As the DeFi space continues its technical resurgence, essential news on funding, innovation and DAOs continues to drive adoption in what remains a nascent industry.

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Web3 platform Alchemy announced the launch of a $200-million Series C funding round this week, giving the company a decacorn status and a valuation of $10.2 billion.

The seven-investor round was led by two California-based venture firms — Lightspeed Venture Partners, which were investors in FTX’s recent tertiary funding round, and Silver Lake — with additional participation from Pantera Capital and previous lead investor in October’s $250-million raise, Andreessen Horowitz’s a16z, among others.

Alchemy provides the underlying infrastructure for Web3 applications — akin to the service provided by Amazon Web Services for internet sites — and has worked with the likes of OpenSea, Adobe, Dapper Labs, “CryptoPunks” among others to support the growth of the Web3 ecosystem into the mainstream.

Since October’s funding round led by a16z, Alchemy has implemented several initiatives such as an open Web3 University to foster education within the space, a startup program titled Alchemy Ventures designed to support emerging businesses, in addition to a nonfungible token (NFT) application programming interface for website developers.

According to the company, NFT marketplaces built on the Alchemy platform have registered in excess of $1.5 billion in artist royalties over the past 12 months, a crucial community-orientated metric among Web3 participants.

Alchemy co-founder