mass enterprise, developer, and consumer adoption.

Near Protocol is a scalable smart contract platform that supports decentralized applications of almost any kind.

Spacemesh is a fair blockmesh operating system designed to run general-purpose smart contracts at web-scale. It is powered by a novel consensus protocol that is secure, proof of work free and highly incentive-compatible.

Kava is a multi-chain DeFi lending platform offering USDX stablecoin loans and Chainlink oracle data to major blockchains and end-user applications.

Sparrow Exchange provides the simplest way for to “control your risk on cryptocurrencies”. Never lose another night’s sleep because of a flash crash. Be a part of this project that will change the face of crypto-trading forever.

Reserve is “the world’s digital reserve currency”. Reserve is breaking new ground by focusing on making a “stablecoin” that boasts stabilization methods superior to anything available today.

Oasis Labs is creating a next-generation blockchain platform for scalable, privacy-preserving smart contracts. It supports diverse applications, from games to machine learning. It also boasts security and privacy features (for data and computations) while being both flexible and easy to use.

Arweave has developed a new data storage blockchain protocol based on a novel proof of access consensus mechanism that creates truly permanent data storage for the first time. Now data is finally permanent, low-cost, and truly censorship free.

Multiverse is a new Metaverse that connects the demand for AI computations with an abundant supply of processing power in a decentralized, virtual marketplace.

Propy is dedicated to facilitating cross-border property purchases. With Propy you can search for properties and brokers globally. Propy also facilitates cross-border payment and paperwork. This is all integrated into the blockchain ledger so that governments can issue title deeds for property instantly, securely and cost-effectively.

Cere Network is the first blockchain CRM ecosystem platform optimized for customer data integration and collaboration.

Marlin Protocol enables high-performance network infrastructure for modern decentralized networks.

Tapio protocol aims to unify liquidity in the Polkadot network and bridge the gap between new assets and applications. Tree is a synthetic asset protocol designed to increase asset usability and reduce friction caused by liquidity fragmentation.

Mammoth is developing a decentralized NFT platform whilst leveraging its massive social network of creators and influencers.

Pocket Network offers decentralized infrastructure and nodes to other blockchains to enhance scalability and long term robustness.

Decentralized and cross-chain prime brokerage.

P2E NFT game on the Terra blockchain.

Moonwell is an open lending and borrowing DeFi protocol on Moonbeam & Moonriver.

Fix your interest rate or hedge your exposure by leveraging non-custodial on-chain IPOR derivative instruments.

LimeWire is relaunching as a digital collectibles marketplace for art and entertainment, initially focused on music.

DeFi hub on Algorand.

Astaria’s mission is to build a highly functional on-chain lending protocol, with instant highly liquid NFT lending.

Music streaming and NFTs.

Gridiron is a 7v7 American football game with a focus on high skill, competitive gaming and social engagement. Developed by 1336 Studios.

A protocol for on-chain probability contracts that developers can use to build provably fair web3 games and more.

DAM offers decentralized cross-asset collateral debt financing in an emerging Polkadot ecosystem with massive DeFi growth potential. DAM will establish its platform on the Moonbeam Parachain which will also create future potential for EVM cross-chain beyond the Polkadot ecosystem such as Ethereum and Avalanche.

Milkomeda is a new protocol that brings EVM capabilities to non-EVM blockchain. It delivers rollup technologies to leading Layer 1 ecosystems by offering the most popular smart contracting language, Solidity, while enhancing inter-blockchain interoperability, user experience, and developer traction all at the Layer 2 level.

deBridge is a cross-chain interoperability and liquidity transfer protocol that enables truly decentralized frameworks resulting in reliable and secure cross-chain features that haven’t been available in the past. By removing the bottlenecks and risks of liquidity pools, deBridge enables DeFi applications to scale faster with ultra capital-efficient and deep liquidity transfers across chains. Earlier this month, deBridge launched DLN API, a complete solution making it easy for decentralized applications to offer lightning-fast, deep liquid cross-chain liquidity transfers on demand.

Exiled Racers is the first NFT-based algorithmic racing manager and prediction game that supercharges the onboarding of web2 natives into web3. Exiled Racers plans to bring the gaming, esports and web 3.0 market together with an all new low-touch high-reward NFT racing manager and rewards game. Built by a team of highly experienced technologists, designers, and in collaboration with Moonbeam Network, Exiled Racers intends to make gaming in web 3.0 addictive, simple and truly rewarding for the “time poor, fun addicts”. The team has spent a lot of time this year refining and enhancing the experience for both racers and spectators, running thousands of test races and showcasing the game at Consensys last month.

The Lockchain platform hardens web3 businesses against attacks through real-time monitoring and automated response. They combine on-chain monitoring with comprehensive web3 threat intelligence and an automated response engine to prevent security incidents from becoming business ending events. Through the first quarter of the year, the company onboarded several significant positions, including their Head of Business Development, Brian Keogh.

Roam is an all-in-one Cloud HQ designed to bring distributed companies together in one headquarters. Roam is a rare non-crypto focused investment for the fund, and also a product the fund has been using everyday internally, even prior to investing. It has been a valuable tool for the fund, enhancing productivity and helping us stay more connected with a virtual office space that shortens meeting time and encourages productivity.

Moondance labs are building Tanssi, a ContainerChain protocol that is built to make it dramatically easier for developers to launch AppChains. Tanssi is a parachain on Polkadot that is designed to provide the infrastructure services necessary for developers to launch Appchains with as little friction as possible.

Super Hedge is an automated DeFi Structured Vaults (DSV) that provides investors with 100% principal-protection, fixed-interest weekly coupons, and self-custodied ownership of tradable NFTs. The protocol allows users to achieve principal protected exposure to crypto markets while ensuring stable returns, which can be unlocked by selling NFTs on their secondary marketplace or pledging them as collateral on other lending protocols.

ChainJet is a web3 automation and no-code platform that empowers non-technical individuals to build on web3. It offers an intuitive drag-and-drop interface that allows users to create on-chain and off-chain task automations and general purpose smart contracts. Its no-code platform is designed to simplify the process of creating task automations and smart contracts, making it accessible to non-technical users. ChainJet's solution aims to solve the problem of limited technical resources in the web3 ecosystem, enabling entrepreneurs and communities to thrive.

JR Studio is a Gaming Backend PaaS (Platform as a Service), designed to help game studios of all sizes cut costs, time, and headaches by streamlining the process of making it work so that they can return their focus to making games fun. The platform complements game engines like Unreal and Unity. It is a scalable and efficient solution that automates and standardizes processes, saving developers valuable time and resources. With its simple SDK integration, JR Studio empowers small dev teams to realize their visions quickly and effortlessly.

Koingaroo gives users the ability to do multichain investing from one application and access the best DeFi strategies across multiple blockchain networks. It is fully self custodial and enables users to allocate funds and earn yield across chains easily.

BrainDex is a platform that empowers traders of all levels with professional-grade trade optimization and the convenience of any-to-any swaps across all liquidity on the network, regardless of protocol. Their mission is to revolutionize cross-chain trading and level the playing field for all traders.

Space Protocol offers a decentralized financing mechanism that enables companies to move away from the historically restrictive and/or expensive cost of capital required for purchasing hardware. Instead, they can operate within a web3.0 market where the performance of the asset directly and immediately impacts the company’s ability to grow. Both liquidity providers and companies are bound in an agreement that focuses on asset performance.

Kyte Research is developing AirLyFt, a decentralized, multichain, growth hacking platform that enables projects to establish, expand, and engage with their community in a wide variety of ways. AirLyFt is a platform that enables projects to view their entire user engagement on a single page and make strategic decisions based on the available data. But what sets AirLyFt apart is its focus on ensuring the legitimacy of users joining and following the group, eliminating the use of scripted bots or multiple accounts to gain an unfair advantage.

Sendto is a consumer crypto company founded by two senior engineers from Coinbase and the former COO of blockchain.com. The company is building a social wallet and browser, which will soon be launched under the brand name “Roam.” Roam will enable users to send to any individual or group that has a crypto address and once the network develops, will enable peer to peer exchange of crypto in a venmo like way.

Doormat is building the next generation of non custodial key management tech for retail crypto users, using mpc key technology to provide an extra layer of security. With Doormat, users can access their keys on all of their devices safely and securely without having to manage seed phrases. We believe the hassle of key management is a deterrent for widespread adoption of blockchain based applications, and Doormat will unlock a much larger market for the industry.

Delegate helps users secure valuable on-chain assets while still participating in NFT airdrop claims, ERC20 token governance, and more. Users link cold wallets with hot wallets, and then the hot wallet is able to act on behalf of the cold wallet, like crypto power-of-attorney. Delegate is deployed on 17 different EVM chains, including Ethereum, Polygon, Arbitrum, Avalanche, and Base, and is securing over $730m in assets across more than 25,000 wallets.

Drosera is a decentralized incident response protocol and security marketplace for blockchain protocols. It allows protocols to set hidden "Traps" that define emergency conditions without deploying them on-chain, keeping the protocol's security intents private. Drosera Operators continuously monitor the blockchain, evaluating the Traps' conditions for each new block. When the emergency conditions are met, the Operators execute the protocol's predefined on-chain emergency response upon reaching consensus - containing and mitigating exploits to potentially save billions in capital.

Aark Digital is a top perpetual DEX on Arbitrum. Aark has a unique design that allows it to handle more leverage than competitors. Aark can provide 1000x leverage to traders without solvency risk on the protocol side though mandatory take profits to manage risk to the LP, and a liquidation mechanism that allows for rolling back missed liquidations. When a withdrawal is requested, users wait one minute to allow for the protocol to check for missed liquidations.

Founded by Sandeep Naiwal, founder of Polygon, and Pramod Vinswanath, founder of Witness Chain, Sentient will offer a two sided marketplace for AI model developers and applications that require specialized inference to transact in a transparent, trustless fashion. Model developers will be able to bring their models to market and be guaranteed compensation when an application uses that model for a given task. The application developers leveraging these models will have a guarantee of the model’s verified performance on a set of benchmarks, and a guarantee that the inference they receive came from the model they selected. The benefit of a marketplace where many AI models can compete with one another is that rather than creating one monolithic LLM that OpenAI or Anthropic controls, we can make AI development more accessible to a wider range of companies, encourage a more open source ethos in AI development, and work towards a solution for the gigantic hardware and energy costs associated with training gigantic models with the goal of doing everything.

Centrifuge is a decentralized asset financing protocol that bridges real-world assets (RWAs) with decentralized finance. The platform enables asset originators, such as small and medium-sized enterprises, to tokenize a wide range of RWAs, including invoices, real estate, and royalties, by converting them into NFTs backed by legal documentation. These can then be used as collateral in Centrifuge's decentralized asset pools on Tinlake, their flagship dApp, allowing originators to access instant liquidity from the crypto world. Simultaneously, DeFi investors can invest in these RWA-backed pools to earn yields that are uncorrelated to the volatility of the crypto market. Centrifuge's mission is to reduce capital costs for businesses and provide DeFi investors with a stable source of returns, ultimately creating a more open, fair, and transparent financial system.

Illuvium, a game within the Immutable ecosystem, features multiple interconnected games: an open-world exploration game, an industrial city builder, and an autobattler. The company's NFT collections can be used across all the games they launch, and offer playstyles to suit any kind of player. The game centers around capturing and training Illuvials, which can be used to battle other players. In-game land can also be purchased as an NFT, with many plots being traded for more than 10 ETH.

Metalcore is a game in the Immutable ecosystem. The gameplay is similar to Destiny as a futuristic RPG with an open world. There will be something for every participant in the game, whether you want to engage in combat or help your guild build its economy. The tokenomics have been carefully designed to create a sustainable in-game economy. Players will need to spend tokens to buy new equipment, upgrade and repay their vehicles, etc. The game will be web3 optional to onboard a wider audience of players, but the vehicles / factories / weapons will be tradeable as NFTs.

Endless Clouds is a gaming studio founded by Loopify, one of the most well-respected individuals in the NFT space. There will be two games in the Endless Clouds ecosystem: Capsule Heroes and Treeverse. Treeverse is an open world RPG style game, while capsule heroes is a 3v3 brawler in the style of Overwatch. Both games will share a native token, $CLOUDS, and a set of interoperable NFTs to enhance the player experience. The games will leverage Immutable’s infrastructure (an existing portfolio company) to support their token and in-game NFTs.

Merkle Trade is a perpetual DEX on Aptos. It is the first-ever gamified perp DEX that empowers users to trade, level up, and unlock instant rewards.

Glacis is a building at the forefront of blockchain interoperability. Recognizing the growing need for secure and efficient cross-chain communication, Glacis has developed a cutting-edge "router and firewall" solution that facilitates the seamless exchange of data and assets between blockchain networks with one integration. Glacis gives developers the ability to specify granular routing and security logic across any major message passing protocol. This allows developers to implement robust risk management tools for cross-chain messaging scenarios, empowering them to build applications that span multiple blockchain networks.

W3.io is a compute orchestration layer bringing together a variety of web3 protocols to create seamless application experiences. They make it easy for an application developer to include web3 elements in their application including payments, in-game NFTs, accessing decentralized data, or containerized compute that can be verified on-chain. The network will also be able to resell web2 services, which will be an onramp for more traditional institutions that aren’t knowledgeable about the offerings in web3. These customers can then be cross-sold with web3 alternatives that are cheaper and have better liveness guarantees.

Perplexity is a search engine powered by AI. They combine internet access with all of the most popular LLMs from OpenAI, Anthropic, Meta, and their own proprietary model optimized for search. Users can access inference from Perplexity through a best in class UI or a developer API. At the time of investment, there was 30mm of ARR with the user base growing 40% month over month. They are also expecting to expand margins significantly with the rollout of an enterprise grade product for companies that need a soc2 compliant solution. Available on iOS, Mac, and Android: http://pplx.ai/download