In terms of macroeconomic regulation, the Federal Reserve's interest rate cuts have brought macroeconomic benefits, benefiting major DeFi protocols. The Federal Reserve significantly cut interest rates by 50 basis points in September, lowering the federal funds rate to between 4.75% and 5%, causing short-term volatility, but the long-term outlook for Bitcoin remains robust. With the deepening dependence of the global financial system on monetary expansion, BTC, as a global asset independent of central bank policies, continues to enhance its attractiveness, with a cumulative net inflow of $21.3 billion into spot ETFs.

The Ethereum mainnet data remains stable, and the Pectra upgrade is expected to bring improvements in network functionality, security, and efficiency. The average daily active users on the chain are 480000, with 1.2 million daily transactions. The comprehensive utilization rate of USDC, USDT, and DAI on major lending platforms has soared to 87%, reaching the highest level since late June 2024. With the rise in DeFi yields, interest rate cuts are expected to restart the crypto credit market and drive the flourishing development of on chain activities.

At the level of public chain ecology, major public chain data represented by Sui have shown impressive performance, and more innovations need to be explored. TVL has exceeded 1.4 billion US dollars, DEX's daily trading volume has reached 180 million US dollars, and both the daily trading volume and the number of active addresses have reached new highs. The liquidity protocol TVL led by NAVI Protocol has exceeded $500 million, and the top DEX Cetus ranks among the top 10 DEX trading volumes on the entire chain, with a weekly trading volume exceeding $1 billion. The trading volume of mainstream assets in the SUI ecosystem has steadily increased, and the trading volume of Memecoin and community assets has also surged significantly. Therefore, we are also optimistic about the parallel blockchain and its ecosystem project aPriori represented by Monad.

The concept of Meme's "super cycle" brings more attention and new variables to the development of AI, while entertainment oriented IP attracts more attention. The total market value of AI Memecoin has exceeded 2 billion US dollars, and the average trading volume of Memecoin has increased by more than 5 times compared to last year. The boom of Terminals of Truth and GOAT has brought new use cases for AI generated content, meme culture, and speculative market behavior, while driving Solana's peak of over 4.5 million on chain transactions and 6.9 million daily active users, with DEX strongly related to Meme setting a new fee record.

2、 OKX Ventures Q3 Investment Project Overview

OKX Ventures' investment track in Q3 covers the Bitcoin ecosystem, Ethereum and other first layer networks, as well as AI, blockchain data platforms and other directions, participating in investments in projects such as zkLink, Monad, aPriori, Space and Time, Prodia, etc. The following is the project related situation.



1. ZkLink

ZkLink is a multi chain decentralized finance (DeFi) infrastructure based on zero knowledge proof (ZKP) technology, aimed at addressing the issues of dispersed liquidity and high cross chain transaction costs in the current blockchain ecosystem. It achieves seamless connectivity and liquidity aggregation between Ethereum and its Layer 2 network by building an aggregated Layer 3 zkEVM network (zkLink Nova).

As the first aggregated Layer 3 zkEVM network, zkLink Nova solves the liquidity fragmentation problem on Ethereum L2, allowing DApps to be seamlessly deployed on multiple L2. Provide customized extension engines for high-performance ZK applications, supporting multiple application scenarios including spot trading, derivative trading, and NFT trading.

The main problems solved by this project are:

Cross chain liquidity aggregation, seamless multi chain interaction: zkLink connects different L1 and L2 networks through its protocol, simplifying the cross chain transaction process and allowing users to freely trade on different blockchains without frequent network or wallet switching.

Rich ecological projects: zkLink has collaborated with multiple projects to form a rich ecological network, attracting a large number of users to participate in its DeFi activities.

Innovative technology solution: Combining ZK Rollup and oracle network, zkLink provides an efficient and secure cross chain interaction mechanism, greatly improving the efficiency of ecological integration.

Enhance user experience, promote the development of decentralized financial ecosystems, and become an important bridge connecting different blockchains.

2. Monad

Monad is a 1-layer blockchain designed to provide extremely high performance and scalability. It supports 10000 transactions per second, with a block time of 1 second and the finality of a single confirmation. Monad is compatible with existing Ethereum Virtual Machines (EVMs), allowing developers to easily migrate and use existing applications and libraries.

Monad's low hardware requirements enable ordinary consumer grade hardware to run nodes, providing a feasible path for decentralization. In addition, the design of MonadDB allows most of the state to be stored in SSD instead of RAM, thereby reducing node operating costs and improving scalability.

Project features:

High performance: Monad provides 10000 transactions per second, ensuring a smooth user experience.

Low cost: Almost zero transaction fees enable applications to scale greatly.

Quick confirmation: With a block time of 1 second and a single confirmation mechanism, it improves transaction efficiency.

EVM compatibility: 100% EVM compatible, supporting applications within the existing Ethereum ecosystem.

Scalable decentralization: Low hardware requirements enable more users to participate in the network, promoting the decentralization process.

Innovative Execution Model: Adopting optimistic parallel execution and asynchronous execution to effectively enhance transaction processing capabilities.

3. APriori

APriori is a MEV infrastructure and liquidity staking protocol built specifically for the parallel execution era, natively implemented on the Monad platform. The project aims to optimize the processing efficiency of blockchain transactions through an innovative blockchain auction mechanism, thereby reducing junk trading behavior caused by MEV. APriori enhances user experience and overall network efficiency by ensuring that block producers are aligned with network goals.

The main problems solved by this project are:

￮ Block space auction: Due to the limited nature of block space and the monopoly of block producers in transaction sorting, aPriori introduced a block space auction mechanism. This mechanism makes the true economic value of transactions transparent through competitive bidding, thereby improving the efficiency of resource allocation.

Minimize junk trading: aPriori's auction mechanism reduces the phenomenon of junk trading caused by MEV by changing the dominant strategy of searchers. This design ensures orderly and predictable transaction execution, enhancing the user experience.

Incentive Compatibility: In the post MEV era, aPriori's auction mechanism ensures incentive compatibility, allowing transaction costs to be based on economic value rather than private evaluations by block producers, thereby optimizing user experience.

Transparency and Fairness: By introducing competitive bidding, aPriori ensures transparency in the transaction processing and reduces the possibility of unfair behavior such as preemptive trading.

4. Space and Time

Space and Time is a decentralized data warehouse designed specifically for blockchain applications. This project was established in 2022 with the aim of providing a next-generation data platform that meets the needs of decentralized applications (dApps), decentralized finance (DeFi), and other projects that require strong analytical capabilities. Space and Time combines enterprise level SQL and APIs, enabling users to seamlessly integrate and analyze on chain and off chain data in a single query.

Support multi chain operations, allowing users to easily access and analyze data across multiple blockchains. By introducing SQL proof technology, Space and Time ensures the security, integrity, and transparency of data without compromising performance.

The main features of this project are:

Decentralized architecture: Space and Time is the first Web3 native data warehouse, fully decentralized to ensure the security and privacy of user data.

Enterprise level SQL and API: Users can use familiar SQL commands and tools to query and load data, simplifying the data processing workflow.

Multi chain support: The platform allows users to seamlessly access and analyze data across multiple blockchains, enhancing flexibility and scalability.

SQL proof technology: This technology not only ensures the security of data, but also maintains its integrity and transparency, providing users with confidence.

Real time data processing: Supports high-capacity real-time transaction processing, while utilizing column storage and GPU acceleration for large-scale dataset analysis.

Customizable Dashboard: The platform provides dynamic visualization capabilities, allowing users to customize dashboards according to their own brand needs and automatically generate charts and visual content.

5. Prodia

Prodia is an innovative platform focused on artificial intelligence and distributed cloud computing, aimed at providing image and music generation services through its powerful API. This platform utilizes advanced machine learning models, particularly stable diffusion techniques, to convert text into high-quality images. In addition, Prodia has built a distributed graphics processing unit (GPU) network to provide efficient cloud computing services at a lower cost, supporting various application scenarios. Prodia not only provides users with advanced artificial intelligence tools, but also drives innovation and development in cloud computing services.

The main features of this project are:

AI content generation capability: Prodia provides multiple models to efficiently convert text to image through APIs, meeting users' needs for high-quality content generation.

Distributed cloud computing: By utilizing a distributed GPU network, Prodia can provide powerful computing power at a lower cost and adapt to project needs of different scales.

Diversified application scenarios: This platform is not only suitable for image generation, but also extends to fields such as music generation, providing creators with more flexibility and choices.

User friendly API: Prodia's API design is simple and easy to use, allowing developers to quickly integrate its features and improve development efficiency.

Web3 infrastructure: Combining Web3 technology, Prodia provides decentralized services that enhance data security and user privacy protection.

3、 Conclusion

From these changes in Q3, OKX Ventures is very optimistic about the market outlook. Macro level interest rate cuts are a major positive, Ethereum continues to innovate, on chain data reaches new highs, the public chain ecosystem represented by SUI, and cultural innovation brought by Meme all provide sustained growth momentum for the industry. This quarter, we focus on projects with strategic potential that not only align with market growth opportunities, but also demonstrate unique competitive advantages in their respective fields.

Whether in the re staking of Bitcoin and DeFi applications, cross chain liquidity integration, or the improvement of blockchain performance and optimization of data processing, these projects are driving technological breakthroughs and expanding application scenarios. In addition, we continue to be optimistic about the prospects of AI generated content and distributed computing, which will provide new momentum for the innovative development of future industries.

OKX Ventures Disclaimer, please read carefully https://www.okx.com/zh-hans/learn/okx-disclaimer.

Risk Warning and Disclaimer

This article is for reference only. This article only represents the author's viewpoint and does not represent the position of OKX or the aforementioned institutions. This article is not intended to provide (i) investment advice or investment recommendations; (ii) Offer or solicitation to purchase, sell, or hold digital assets; (iii) Financial, accounting, legal or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. The digital assets held (including stablecoins and NFTs) involve high risks and may experience significant fluctuations. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For your specific situation, please consult your legal/tax/investment professionals. Please be responsible for understanding and complying with applicable local laws and regulations on your own.

(责任编辑：现货银)