INTRODUCTION

>> Data Context

This report employs two types of data: Off-chain and On-chain.

On-chain Data:

On-chain data reflects investment behaviors and trends on DEX (excluding wallets of Market Maker funds like Jump Trading, Wintermute, Alameda Research, or funds with OTC selling activities like Amber and FalconX).

Total VCs considered: 121 out of 125 VCs, considering 967 wallets out of 2,025 wallets.

Off-chain Data:

Off-chain data reflects VC investment trends and market rules. Note that it includes individual investor data aligned with VC funding rounds, collectively referred to as VC.

In total, over 5,143 VCs and more than $87 billion were invested in 3,817 projects from 03/2019 to 03/2023. These figures were compiled from Messari + Defillama, and reprocessed by our team (correcting and supplementing the data).