Binance Research: Brine Finance led DeFi funding in Q3

The decentralized finance (DeFi) landscape is witnessing significant growth in 2023, with several Web3 firms securing substantial fundraising rounds across different quarters. 

According to recent research carried out by Binance, here is a breakdown of the top 5 fundraisers in the DeFi category for each quarter of 2023.

In Q1, Synthetix led by securing an impressive $20 million in funding, reinforcing its position in the DeFi sector. Synthetix is a multichain decentralized liquidity provisioning protocol that allows the creation of synthetic assets collateralized by stakers via the Synthetix Network Token (SNX). 

These synthetic assets, or synths, enable on-chain exposure to traditional assets like gold and silver and are used for derivatives trading in DeFi. Following are DigiFT, Mauve, Obol Network, and Alongside $20 million, $15 million, $12.5 million, and $11 million, respectively.

Q2 2023

M^Zero, a decentralized infrastructure layer for digital asset value transfer, led this period with its $22.5 million seed round of funding. iZUMi Finance closely followed with a substantial $22 million, contributing to the DeFi innovation in Q2.

Thetanuts Finance secured $17 million, Nayms attracted $12 million, while Maverick Protocol rounded off the second quarter with a noteworthy $9 million fundraise, fueling its developments in decentralized finance.

Q3 2023

In this quarter, Brine Finance outpaced others after raising $16.5 million to support its initiatives in the decentralized financial realm. Alluvial got $12 million in a Series A funding round, marking a significant milestone in its growth within the DeFi space. Helio Protocol, Radiant Capital, and Ethena procured $10 million, $10 million, and $6.5 million, respectively.

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