Blockchains of Choice for VC-Backed Web3 Startups - Part 1
- Out of the 156 analyzed projects, as many as 47 are not built on a blockchain. Instead, they are infrastructure solutions like cryptocurrency wallets and centralized exchanges.
- Out of the 156 analyzed projects, as many as 44 are building on Ethereum (38), or Ethereum Layer-2 scaling solutions (6) — Arbitrum, Aurora, Gnosis Chain, Harmony ONE, StarkNet, and zkSync.
- Eleven projects are building on multiple blockchains. Other blockchains with multiple projects include Bitcoin (and Bitcoin SV) (7), Solana (6), Binance Smart Chain (6), Avalanche (3) and Polygon (2).
The 156 startups that most recently raised funding out of those listed in the Dove Metrics database have been listed in the project spreadsheet and the blockchains that each project is building on have been listed in column C.
The research team first copied the information from the Dove Metrics database into the project spreadsheet. This was a manual process since the database owner has disabled copying. Then, each project's website and developer documentation were analyzed, along with press reports, to determine the project's native blockchain. Sources showing each project's native blockchain are hyperlinked in column C. For 11 projects, the research team could not identify the native blockchain even after attempting multiple strategies. Most of these projects appear to be infrastructure providers or service providers to blockchain companies and the research team believes most can be classified as "no blockchain required". However, the research team could not prove that, which is why these projects were classified as "unknown"