How stETH’s Peg Is Supposed to Work

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Liquidity Strains & Rising Exit Queue

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Aave Borrow Rate Spike & the Unwind

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Justin Sun’s Role

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The Loopers’ Dilemma & Aftermath

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Key Insights & Outlook

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Ethereum

Lido Staked Ether

Hourglass overflowing with Ethereum icons and whale tail, labeled "Queue: 625k ETH"

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Lido’s stETH lost value against ETH after Justin Sun pulled $518M from Aave. This caused borrowing costs to spike, forcing users to exit positions and pushing Ethereum’s withdrawal queue to a record 625k ETH.

Justin Sun

HTX Ventures (previously Huobi Ventures)

Ethereum Validator Exit Queue Hits ATH Amid Price Surge

Hong Kong

HTX Venture, the global investment arm of HTX, integrates investment, incubation, and research to identify the best and brightest teams in the world.

China

Ledger Capital

Metalpha

FDES

TBV is an early-stage web3 venture capital fund focusing on leading investment deals backed by a strong ecosystem of investors, founders, & builders.

TB Ventures (TBV)

DashFun Coin

Animoca Brands is a global digital entertainment company that specializes in the development and publishing of mobile games, blockchain-based games, and non-fungible tokens (NFTs). They are known for creating and publishing a wide range of popular games, including licensed intellectual properties such as Formula 1, Doraemon, and MotoGP. Animoca Brands is also heavily involved in the blockchain gaming space, leveraging the benefits of blockchain technology and NFTs to create unique gaming experiences.

Animoca Brands

United States of America

C² Ventures is an investment firm that builds and invests in Web3 companies

C2Ventures (Csquared)

P2 Ventures is dedicated to supporting visionary teams across the multichain ecosystem. We invest at the earliest stages across all categories in web3.

P2 Ventures

The first compliant and inclusive blockchain financing & investment platform by Republic in partnership with CoinList

Republic Crypto

Cardano Foundation is a blockchain and cryptocurrency organisation based in Zug, Switzerland. The Cardano Foundation is dedicated to act as an objective, supervisory and educational body for the Cardano Protocol and its associated ecosystem.

Cardano Foundation

Moonray

Sfermion is a multi-strategy investment firm focused on the immersive internet. Sfermion's mission is to accelerate the emergence of the metaverse by investing in the companies and founders who are shaping our digital future.

Sfermion

Cayman Islands

GBV Capital focuses exclusively on investment related to blockchain technology, digital currency, and cryptocurrency

GBV Capital

Master Ventures is a blockchain-focused Venture Studio.

MV Global

LD Capital is an VC investors in the blockchain field in Asia.

LD Capital

Metavest Capital partners with strategic projects metaverse, nft and game, offering expertise, capital, resources and advice.

Metavest Capital

Singapore

Signum Capital invests in distributed ledger technologies and crypto assets. Signum Capital support game-changing projects that advance us towards the future of blockchain-enabled socioeconomic transformation.

Signum Capital

United Kingdom

Paper Ventures is a first-in, innovative investment firm, focusing on the ever-changing landscape of emerging technologies.

Paper Ventures

Openspace is a venture capital firm using active intelligence to find and back transformative companies in Southeast Asia.

Openspace

UOB Venture Management

ABCDE Capital

Ocular is an investment fund focused on the rising asset class of Web3.

Ocular VC

YTWO is a global international venture capital and assets management fund that invests in early-stage crypto startups.

YTWO

Sandy Peng

Mable Jiang

Cherry VC

Clem

Vanilla Finance

United Arab Emirates

DWF Labs is the new generation Web3 investor and market maker, one of the world's largest high-frequency cryptocurrency trading entities, which trades spot and derivatives markets on over 60 top exchanges.

DWF Labs

Malta

YZi Labs is an investment firm formerly known as Binance Labs that invests in all stages of development in the fields of Web3, artificial intelligence (AI), and biotechnology.

YZi Labs (prev Binance Labs)

Bankless

Hypersphere is a crypto-native investment platform designed to partner with early-stage and public blockchain networks.

Hypersphere Ventures

DACM provides focused, transparent, and professionally managed investment into the world’s fastest growing asset class.

Digital Asset Capital Management (DACM)

Early stage venture capital fund focusing on Asia/US cross-border technology investments.

Draper Dragon

LongHash Ventures is a global blockchain accelerator and VC fund.

LongHash Ventures

Side Door Ventures

Laser Digital is a crypto business redefining the frontier of digital finance for institutional investors.

Laser Digital

SCB Limited

ViaBTC Capital, a wholly-owned investment brand under the ViaBTC Group, focuses on investment in Web 3.0, Layer 2 and DApps combining DeFi, NFT or DAO elements.

ViaBTC Capital

ArkStream Capital is a crypto fund dedicated to growing Web3.0 unicorns.

ArkStream Capital

Cluster Capital is a global network of crypto investors, media influencers, and entrepreneurs.

Cluster Capital

Cypher Capital is a early stage VC and consultant firm

Cypher Capital

GSR, founded in 2013, is a global leader in digital asset trading and market making.
GSR is a crypto market maker and ecosystem partner

GSR Markets (GSR)

Luxembourg

NOIA Capital is a Luxembourg based actively managed alternative asset manager pursuing excellence in digital assets and blockchain technology investments.
The Company is registered with CSSF and FSMA.

Noia Capital

KernelDAO

Jump Crypto, a division of the Jump Trading Group, is a global leader in Web3 infrastructure development and investment.

Jump Crypto

Solana Ventures' mission is to accelerate the growth of the Solana blockchain and adjacent ecosystems by providing capital to the most promising teams building in the crypto ecosystem.

Solana Ventures

Amber Group is a one-stop crypto finance service provider that provides liquidity provision, trading and asset management services 24/7.

Amber Group

Genblock Capital invests exclusively in blockchain and cryptocurrency, with a focus on decentralized finance.

Genblock Capital

Primeblock ventures is a diversified investment firm dedicated to the digital asset, cryptocurrency and blockchain technology industry.

Primeblock Ventures

Innovating, venturing, and catapulting forward the next generation of teams/companies

Infinity Ventures Crypto (IVC)

There Exists Ventures (T3E)

Switzerland

John Lilic is an Investor and Product Development Advisor at Polygon. He attended Heriot-Watt University from 2016 to 2018.

John Lilic

Philippines

Stepan Simkin

VentureDAO

Streamflow

Solidity Ventures

Ratio Ventures operates as a venture capital firm.

Ratio Ventures

Seychelles

Founded in 2018, MEXC Global is a centralized exchange that employs a high-performance mega-transaction matching technology. The CEX platform is run by a team of professionals with extensive financial industries and blockchain technology experience.

MEXC Global (Privcode Capital)

AngelDAO operates as a decentralized autonomous organization.

AngelDAO

Paribus

Blockchain Capital is a venture capital firm specializing in investments in blockchain technology and cryptocurrencies. It was founded in 2013 by Bart Stephens and Brad Stephens, and it's headquartered in San Francisco, California. Blockchain Capital is one of the earliest and most well-known venture capital firms dedicated exclusively to the blockchain and cryptocurrency space.

Blockchain Capital

CMS Holdings may also invest in early-stage blockchain and cryptocurrency projects through private investments and strategic partnerships. They provide capital and support to innovative startups in the crypto space.

CMS Holdings

Cadenza actively invests in the technology companies and related crypto assets that are reshaping financial services.

Cadenza Ventures

Managed by the family office of Arthur Hayes (co-founder, BitMEX), Maelstrom is building a long-term portfolio of infrastructure companies that will serve as the foundation of the next wave of trustless decentralization.

Maelstrom

RISE

Breed VC is an early stage crypto venture fund dedicated to helping the top founders build the decentralized future

Breed

No Limit Holdings

Base is a secure, low-cost, builder-friendly Ethereum L2 built to bring the next billion users onchain.

Base Ecosystem Fund

Zach Segal

Tommy Shaughnessy

Isaiah Washington

Polychain Capital is a cryptocurrency-focused investment management firm and hedge fund. It was founded in 2016 by Olaf Carlson-Wee, who was the first employee at Coinbase and is known for being one of the earliest advocates of cryptocurrencies and blockchain technology. Polychain Capital is headquartered in San Francisco, California, and is considered one of the prominent players in the cryptocurrency investment space.

Polychain Capital

Framework Ventures is a cutting-edge venture capital firm deeply immersed in the world of decentralized finance (DeFi) and blockchain technology. Founded by Michael Anderson and Vance Spencer, Framework Ventures stands out as a key player in the rapidly evolving landscape of digital assets and blockchain-based financial innovations.

Framework Ventures

Symbolic Capital is a crypto-native fund founded by web3 founders.

Symbolic Capital

Babylon

Offchain Labs

Bullet Labs

corn

OKX Ventures is a fund focused on exploring high-quality and promising projects, with an initial capital of $100 million.

OKX Ventures

Presto Labs

Arbitrum Foundation

Morningstar Ventures is an investment firm focused on digital assets and blockchain technology.

Morningstar Ventures

SNZ Holding is a crypto fund founded by a group of engineers, blockchain evangelists and entrepreneurs passionate about disruptive blockchain technologies.

SNZ Holding

Santiago Roel Santos is the Partner at ParaFi Capital

Santiago Roel Santos

Lattice is an early-stage crypto VC that helps founders build defensible moats.

Lattice

Artichoke Capital is a technology venture capital firm supporting the next generation of founders advancing the development of Web3.

Artichoke Capital

Sats Ventures

Wise3 Ventures

Fat Cat Ventures

Nexio

Arrington Capital is a thesis-focused digital asset and Web3 investing firm. Since 2017, Arrington Capital has invested in over 200 early-stage companies in the crypto ecosystem. Arrington Capital's crypto-native team of seasoned entrepreneurs, founders, and executives is committed to doubling down on efforts to ensure our partners' success.

Arrington Capital

Selini is a global trading firm focused on systematic trading, liquidity provision, efficient execution, and venture investing—all within the digital assets space.

Selini Capital

gumi Cryptos Capital is a blockchain and cryptographic asset fund that invests in the crypto native stack from L1 to the application layer, as well as in traditional businesses supporting the ecosystem.

gumi Cryptos Capital

IOSG Venture is an early-stage fund for decentralized protocols and companies. Early-stage algorithm-based ventures.

IOSG Ventures

The Spartan Group primarily focuses on investments in digital assets, cryptocurrencies, and blockchain-related projects. They actively manage a portfolio of various cryptocurrencies, including Bitcoin and Ethereum, as well as other tokens and blockchain assets.

The Spartan Group

Kenetic is a proprietary trading and VC investment firm focused on digital assets and blockchain related companies.

Kenetic Capital

Alphemy Capital is an innovative investment manager committed to exceptional outcomes for our clients. Driven by a fundamental and compelling investment strategy, we pursue a dynamic approach to managing a portfolio of blockchain-based digital assets.

Alphemy Capital

SevenX Ventures provides insights and operational expertise to help blockchain startups in growing.

SevenX Ventures

Samara Asset Group is a deep-tech powered alternative asset manager with a hyperfocus on alpha-generating strategies and Bitcoin.

			Stage	Investors
DFUN DashFun Coin	--	--	Funding Round	+2		Gaming	Apr 8, 2025
MNRY Moonray	$1.75 M	~$17.50 M	Funding Round	+3		Gaming	Dec 13, 2024
Vanilla Finance	--	--	Pre-seed	+9	--	DEX	Nov 26, 2024
KERNEL KernelDAO	$10.00 M	~$100.00 M	Strategic Round	+14		Liquid Staking Protocols	Nov 25, 2024
STREAM Streamflow	$1.90 M	~$19.00 M	Funding Round	+10		Blockchain Service	Oct 28, 2024
BSX BSX	--	--	Strategic Round			Perpetual	Sep 10, 2024
Vanilla Finance	--	--	Strategic Round		--	DEX	Sep 4, 2024
CORN corn	$6.70 M	~$67.00 M	Seed Round	+6		Layer-2	Aug 20, 2024
Nexio	$2.20 M	~$22.00 M	Pre-seed	+7		Infrastructure	Aug 8, 2024
RED RedStone	$15.00 M	~$150.00 M	Series A	+17		Oracle	Jul 2, 2024
ZKX ZKX	$4.50 M	~$45.00 M	Seed Round	+9		DeFi	Jun 14, 2024
BABY Babylon	$70.00 M	~$700.00 M	Funding Round	+10		Blockchain	May 30, 2024
NEXG NexGami	$2.50 M	~$25.00 M	Seed Round	+7		Gaming	May 30, 2024
THQ Theoriq	$6.20 M	~$62.00 M	Seed Plus Round	+4		Artificial Intelligence (AI)	May 13, 2024
CAMP Camp Network	$4.00 M	~$40.00 M	Seed Round	+5		Layer-2	Apr 2, 2024
SOPH Sophon	$7.25 M	$75.00 M	Seed B	+8		Modular Blockchain	Mar 29, 2024
SOPH Sophon	$10.00 M	~$100.00 M	Funding Round	+3		Modular Blockchain	Mar 29, 2024
BB BounceBit	$6.00 M	~$60.00 M	Seed Round	+22		Blockchain	Feb 28, 2024
CESS CESS Network	$8.00 M	~$80.00 M	Funding Round	+8		Infrastructure	Dec 27, 2023
AAX Academic Labs	--	--	Funding Round			Web 3.0	Dec 20, 2023

HTX Ventures (previously Huobi Ventures)

About HTX Ventures (previously Huobi Ventures)

Investments Allocation

Fundraising Rounds