Tracking of Key Project Progress (Issue 3 · Week 30, 2026)

01Summary of Financing Events This Week

A total of 6 financing deals have been recorded in this period (after deduplication).

As of 2026-07-22, a total of 6 financing deals have been recorded in this period.

Statistics Summary

• Total Number of Deals: 6
• Total Amount: $1.754 billion
• Average Amount per Deal: $292 million

Key Investment Trends This week’s financing activities showed a clear trend toward large-scale deals and concentration in specific sectors. Exchanges and trading infrastructure, compliance and RWA, and DeFi and protocol layer were the three main hotspots. Crypto.com, Securitize, and Ionic Digital all received substantial strategic or private investments of $400 million each, indicating continued optimism among institutional investors in compliance solutions and underlying infrastructure. Bitbank completed an acquisition worth $289 million, further strengthening its position in the trading infrastructure sector. Alpaca and Prime Intellect received investments of $135 million and $130 million respectively, showing that the DeFi protocol layer and AI integration areas remain attractive. Traditional financial institutions and tech giants are actively participating, driving the evolution of the crypto market toward institutional-grade tools and cross-chain interoperability.

02Analysis of Key Projects

Benchmark Date: 2026-07-22

This week, the crypto primary market showed clear signs of institutionalization and compliance-driven development. The total funding raised in the past 30 days reached $2.53 billion, with 66 projects securing investment. Funds were heavily concentrated in exchange infrastructure, tokenization of compliant assets, and DeFi protocol layers. The deep involvement of traditional financial giants and tech companies signals a shift in the industry from mere technological advancement to deeper integration of financial infrastructure.

Crypto.com and Securitize both completed $400 million in strategic financing, while Ionic Digital received $400 million in private investment. These three companies tied for the top spot in terms of funding volume this week. As a leading exchange, Crypto.com’s substantial funding is aimed at strengthening its trading infrastructure capabilities to compete in an increasingly competitive compliance landscape. Securitize, as a key player in the compliance and RWA space, its funding efforts reflect the trend of bringing traditional financial assets onto blockchain, providing compliant pathways for institutional funds to enter the crypto market. Ionic Digital’s $400 million funding highlights institutions’ emphasis on underlying interoperability and cross-chain infrastructure, with the goal of addressing asset liquidity issues in multi-chain environments.

Bitbank completed a merger and acquisition deal worth $289 million, making it the fourth-largest financing deal of the week. This transaction reflects the accelerating integration of crypto infrastructure in the Asian market, where companies are expanding their market share and compliance licensing through M&A. Alpaca secured $135 million in Series B funding, and Prime Intellect received $130 million in Series A funding, reflecting the ongoing momentum in DeFi lending protocols and the AI+Crypto sector.

In terms of sector distribution, exchanges and trading infrastructure, compliance and RWA, as well as DeFi and protocol layers were the hot topics this week. The participation of traditional financial and tech giants such as Citadel, Intel, and Nvidia indicates that institutional funds are shifting from speculative assets to infrastructure projects with real cash flows and compliant frameworks. With the South Korean government releasing a roadmap for the internationalization of the won and planning to issue stablecoins, clearer global regulatory frameworks will further boost financing activity in RWA and compliant tokenization projects. It is expected that future funding will focus more on institutional-grade tools, cross-chain interoperability, and the mapping of real-world assets, marking a new phase for the industry characterized by compliance and efficiency.

03Trends in Investment Firms

Benchmark date: 2026-07-22

This week, the total financing in the primary market reached $2.53 billion across 66 transactions, with funds heavily concentrated in exchange infrastructure, compliant RWA, and DeFi protocol layers. Traditional financial institutions and tech giants such as Citadel, Intel, and Nvidia are actively involved, indicating continued optimism among institutions regarding crypto infrastructure and compliance initiatives.

In terms of investment preferences, institutional capital is increasingly flowing toward compliant and institutional-grade tools. Crypto.com, Securitize, and Ionic Digital all received $400 million in strategic or private investments, highlighting the dominant role of leading platforms in the tokenization of compliant assets. Bitbank completed a acquisition for $289 million, Alpaca raised $135 million in Series B funding, and Prime Intellect secured $130 million in Series A funding, showing that the lending and AI sectors remain attractive.

Regarding partnership dynamics, collaboration between traditional financial institutions and crypto-native capital is intensifying. Traditional giants like Citadel have formed strategic alliances with crypto infrastructure projects to promote cross-chain interoperability and the development of the RWA ecosystem. The South Korean government plans to issue won-based stablecoins and conduct pilot programs for government bond tokenization, further attracting international capital to Asia’s compliant markets.

Future financing will focus more on RWA, institutional-grade tools, and cross-chain interoperability. Institutional capital will continue to flow into compliant areas, accelerating the integration of traditional finance and cryptography.

04Distribution of funds in the industry

A total of 66 financing deals were recorded in this period, with a combined amount of $2.53 billion. The distribution of funds shows a high degree of concentration among leading players, with exchanges and trading infrastructure, compliance and RWA, and DeFi and protocol layers being the three main focus areas.

In terms of capital flow, compliance and institutional-grade infrastructure have become the top choices for investors. Crypto.com, Securitize, and Ionic Digital all received strategic investments of $400 million each, while Bitbank got $289 million in acquisition funding. These four deals alone account for a significant portion of the total financing amount. The active involvement of traditional financial and tech giants such as Citadel, Intel, and Nvidia indicates an accelerating trend toward institutionalization, with capital shifting from early-stage exploration to more mature, compliant solutions and underlying infrastructure.

Compared to the previous period (65 financing deals, $2.53 billion), the total financing amount remained stable, but there was a slight shift in focus. While DeFi and lending protocols were key areas last time, this period sees a clearer emphasis on compliance, RWA, and cross-chain interoperability. This suggests that, as regulatory expectations become clearer, funds are moving away from pure DeFi protocols toward RWA and compliant infrastructure that offer integration capabilities with traditional finance, with institutional investors increasingly valuing the “compliance premium.”

05Operational Recommendations and Risk Warnings

Operational Recommendations

• Defending Liquidity in the RWA Ecosystem (This Week) The Robinhood Chain mainnet’s TVL has reached $262 million, with over 120 million transactions processed in just three weeks, indicating a significant boost in ecosystem activity. Given that early RWA projects are still in the validation phase, investors should be cautious about liquidity and delivery risks. If the trading volume of a held asset drops by more than 20% in a single day or there are unusual large-scale transfers on the chain, it is advisable to take defensive measures by gradually reducing exposure to individual RWA projects to avoid getting trapped when liquidity dries up.

• Avoiding Risks Related to Infrastructure Stability (Next 2 Weeks) The Aurora mainnet experienced a block production outage lasting over 17 minutes on 07-20, highlighting the vulnerabilities of layer-2 networks. The Polygon Ithaca hard fork is expected to launch on 07-29, introducing a fallback mode to enhance payment reliability. Before the upgrade takes effect on 07-29, if assets related to the Polygon or Aurora ecosystems experience cross-chain delays or abnormal node synchronization, new positions should be suspended until network stability is confirmed, thereby avoiding the risk of asset freezing due to technical failures.

• Navigating Macroeconomic Policy Expectations (This Month) The South Korean government has released a roadmap for the internationalization of the won, planning to issue stablecoin-linked tokens and pilot the tokenization of government bonds next year. If news confirming the establishment of a legal framework for South Korean stablecoins emerges, and the trading volume of XRP (currently priced at $1.14) or related payment tokens rises above $2 billion, it may be appropriate to increase holdings in the cross-border payment sector. Conversely, if policy progress falls short of expectations or the market sentiment index drops below 40, a neutral position should be maintained to avoid excessive speculation.

Risk Warnings

• Ecosystem Migration Risk: Superseed has announced that it will stop using its L2 network on 08-15, requiring users to transfer their assets across chains within a specified deadline. If migration is not completed by this date, the platform cannot guarantee the recovery of assets. Users should closely monitor the migration window and take action in advance.

• Sentiment Fluctuation Risk: The market sentiment index once dropped sharply by 15.6 points to 36.2 (indicating a fearful mood). If the index falls below 40 again, coupled with a decline in Whale activity, it could trigger short-term selling waves, necessitating caution against sharp price corrections.

06Related Reads

1. “Mainnet Launch Sparks Interest: How Top 10 RWA Projects Will Capture Ecosystem Benefits”
2. “South Korea Unveils Plan to Internationalize Won, Intending to Issue Won Stablecoin”
3. “Robinhood Chain’s Mainnet TVL Reaches $262 Million”
4. “Aurora Mainnet Appears to Be Down, With Block Production halted for over 17 minutes”
5. “Polygon Ithaca Hard Fork to Launch on Mainnet on July 29”
6. “Superseed Abandons Its Own L2 and Migrates to Ethereum Mainnet”