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Some Data Points and Statistics
In a study published on Thursday, Coinbase Ventures, the venture financing division of Coinbase (NASDAQ: COIN), discussed a number of fascinating subjects (July 21). Coinbase Ventures began by discussing the venture environment in a blog post that was published on July 21. Some of the important points from that post were:
The total financing decreased for the first time since Q2 2019 in Q1, as the overall venture market started to show symptoms of cooling. The worst decline in a decade, overall venture financing fell by 23 percent in Q2, as that trend continued. Although Q1 saw a record for crypto venture funding, as the company noted in their previous letter, they had already started to notice signs of a slowdown that they anticipated would emerge in Q2.
Although Q1 witnessed a record for crypto venture financing, as they stated in their previous letter, they had already began to notice indicators of a downturn that they anticipated would emerge in Q2.
Coinbase on Solana And Web3 Ecosystem
Coinbase strongly believes that Web3 gaming will onboard the next enormous wave of crypto consumers. There are an estimated 3.2 billion gamers worldwide. The Block estimates that $2.6 billion or more was funded in Q2 for web-3 gambling, which continued to attract significant investment. Their recent work has further strengthened their confidence. Founders with a proven track record in Web2 gaming continue to support this category, as they witnessed in Q1. Justin Kan, a co-founder of the $1 billion gaming streaming service Twitch, has also shown interest in the market. Kan is establishing a market for NFT game assets through his new business, Fractal.
They mentioned the following about Solana ($SOL) and its ecosystem:
The Solana ecosystem’s ongoing momentum was evident in Coinbase’s Q2 activity. The company saw a definite trend in early teams giving attention to Solana, even while Ethereum and the EVM continue to rule in terms of developer interest and compatible apps. In all, they completed 10 acquisitions based on Solana in Q2, As of late, teams like Coherent and Moralis have chosen to support both the EVM and Solana from the beginning. The fact that some sizable investors have openly stated their support for the ecosystem further demonstrates that Solana’s tenacity is genuine.