During the last week, the world of cryptocurrencies and blockchain technology experienced a slowdown in funding activity.
According to official data tracked by DeFi Llama, nine relevant financing agreements were carried out in blockchain projects, totaling $34.7 million.
Despite being a considerable figure, it represented a marked decrease compared to the previous week, when funding exceeded $107 million.
One of the week’s most notable deals involved the Uniswap DAO, which invested $12 million in StarkNet-based market maker Ekubo Protocol in exchange for 20% of its governance tokens.
GROWING COLLABORATION BETWEEN BLOCKCHAIN AND DEFI PROJECTS
Another high-profile project, Modulus, raised $6.3 million in a round led by Variant and 1kx.
Modulus, focuses on AI data verification using zero-knowledge technology, addressing concerns about manipulation of AI algorithms in decentralized projects.
In addition to Modulus, other artificial intelligence projects also received funding.
Vaas, an AI-powered analytics company, raised $2 million in pre-seed stage funding. This highlights the growth and importance of AI in the evolution of the blockchain ecosystem.
FundStrat analyst Tom Couture notes that the reluctance to incorporate AI into decentralized projects is due to security concerns, and Modulus seeks to address this issue through zero-knowledge proofs, ensuring the integrity of AI algorithms.
The week spanning late October and early November saw a decline in funding for blockchain projects compared to previous periods. Despite this decline, the fact that millions of dollars are still being raised in the blockchain space demonstrates investors’ sustained confidence and interest in the long-term potential of these technologies.
These ups and downs in investment are common in a rapidly developing ecosystem, where opportunities and challenges are constantly emerging.
The week in question, with its notable deals and focus on artificial intelligence projects, reflects the diversity and innovation in the space of cryptocurrencies and blockchain technology.