“China Concept” Project Super Inventory | Mysterious Oriental Power in Web3
Take stock of the mysterious power of the “sleeping dragon” from the East in the Web3 world.
Edited by Babywhale, Foresight News
Recently, Hong Kong's government and regulators are sending more and more olive branches to the Web3 and Crypto world, strongly supporting the development and implementation of Web3 from various aspects such as policies, resources, and funding.
In fact, starting at the end of 2022, we've already seen a number of landmark changes. Alibaba Cloud added support in early December 2022AvalancheVerify node and infrastructure support, and thenPlatONA Web3 global startup competition was co-hosted with HashKey.
Tencent Cloud began exploring Web3 in September 2022 and signed a memorandum of understanding with Singaporean Web3 company Strange Universe Technology. Since then, Tencent Cloud has collaborated with the famous Korean game developer Nexon, Sui development company Mysten Labs, the scalable blockchain MultiversX, and recent infrastructure Ankr and ZK Rollup-basedEthereumCooperation was reached with Scroll and others to expand the capacity network.
On the other hand, institutions with a keen sense of smell have also begun to set up business in Hong Kong, including HashKey Group, which has successively obtained virtual asset trading platform licenses and virtual asset OTC trading qualifications issued by the Hong Kong Securities Regulatory Commission.
All of these changes have gradually increased the Western world's attention to the mysterious Oriental power of Web3. Foresight News editorial staff members have compiled a list of Web3 projects, companies, organizations, etc. in China and led by overseas Chinese. Readers are welcome to make additional corrections.
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Public Chain/Network Expansionlayer 1
Conflux
Yao Qizhi, the only Chinese Turing Award winner so far, is the chief scientistConfluxIt was founded in July 2018, and raised $35 million in December of that year. Investors include Sequoia China, F2Pool, Huobi, Metastable, andIMO Venturesetc. Conflux previously announcedCooperation reached with China TelecomA blockchain-enabled SIM card will be launched in Hong Kong. According to DeFilLama data, the TVL on Conflux is around $18.48 million, mainly on DEX Swappi.
Nervos
Nervos is a layer 1 public chain with a hierarchical architecture. The underlying layer uses PoW mechanisms to guarantee security, and the upper application chain guarantees performance. Nervos completed $28 million in financing in July 2018, led by Sequoia China and Wanxiang Blockchain. The investors included Jingwei China,Polychain Capital, Multicoin, etc.
VeChain
Vecchain was founded in 2015 and completed a multi-million yuan seed round in 2016, followed by an ICO for the token in 2017. VeChain focuses more on Web3 solutions in traditional industries, and has reached partnerships with companies in the luxury goods, automotive, agriculture, and audit industries. In 2018, PwC acquired a portion of VeChain's shares.
IoTeX
IoTeX was founded in 2017 and is a blockchain focused on the Internet of Things. IoTeX core developer MachineFi Lab announced completion in June 2022 by Samsung Next, Draper Dragon Fund,Jump CapitalThe one leading the investor$10 million seed round, and then announced the launch$50 million Series A fundingParticipating organizations include HashKey, IOSG, etc.
Injective
Injective, a smart contract platform for the Cosmos ecosystem, announced the completion of the investment led by Jump Crypto in August 2022$40 million in financing, then announced in January of this yearLaunch of a $150 million ecosystem program, supporting organizations includePantera Capital、Kraken Ventures、Jump Cryptoetc.
Oasis Network
Oasis Network is an EVM-compatible Layer 1 public chain with privacy protection features. According to DeFilLama data, the TVL on Oasis is around $22.49 million, mainly focused on DEX ValleySwap.
Harmony
HarmonyEstablished in 2018, it is a layer 1 blockchain using sharding technology, and launched Binance Launchpad in 2019. According to DeFilLama data, TVL on Harmony reached $1.4 billion in January 2022, but currently only about $7.53 million is left. The reason for this is the star project DeFi Kingdoms on HarmonyMigrate to Klaytn。
Neo
Neo(Little ants) byDa HongfeiIt was founded in 2014 and officially renamed Neo in June 2017. Neo was updated to the N3 version in 2021, which it positioned as a “full-featured blockchain development platform.” Also, according to DeFilLama's data, Neo's TVL is about $57.33 million, mainly focused on DEX Flamingo Finance.
Ontology
Ontology (main body) was founded in 2017, and the main network was officially launched in 2018. Ontology became EVM compatible in mid-2021. According to DeFilLama data, the total TVL on Ontology and its EVM network is around $25 million, mainly on the lending platform Wing Finance.
Tron
Tron isSun YuchenIt was founded in September 2017 and received millions of RMB angel investment at the beginning of its establishment. Currently, Tron has grown into one of the mainstream Layer 1 blockchains. According to Defillama, the TVL on Tron has reached 5.37 billion US dollars, second only to Ethereum, and is mainly focused on lending protocol JustLend, stablecoin protocol JustStables, and DEX SUN.
IOST
IOST was founded in 2018 and previously claimed to have received institutional investments, including genuine funds. IOST announced in March 2022 that it will launch support for EVM compatibility and interoperabilityProject Entroverse, and announced in April 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 US$150 million ecosystem fund to supportDeFi、GameFiand the development of other projects.
PlatON
PlatONIt is a blockchain-based privacy network initiated by the LatticeX Foundation. It provides infrastructure services to users with computing ability requirements by establishing a computing system based on cryptographic algorithms such as verifiable computing, secure multi-party computing, zero-knowledge proof, and homomorphic encryption.
Since its establishment, PlatON has raised more than 50 million US dollars in total, with investors includingHashKey Capital, Hash Global Capital, etc.
In addition to the projects described above, related Layer 1 blockchains include Qtum, QuarkChain, Fusion, MXC, etc.
Cortex Labs
Cortex is a blockchain network focused on artificial intelligence that enables AI models to be executed on-chain. Cortex has launched zkMatrix, a layer 2 solution based on ZK Rollup on Cortex.
In addition to the Layer 1 blockchain described above, related projects includeBNB Chain, Heco, OKX Chain,KuCoin Community Chain(KCC), GateChain, etc.
layer 2
Loopring
LoopringBased on ZK RollupEthereumExpanding the network, raised $45 million in 2017 through token sales. According to L2BEAT data, Loopring's TVL reached $133 million, but about 60% of that was the native token LRC.
Taiko
Taiko is an Ethereum scaling network based on ZK Rollup, and its first testnet was shut down on February 15.The new testnet is scheduled to launch within a month。
scroll
Scroll, an Ethereum scaling network based on ZK Rollup, announced the completion of an investment led by Polychain Capital in April 2022$30 million Series A fundingCurrently, Scroll has launched the Pre-Alpha testnet, which supports developers to develop projects based on the testnet, and also allows users to try out product features such as cross-chain and transactions.
Zecrey
Zecrey is a layer 2 privacy network based on ZK Rollup, which was completed in March and May 2022, led by Spartan Group and Shima Capital$4 millionAs well as those invested by Binance Labs$6 million in financing。
infrastructuresstoring
Crust Network
Crust Network, the Boca ecosystem's decentralized storage network, won the 30th round of the Boca parachain slot auction in October 2022. Crust Network announced the completion of Series A financing in which NGC Ventures, DFG, IOSG and others participated in September 2020.
In addition to Crust Network, related projects include MEMO, Stratos, Cumulus Encrypted Storage System (CESS), etc.
pays
Alchemy Pay
Alchemy Pay is a cryptocurrency payment gateway that supports the use ofApple Pay、Google PayIn addition, credit cards and other methods are used directly to buy cryptocurrencies using fiat currency.
identity
.bit
.bit, formerly known as DAS, is a Web3 identity protocol that announced the completion of a $13 million Series A round led by CMB International in August 2022.
Related projects also include blockchain-based digital identity network SelfKey, etc.
Cross-chain
Celer Network
Celer Network is a cross-chain communication protocol. Its cross-chain bridge cBridge supports nearly 40 blockchains including Ethereum, BNB Chain, Arbitrum, Optimism, etc. Celer announced its launch 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. Multichain completed a $60 million funding round led by Binance Labs in December 2021, with Sequoia China and others. Previously, the cross-chain infrastructure zkRouter announced by Multichain has already been launchedOnline testnet。
Ren
Ren, formerly known as Republic Protocol, is an underlying cross-chain protocol whose products include renBTC, etc. Ren said in November 2022 that funding for Ren's development team would only last until the fourth quarter due to Alameda's bankruptcy. Since then, Ren has shut down version 1.0 and enabled version 2.0, in addition to forming a foundation and minting new REN tokens to support the development of the project.
Other related projects include BoringDAO, a DAO-driven cross-chain protocol, and Wing Finance developed by the Ontology team to support Ontology, Ethereum, OKX Chain, and BNB Chain.
oracles
Lithium Finance
Lithium Finance, a decentralized oracle that prices illiquid assets, received $5 million in 2021, led by Pantera Capital and Hashed, and a strategic investment of $2.6 million soon after.
other
Ankr
Ankr products include RPC, liquid security products, multi-chain APIs, game SDKs, and application chain development tools for developers. Earlier, Tencent Cloud announced a signing with AnkrDepartment Memorandum of Cooperationto 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 application chains.
Related projects also include UniPass, MAP Protocol, ChainIDE, zCloak Network, Opside, DREP, etc.
DeFiComprehensive agreement
WOO Network
WOO Network, formerly known as WooTrade, is an ecosystem network focused on cryptocurrency liquidity incubated by Kronos Research. WOO received Three Arrows Capital in November 2021. Crypto.com Capital and others participated in a $30 million funding round, and received another $12 million funding led by Binance Labs in January 2022. According to DeFilLama data, the current TVL on WOO Network is around $17.02 million.
Parallel Finance
Parallel Finance is the DeFi hub of the Boca ecosystem. Its products include trading, lending, and liquid collateral. Parallel Finance announced the completion of strategic financing led by Sequoia Capital and Founders Fund in 2021. According to the official website, the TVL on Parallel Finance currently exceeds $290 million.
dForce
dForceIt is a cross-chain DeFi platform that includes functions such as lending and trading. According toDeFiLlamaAccording to the data, the TVL is currently about 43.6 million US dollars, supporting Ethereum, BNB Chain,Polygon、Arbitrum、optimismetc.
Related projects also includeIZUMI FINANCE, Flamingo Finance, Chainge Finance, Wepiggy, etc.
DEX
DODO
DODO is a DEX protocol based on an active market maker algorithm. It was announced in 2020 that it was completed by Pantera Capital, Three Arrows Capital,Binance LabsCo-led a $5 million financing. According to DeFilLama data, the current TVL on DODO is around $44 million.
Wombat Exchange
Wombat Exchange, a stablecoin-focused DEX, announced the completion of Series A financing of US$5.25 million led by Animoca Brands and Hailstone Ventures in March 2022, and received another strategic financing led by Shima Capital in April of the same year.
MDEX
MDEX is the mainstream DEX protocol on Heco, and TVL peaked at nearly $5.3 billion in May 2021. Currently, MDEX has also added support for BNB Chain, and the TVL is currently around $72 million, according to DeFiLlama data.
Zenlink
Zenlink, Boca Ecosystem's DEX protocol, announced the completion of Series A funding led by Alameda Research in September 2021.
derivatives
shield
Shield is a decentralized derivatives protocol that was announced to be completed in May 2021A&T Capitaland a $2 million financing led by HashKey Capital.
Related derivatives agreements also include Divergence, Kine Protocol, etc.
Apex Protocol
ApeX Protocol is a derivatives agreement, incubated by Bybit's Davion Labs, which announced the completion of a seed round led by Dragonfly in March 2022.
other
In addition to the comprehensive DeFi products, DEX, and derivatives agreements mentioned above, related DeFi agreements include the liquidity protocol Multiple Protocol, the insurance agreement Degis and InsurAce, the Boca ecosystem currency market Konomi Network, the securities tokenization agreement Liquefy, and
NFTs
X2Y2
X2Y2It is also an NFT trading platform that raised 1500 Ethereum (later used to add liquidity to Uniswap) through the ILO in February 2022. Currently, X2Y2's transaction volume on Ethereum is second only toBlur 和 OpenSea。
element
Element is an NFT trading platform that announced the completion of a $11.5 million funding round led by SIG and Dragonfly Capital in May 2021. Element and current support include Ethereum, BNB Chain, Polygon, andAvalancheThe above NFTs.
IRIS Network
IRIS Network is a cross-chain interoperability protocol for NFTs in the Cosmos ecosystem.
The Weirdo Ghost Gang
The Weirdo Ghost Gang is an NFT series launched in early 2022, and its parent company ManesLab announced the acquisition of trendy culture studio CutUp in September 2022 (https://foresightnews.pro/news/detail/10864), and announced the completion of an investment led by YZB Investment this month$1.8 million seed round。
In addition to the above projects, the NFT field also includes NFT series such as Cheers UP, Phanta Bear, Zombie, Soulda, Dr.Ji, DuDu, Peking Monsters, Producer C, Theirsverse Official, and ZombieClub Token. Additionally, 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.
NFTFi includes lending protocol Taker Protocol and ParaSwap launched by Parallel Finance.
gaming
Cocos-BCX
Cocos-BCX was launched in 2017 to establish a multi-platform game operating environment, provide convenience for blockchain game developers, and help game development through incubation, investment, and IGO.
StarSharks
StarSharks is a chain game with sharks as the main element. At the end of 2021, it was announced that it had completed a $4.8 million private placement with Binance Labs and others participating.
socializing
Mask Network
Positioning it as the gateway for the transition from Web2 to Web3, Mask Network has gradually become an investor and builder of Web3 infrastructure, having completed a $3 million round led by DCG in early 2021. In July 2022, Bonfire Union, the venture capital arm of Mask Network, raised $42 million with investors including Digital Currency Group, Alameda Research, Binance, Animoca Brands, Protocol Labs, Arweave, etc.
RSS3
RSS3 is a decentralized content and social networking protocol designed to replace the Web2 application ecosystem where traditional centralized distribution is the core. RSS3 announced the completion of a funding round led by CoinShares Ventures in December 2021.
TwitterScan
TwitterScan, a DID social networking platform, announced the completion of a $4.56 million funding led by Redpoint Ventures in September 2022.
Other related projects include Beam+ Lab, CrossSpace, SO-COL, etc.
metaverse
The Sandbox
The Sandbox is an Ethereum-based metaverse game whose parent company is Animoca Brands and the token is SAND. Users can use Voxel and Game Maker tools to create scenes and earn money on 166,464 plots of land. The iOS version of the game was launched in 2012, and in January 2022, The Sandbox raised $359 million and valued at over $5 billion.
Highstreet
Highstreet is a commercial-centered metaverse, launched on Binance Launchpool in November 2021, using the HIGH and STREET dual-token mechanism. In October 2021, Highstreet completed a seed round of strategic financing led by Binance and Animoca Brands, and Highstreet CEO announced a partnership with Asia's King Jay Chou on Twitter Space.
Digination
Digination is a metaverse infrastructure platform that announced the completion of a $2.4 million round in November 2021 involving Longhash Ventures, OKEx Blockdream Ventures, and Huobi Ventures.
institutions
In recent years, a large number of Web3 investment institutions founded or led by Chinese or overseas Chinese have sprung up around the world. Some investment institutions have begun to pay attention to and invest in Web3 companies or projects, and “smart money” from the East has gradually become the backbone driving the development of the Web3 world.
Prior to this, “Unofficial Crypto VC Industry Panorama Report” According to the statistics, the total number of institutions in China, Hong Kong, and Singapore (with a large number of institutions founded by Chinese people) is 374. Excluding some European, American, Japanese, South Korea, and Southeast Asian institutions registered in Singapore, there should also be more than 300 investment, asset management, and trusteeship institutions controlled or dominated by Chinese people.
Among them, investment institutions include HashKey,LD Capital、SevenX Ventures、Foresight Ventures, IOSG, Fenbushi Capital,Dragonflyetc., while asset management or custodian institutions include Cobo, Matrixport, etc.
content platform
There are many high-quality centralized and decentralized content platforms in the Chinese-language world of Web3, including Foresight News, BlockBeat Groove, Odaily Planet Daily, PanNews, Wu Shao Blockchain, Deep Chain Finance, Babbit, Gold Finance, Chain Catcher, MarsBit, etc.
In addition to the above content platforms, there are others such as ReadOn, a $2 million decentralized content distribution platform led by SevenX Ventures, which announced the completion of an investment in August 2022.
mining
In the field of cryptocurrency mining, in addition to well-known mining machine manufacturers Bitmain, Canan Technology, and Yibang International, there have also been mining service providers Bitdeer founded in recent years after Wu Jihan left Bitmain.
toolswallets
BitKeep
BitKeep is a Web3 multi-chain wallet that integrates functions such as a wallet, transaction aggregator, NFT marketplace, dApp browser, and launchpad. It 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 round led by Dragonfly at a valuation of $100 million.
TokenPocket
TokenPocket is a self-hosted multi-chain wallet that supportsBitcoin, Ethereum, BNB Chain, Tron, Polygon,Solana, Heco,Klaytn, Avalanche, OKC, Fantom,Bocaetc.
In addition to the above, wallet products include imToken, MATH Wallet, a cryptocurrency wallet application that raised $30 million in 2021, as well as mainstream hardware wallets such as OneKey, Keystone, and Ballet.
data analysis
DeBank
DeBankIt is a data platform integrating functions such as wallet asset monitoring, DeFi, and NFT data statistics. At the end of 2021, it was announced that it had completed a $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 and a $2.65 million seed round led by Matrix Partners in January and May 2022, respectively.
In addition to the above tools, there is also NFTGo, an NFT data platform commonly used by NFT investors, andNFTScan,, and on-chain analysis tools Lookonchain and 0xScope Protocol.
other
ETHsign
EthSign, a decentralized electronic agreement signing platform, announced the completion of a $12 million financing led by Sequoia Capital India and Mirana Ventures in March 2022.
Also included are ratings, data analysis and content platform Token Insight, and Web3 online education infrastructure DeSchool.
DAO
DAOs were once thought to be one of the next hot topics in Web3, but management issues such as how to manage DAOs and motivate DAO members are still worth studying for this new form of organization. Chinese people at home and abroad have explored DAOs a lot. Related projects and organizations include SeedAO, Plancker DAO, GreenPill CN,DAOsquare、Dora Factory, Builder DAO, WhoKnows DAO, Research DAO, Type V DAO, 7 UP DAO, Brand3DAO, bFrenzDAO, LegalDAO,Redline DAO, THUBA DAO, 321DAO, 0x0CryptoDAO, Real Player DAO,BitDAO, Kawaraneko no Natsu, MoleDAO.
neighborhoods
Compared to more “decentralized” DAOs, the community is a relatively centralized concept, but the traditional model also has advantages, such as efficiency and convenient management. Domestic Web3 communities include Yuanyulong, Ambi Labs, Rebase, DApp Learning, Afro-Latin Web3 Research Institute, BTC Study, HKUST Web3 Labs, First Class Warehouse, DoraHacks, Moon Landing Workshop, TinTinLand, etc.
security
At a time when technology is immature, security is still a top priority for all Web3 projects, and companies that “protect” this world built on “numbers” include PaiDun Technology, Slow Mist Technology, Beosin (Chengdu Chainan), Beijing Chainan, and Bitrace.
Non-Web3 native company
In addition to the projects, companies, organizations, communities, etc. in the Web3 field mentioned earlier, a large number of non-Web3 companies are also exploring the path of entering Web3. The fields explored include alliance chains, metaverse, etc.
Magic Enamel Technology
Founded in 2018, Magva Technology is a metaverse technology company centered on computer graphics and AI technology. It completed Series C financing on April 6, 2022, with a total financing amount of US$130 million.
Next generation culture
Next-Generation Culture was founded in 2016, and in 2018, it created the first real person+animated interactive drama “Drama the Hidden River” in China, and officially entered the metaverse circuit. Next-generation culture has created an industry benchmark case of virtual IP linkage between celebrities and individuals. In February 2023, it completed the A++ round of financing, with total network traffic exceeding 2 billion dollars, and cooperating with nearly 20 brands and platforms.
Take a look at PICO Birdy
The Pico brand was founded in March 2015. With C-end users as the main market, it is committed to VR research and development, virtual reality content and application development, and the release of virtual reality software and hardware products. In September 2021, PICO officially merged into ByteDance and formed the Byte XR business line based on the original business. In June 2022, PICO established copyright content partnerships with the top six Hollywood studios.
VeeR
VeeR (Beijing WeiKuai Technology Co., Ltd.) was founded in 2016 and is committed to building a global, high-quality immersive entertainment platform.
Its core business lines include VeeR Global VR content platform, Space Zero VR cinema, and VR studio VeeR Studio.
Domestic related companies also include Quchain Technology, Lexiang Technology, Insta360, Fangtian Shenghua, Tunnel Light Technology, Lingdi Style3D, Prism Holographic, Yuanxiang Weishi, BUD, ImageTech, Coffee Technology, Baidu, China Telecom, Tencent, Huawei, Alibaba, ByteDance, NetEase, China Mobile, Ant Group, Digital Kingdom, HKUST, Bilibili, Goertek, Xiaomi, BOE, BOE, iQiyi, Blue Cursor, Weimei Holographic, Tianxia Unicom, Shangtang Technology, Lipai Guangjing, Tiandi Online, Inspur Group, Lan Yun, CITIC Group, Yinguniverse, Leke VR, Wide Web, Xiaohongshu, MetaCJ, Fengyuzhu, Huya, etc.
