IDG Blockchain to Co-Lead the Seed-Round Investment into U2U Network to Advance DePIN Technology

[Vietnam, June 26, 2024] In a significant move underscoring its commitment to the mass adoption of Decentralized Physical Infrastructure Networks (DePIN), IDG Blockchain will make a 7-digit investment into U2U Network as a co-lead of the seed round. This pivotal funding will enable U2U Network to implement its innovative DePIN Subnet technology, marking a crucial step toward revolutionizing the exciting landscape of DePIN.

IDG Blockchain is an early-stage venture capital fund focusing on blockchain, AI, and emerging technologies with a global vision. IDG Blockchain has significantly influenced technological innovation, its portfolio including notable names such as dappOS, Pontem, Lumoz, ZkEX, Avalon, Catalyst, and Grindery, all of which have made great progress.

A proud member of the IDG Capital network, IDG Blockchain combines 20+ years of VC experience managing its earlier brother fund (IDG Ventures Vietnam, $100M) and a GP team of established technology and business experts in the Web3 space. IDG Blockchain is well-known in Southeast Asia and making its name known in the US. In fact, most of its portfolio companies are from the US. IDG Capital is renowned for pioneering venture capital in China. World-renowned investments include Tencent, Baidu, Ctrip, Xiaomi, Shein Meituan, iQiyi, SenseTime, Moncler, and Farfetch. After the success in China, the firm has expanded globally, operating 11 offices worldwide and managing several funds. Today, it has 23 billion USD of assets under management. Recognizing the transformative potential of blockchain technology, IDG Capital has made selective and visionary investments in notable projects such as Ripple, Coinbase, and Circle.

Decentralized Physical Infrastructure Networks (DePIN) is an innovative approach to making compute power accessible to everybody and every task, by applying blockchain technology to decentralize the physical computing infrastructure. According to Cointelegraph, the DePIN market is valued at about $2.2 trillion currently and $3.5 trillion projected by 2028. Meanwhile, BeInCrypto reports that since the beginning of 2024 alone, this sector has seen significant growth with around 650 new projects launched and a total market capitalization reaching $20 billion.

Given DePIN’s bright future, IDG Blockchain's decision to invest in U2U Network was strategically aligned with the burgeoning demand and potential within the sector. U2U Network's pioneering technology in DePIN Subnets is a transformative advancement in applying blockchain to physical infrastructures.

U2U Network, setting its sights on becoming a comprehensive ecosystem for Web3 builders, is dedicated to delivering a robust infrastructure emphasizing a Modular Layer-1 Network and a DePIN Ecosystem. U2U Network is at the forefront of a paradigm shift in the trillion-dollar DePIN marketplace. As a Layer 1 blockchain platform equipped with cutting-edge Subnet Technology, U2U Network is redefining how digital resources are shared and utilized. U2U Subnet is a disruptive scaling solution that makes unlimited scalability possible. U2U Subnets effectively scale the main chain by forming a network of blockchains around it. Each U2U Subnet operates independently from the mainnet, meaning that (1) even if the U2U Mainnet experiences downtime, the Subnets can continue to function without interruption and (2) the performance of each Subnet never affects the network as a whole. U2U Subnets and U2U Mainnet are interconnected to ensure shared security while each U2U Subnet can deliver high blockchain performance to a specific task. Additionally, transaction verification occurs directly on the Subnets, bypassing the need for packing as seen in other scaling solutions. This approach enhances the security of transactions by reducing points of failure and ensuring localized consensus, minimizes the risk of malicious attacks, and ensures the integrity of the network.

The Architecture of U2U Network

With the ambition to reach the Trillion-Dollar Market, U2U Network aims to create a decentralized, user-driven marketplace for digital resources called DePIN Marketplace. U2U Network is developing a marketplace where digital resources, such as internet bandwidth, storage space, and valuable data, can be bought and sold. This marketplace is designed to meet the diverse needs of various participants, from small businesses to large government entities. By providing a decentralized platform for resource exchange, U2U Network is unlocking new economic opportunities and driving efficiency across multiple sectors. The DePIN Marketplace has the potential to significantly impact the global economy by enabling the efficient distribution and utilization of underused digital resources. This could lead to substantial cost savings and productivity gains, as businesses and governments can access the resources they need without relying on centralized providers. By positioning itself as the Amazon or Alibaba of the Web3 world, U2U Network aims to drive massive adoption and network effects.

U2U Network’s team includes over 120 team members and 40 contributors, formerly from various high-profile companies such as Kardiachain, Google, and Infina (Y Combinator S21). The advisor team includes experts having affiliations with Stanford University, RMIT University, and Animoca. U2U Network is not just an ordinary blockchain project but a crucial bridge ushering the world into a new era of decentralized technology and sustainable development of digital infrastructure.

IDG Blockchain's investment in U2U Network goes beyond just funding. It specifically supports the R&D of U2U Labs to perfect the Subnet Protocol and create tools to engage developers to work with the network. “Subnet Protocol allows different segments of our network to operate independently yet securely, reducing the burden on our main network and enhancing overall efficiency. This makes U2U Network a perfect fit for DePIN applications”, explained Ms. Chloe Phung, Co-Founder & CMO of U2U Network. Furthermore, this funding will speed up the development and integration of DePIN technologies, including the creation of hardware devices. These devices are designed to simplify sharing resources, making it more accessible for everyone, no matter their educational or financial background.

Building on this momentum, U2U Network will launch a $1 million grant dedicated to furthering DePIN development, leveraging the strategic support from IDG Blockchain to fuel these efforts. This collaboration underscores a shared vision between IDG and U2U Network: to drive widespread adoption and innovation in decentralized infrastructures, reshaping global resource management.

IDG Blockchain's investment in U2U Network signals a robust step forward in the evolution of decentralized physical infrastructure networks. This collaboration harnesses IDG's financial strength and strategic insight alongside U2U Network's innovative technology to push the boundaries of DePIN development.

About U2U Network:

U2U Network is a pioneering modular chain built on top of DAG and compatible with EVM. Setting sights on becoming a comprehensive ecosystem for Web3 builders, U2U Network is dedicated to delivering a robust infrastructure emphasizing a Modular Layer-1 Network and a DePIN Ecosystem. Leveraging the innovative Helios Consensus mechanism, U2U Network's Modular architecture bring an impressive throughput of 17,000 transactions per second (TPS) and a finality time of approximately 350 milliseconds, ensuring high performance, efficiency, and Ethereum Virtual Machine (EVM) compatibility. All this makes our network structure a perfect fit for DePIN.

Learn more about U2U Network:

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