In 2024, several altcoin projects have secured significant funding, demonstrating growing investor confidence in the cryptocurrency market.
These initiatives are gaining traction due to their financial support and potential to drive innovation and efficiency in the industry.
Largest altcoin fundraise
Leading the way is Monad, which has raised $225 million. This new layer 1 blockchain is designed for speed and interconnectivity and boasts features such as 10,000 transactions per second, 1 second block time, and single slot finality.
Monad’s EVM compatibility further enhances its appeal, positioning it as a significant player in improving blockchain efficiency and scalability.
Berachain has also made a notable impact, raising $169 million. Known for its unique Proof of Liquidity (PoL) consensus mechanism, this EVM-compatible blockchain unites validators and projects through an economic model designed to improve liquidity and governance.
Strategies that align network incentives have attracted significant investment. We then highlight its potential to impact the blockchain ecosystem.
Soon after, Farcaster secured $150 million. This community-driven protocol aims to improve social networks by giving users control over their data. Additionally, developers can build applications without network permission. Farcaster’s user-centric approach has resonated with investors, reflecting the market’s need for decentralized social media solutions.
Read more: What are the best altcoins to invest in June 2024?
Another important project is EigenLayer, which has secured $100 million in funding. Built on the Ethereum network, EigenLayer allows protocols to leverage Ethereum’s secure trust network without having to set up their own set of validators. EigenLayer helps reduce costs and improve efficiency by providing off-chain data availability at Layer 2.
EIGEN tokens are used for staking along with ETH re-staking. More importantly, the protocol has a total value locked to date of over $18 billion.
Meanwhile, Babylon raised $70 million by introducing Bitcoin as a staking asset. This approach allows the proof-of-stake chain to leverage vast reserves of BTC for funding. As such, they bridge the gap between Bitcoin and the Proof-of-Stake ecosystem and provide a new path to financial growth and stability.
“The ability for holders to stake their Bitcoin while retaining their keys is an important innovation. “This is a difficult problem that Babylon solved with its cryptographic genius.” said Alasdair Foster, CEO of Bullish Capital.
Likewise, Avail secured $70 million in funding. This Web3 infrastructure layer supports a modular execution layer that can scale and interoperate in a trust-minimized manner. Avail’s infrastructure supports a wide range of applications in the Web3 space, responding to the growing demand for scalable and interoperable blockchain solutions.
Finally, Eclipse raised $50 million by positioning itself as “Ethereum’s fastest Layer-2.” Eclipse aims to provide a scalable and cost-effective solution by running the Solana Virtual Machine (SVM) on Ethereum as a rollup. In fact, it was created for developers and users interacting with Ethereum and Solana smart contracts.
With significant capital backing, these altcoin initiatives can drive the next wave of innovation in the cryptocurrency market.
disclaimer
In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.