Gate Research Institute: Financing amount surged by 104.8%, capital reinvestment in prediction market and stablecoin infrastructure | 2025 Web3 Financing Overview

Summary

• According to data released by Cryptorank on November 4, 2025, the Web3 industry completed a total of 130 funding rounds in October 2025, with a total funding amount of 5.12 billion dollars; the number of funding rounds increased by 28.43% month-on-month, and the total funding amount surged by 104.8%, reaching the second highest level in nearly a year.
• The top 10 large-scale financing institutions exhibit three core characteristics: the explosive growth of prediction markets, deeper integration of CeFi/TradFi, and the accelerated trend of institutionalization and selection of capital. Polymarket leads the way with $2 billion in strategic financing, marking a high point for capital in the prediction market sector; CeFi continues to expand through mergers and structured financing, demonstrating a significant trend of deep integration with the traditional financial system.
• From the perspective of track distribution, capital flow is clearly concentrated in the dual-core areas of “innovative finance and underlying infrastructure.” DeFi has jumped to the top position with a financing amount of $2.15 billion, surpassing blockchain services ($1.21 billion) and CeFi ($986 million), becoming the strongest capital-absorbing track in October. Capital is massively concentrated in financial applications and underlying technologies, while consumer-facing application layer projects have clearly encountered a chill.
• In terms of financing structure, the market still shows a pattern of “mid-tier dominance with increased concentration at the top.” Projects with financing amounts between 3 million and 10 million dollars account for more than one-third of the total rounds, making them the most active mainstay tier in the market; while small financing projects under 1 million dollars only account for 5.9%, hitting a recent low.
• In terms of the distribution of financing rounds, strategic rounds have become the absolute dominant force, with financing projects accounting for 34.2% and financing amounts exceeding 70% of the total, indicating that leading institutions are accelerating their ecological layout through strategic entry. Early-stage projects remain active, but the amount of funding is limited; there is a noticeable gap in mid-stage rounds (A, B, C), reflecting that the market is entering a structured selection cycle.
• At the institutional level, Coinbase Ventures ranks first with 9 investments, covering various fields including CeFi, DeFi, Chain, and blockchain services.

Financing Overview

According to data released by the Cryptorank Dashboard on November 4, 2025, the Web3 industry completed a total of 130 financing rounds in October 2025, with a total financing amount of 5.12 billion USD【1】. It should be noted that due to differences in statistical criteria, this amount differs somewhat from the total financing amount obtained by summing each item (approximately 6.995 billion USD), which may be due to the exclusion of certain crypto asset strategic reserves, private placements, and IPO-type financing from the statistics. To maintain consistency in criteria, this article uniformly adopts the original statistical data from the Cryptorank Dashboard for analysis.

Compared to 101 financing rounds and a total of $2.5 billion in September, the number of financing rounds in October increased by 28.43% month-on-month, and the total financing amount surged by 104.8%, achieving a doubling growth and reaching the second highest level in nearly a year, second only to the financing peak in March 2025 ($5.79 billion). This month's financing scale was mainly driven by several large transactions: the prediction market Polymarket completed a strategic financing of $2 billion, Ripple acquired GTreasury for $1 billion to enter the corporate treasury management field, the stablecoin public chain Tempo supported by Stripe completed a $500 million Series A financing, and the prediction market Kalshi secured $300 million in Series D financing. These four transactions accounted for over 74% of this month's total financing amount, fully reflecting the effect of capital concentration.

From a macro perspective, there has been a significant divergence between the amount of financing and the number of financing deals. On one hand, the number of financing deals has continuously declined since it peaked in December 2024 (around 166 deals), stabilizing in the range of 110–126 deals in the second half of 2025; on the other hand, the amount of financing has exhibited a clear “spike fluctuation” characteristic, with substantial injections recorded in March 2025 ($5.79 billion), June ($4.81 billion), and October ($5.11 billion). This “fewer transactions, higher amounts” model clearly indicates that the market is in a stage of capital consolidation and concentration of quality projects, with funds shifting from early high-risk projects to those with mature business models, compliance potential, and long-term ecological value.

Overall, after a relatively stable phase in August ($2.05 billion) and September ($2.5 billion), the total financing in October saw a strong rebound to $5.11 billion, not only setting a new six-month high but also marking a renewed confidence in Web3 venture capital as the year comes to a close, with industry financing activities once again entering a high-energy cycle.

According to Cryptorank data, in October 2025, the top 10 financing projects in the Web3 industry saw multiple large-scale transactions, predicting that the market and CeFi track would become the core driving force of capital inflow that month, highlighting that funds are accelerating their focus on mature business models and compliant financial structures. [2]

1. The most representative trend this month is the comprehensive explosion of the prediction market sector. Polymarket and Kalshi have collectively attracted over $2.3 billion in funding, dominating the total financing for the month. Polymarket leads with $2 billion in strategic financing from the Intercontinental Exchange (ICE), marking the largest financing event in the history of Web3 prediction markets, symbolizing the formal large-scale entry of traditional financial capital into decentralized derivatives and event trading markets. The other regulated prediction market, Kalshi, also secured $300 million in Series D financing, reflecting long-term trust and expectations from capital regarding the growth of this sector.
2. The CeFi sector continues to expand through mergers and acquisitions and traditional financial instruments. In terms of financing methods, the proportion of traditional capital instruments has significantly increased, including mergers and acquisitions, private investment in public equity (PIPE), and post-IPO debt as structured financing forms. Ripple acquired the enterprise treasury platform GTreasury for $1 billion, second only to Polymarket's strategic financing, further consolidating its position in the enterprise-level payment and liquidity management field. Coinbase Ventures acquired the on-chain financing platform Echo for $375 million, and Kraken acquired The Small Exchange for $100 million, demonstrating that CeFi leaders are strengthening their service capabilities through vertical integration and accelerating the deep integration of Web3 and traditional financial infrastructure. Additionally, IREN ($875 million convertible bonds) and Zeta Network Group ($230 million, post-IPO private placement) have obtained institutional funds through capital market channels, reflecting that listed and pre-listed companies are gradually incorporating crypto assets into their financial structures and strategic reserves. Meanwhile, Greenlane Holdings ($110 million PIPE) announced the establishment of the Berachain digital asset repository, marking a further deepening of the “on-chain treasury” model, becoming a new norm for traditional companies to enter Web3.
3. The stablecoin sector has once again become a focal point for capital. The stablecoin infrastructure project Tempo has completed a $500 million Series A funding round, led by top institutions such as Sequoia Capital and Thrive Capital, highlighting the strategic core position of stablecoins and payment networks in the new round of capital deployment.

Overall, the Web3 financing landscape in October 2025 will present three major characteristics, predicting a highlight moment for the market, becoming the strongest capital-raising track; the integration of CeFi and TradFi will accelerate, with mergers and structured financing becoming the mainstream path for capital, driving the market into a stage of selection and integration.

According to the Cryptorank Dashboard data, there has been a significant structural reshaping of the financing structure in the Web3 track in October 2025. Compared to September, the market capital flow shows a clear pattern of “innovative finance leading, infrastructure services supporting,” with capital being massively concentrated in financial applications and underlying technologies, while consumer-facing application layer projects have clearly cooled down.

DeFi has become the absolute dominant track of the month. The financing amount for decentralized finance (DeFi) reached $2.15 billion, surpassing blockchain services and CeFi to become the largest capital-raising sector in October's market. The surge in this data was mainly driven by innovative derivatives such as prediction markets, especially the $2 billion financing obtained by Polymarket, which propelled the overall rise of the DeFi sector. Compared to September, the capital focus in October shifted from “services and CeFi domination” to “high-yield financial innovation concentrated betting,” reflecting the market's high attention to the Web3 derivatives ecosystem with traditional financial attributes.

Blockchain services and CeFi continue to serve as a solid foundation for capital inflows. The financing amount for blockchain services reached $1.21 billion, steadily growing from September and solidifying its position as a core support of Web3 infrastructure. CeFi ranked third with $986 million, driven by several high-value merger and acquisition deals propelled by giants like Ripple and Kraken, demonstrating the ongoing capital demand for CeFi in regulatory expansion and market consolidation.

The public chain and stablecoin infrastructure sectors are experiencing explosive growth. The financing amount in the Chain sector reached $500 million, an increase of nearly 15 times compared to September, mainly due to Tempo raising $500 million in Series A funding. This event highlights the high recognition of top-tier capital for the strategic position of stablecoins and payment networks in the Web3 financial landscape, and also indicates that “stablecoin infrastructure” will become the next focal point for capital.

The application layer track is experiencing a comprehensive cooling down. Social and GameFi have received investments of 101 million USD and 98.65 million USD respectively. Although they still maintain some level of activity, their scale is only about 1/20 of the financial and infrastructure sectors. The NFT and Meme sectors have further shrunk, with financing amounts of 12 million USD and 2 million USD respectively, indicating that market sentiment has completely returned to a rational investment stage from speculation and cultural narratives.

Overall, the Web3 financing in October exhibited a highly concentrated structural characteristic: DeFi, Blockchain Service, and CeFi accounted for more than 80% of the total. This indicates that institutional capital is fully flowing back from the consumer narrative to the “financial and infrastructure main line,” accelerating the construction of the underlying momentum and financial operating system for the next phase of the Web3 market, laying a solid foundation for the future innovation cycle driven by DeFi and stablecoins.

According to the funding data of 102 Web3 projects disclosed in October 2025, the funding structure this month still exhibits the typical characteristics of “mid-tier dominance with increased concentration at the top,” leading to significant divergence in market activity and capital concentration.

Early and growth-stage projects form the cornerstone of the market: The number of medium and low-amount projects occupies an absolute dominant position, constituting the foundation of market activity. Projects in the range of 3 million to 10 million USD are the most numerous, accounting for more than one-third of the total rounds, and represent the most active core layer of the market. Following closely are projects in the range of 1 million to 3 million USD, which account for approximately 24.5%. These two medium and low-amount ranges combined contribute nearly 60% of the financing counts, indicating that venture capital institutions are still widely investing in early and growth-stage projects that have passed initial validation and possess clear commercialization pathways, in order to capture high growth potential.

The proportion of large financing projects is rising, and the trend of capital concentration is strengthening: Projects with over $50 million account for 7.8% of the total, and although their numbers are limited, they contribute the majority of this month's total financing, demonstrating the strong capital-absorbing capability of leading projects and the market's preference for mature business models. Meanwhile, projects in the $10 million to $50 million range account for 19.6%, reflecting a continued focus of capital on “quasi-unicorn” projects that have scaling potential and stable revenue models.

Small-scale financing has significantly declined. Projects under 1 million dollars account for only 5.9%, hitting a new low in recent months, indicating that startup teams are facing greater difficulty in securing funding. Investors are placing more emphasis on product maturity and market validation signals, and the selection criteria for “purely conceptual” projects are becoming more stringent.

Overall, the financing landscape in October shows that institutional capital is adopting a dual strategy: on one end, it continues to make high-frequency investments in the ecological bottom layer (under $10 million) to maintain innovation momentum; on the other end, it is precisely and concentrically directing funds towards a few large transactions that have entered maturity or hold significance for industry integration (such as M&A).

According to the 76 Web3 project financing data disclosed in October 2025, the financing structure across various rounds presents a bipolar pattern of “strategic capital dominance and active early-stage innovation,” indicating that market funds are accelerating their concentration towards leading projects and core infrastructure after several months of contraction.

The strategic round has become the absolute dominant force. This month, the number of strategic round financing projects accounted for approximately 34.2%, with the total financing amount exceeding 70% of all financing amounts. This trend is mainly driven by large transactions such as Polymarket (2 billion USD), reflecting that traditional finance and large institutional capital are leading the Web3 investment pace. The surge in strategic financing indicates that capital is shifting from “early bets” to “industry synergy and ecological layout,” and Web3 has entered a new stage driven by financial institutions and leading enterprises.

Early-stage rounds remain active, but the capital volume is limited. The number of Seed projects ranks second, accounting for approximately 31.6%, with financing amount accounting for about 5.4%, indicating that innovative projects still have appeal, but the scale of individual financing is relatively small. The number of Pre-Seed projects accounts for about 14.5%, with financing amount accounting for less than 1%, suggesting that the early-stage entrepreneurial environment remains cautious, with capital focusing more on teams that have preliminary product validation and market potential. Overall, early-stage rounds account for nearly 35%, providing ongoing vitality for ecological innovation, but capital allocation is tending towards rationality and concentration.

The mid-term round of financing (A, B, C) shows a significant gap. The A round financing accounts for about 20.9%, but the number of projects only accounts for 15.8%. Funding is mainly concentrated in a few infrastructure projects (such as Tempo, stablecoins, and payment networks), indicating that capital prefers teams with mature business models and clear revenue paths. B and C rounds of financing are evidently scarce, accounting for 2.6% and 1.3% respectively, with the B round financing amounting to less than 1%, and the amount for the C round not disclosed. This reflects a financing vacuum in the market as it grows to the scaling stage, with investors being more cautious and strict in their selection of mature projects.

Overall, the Web3 financing landscape in October presents a dual characteristic of “leading institutions strategically entering the market + early projects exploring diversely”: strategic rounds dominate the flow of funds, driving industry consolidation and ecological layout; early rounds maintain active innovation, providing underlying momentum for new narratives and technological breakthroughs. Meanwhile, the funding gap in the mid to late stages reveals that the market is entering a structurally selective cycle, with capital accelerating towards projects that possess long-term competitiveness and clear commercialization prospects.

According to data released by Cryptorank on November 4, 2025, in terms of institutional activity, Coinbase Ventures ranks first with a significant lead, having made 9 investments, far exceeding other institutions. Its investments cover multiple sectors including CeFi, DeFi, Chain, and Blockchain Service, demonstrating its strategy of continuously promoting a deep layout in the crypto ecosystem. Following closely are established institutions such as GSR, YZi Labs, Pantera Capital, and a16z (Andreessen Horowitz), which remain active in DeFi, GameFi, and Social projects, reflecting their long-term focus on innovative application scenarios and potential user growth.

From the perspective of track distribution, Blockchain Service and CeFi have become the main investment hotspots, representing key directions jointly bet on by most leading institutions, reflecting the market's long-term strategic optimism towards financial services and infrastructure tracks. Following closely are DeFi and GameFi, indicating that liquidity management, on-chain yields, and user entertainment interactions still hold investment appeal. In contrast, investment attention on sectors like NFT, Social, and Meme is relatively low, suggesting that capital is more inclined to return to areas with sustainable business models and stable cash flow.

Overall, the investment landscape in October 2025 shows characteristics of structural capital repatriation and strategic rebalancing: institutional investors are no longer blindly chasing narrative trends, but are paying more attention to long-term ecological layout and commercial implementation capabilities.

Key Financing Projects to Focus on in October

Orochi Network

Introduction: Orochi Network is a verifiable data infrastructure that utilizes zero-knowledge proofs (ZKP) and multi-party computation (MPC) technology to provide high-performance data pipelines for AI/ML, zkApps, and dApps, balancing privacy protection and verifiability. This network is specifically designed for applications such as RWA tokenization, stablecoins, Web3, artificial intelligence, and decentralized physical infrastructure networks.

On October 17, Orochi Network announced the completion of an $8 million financing round, with participation from the Ethereum Foundation. The funds will be used to further build a verifiable data infrastructure aimed at RWA tokenization.

Investment institutions/angel investors: Ethereum Foundation, Plutus VC, Bolts Capital, Ant Labs, MEXC Ventures, etc.

Highlights:

1. The Orochi Network system can convert real-world data into verifiable data, allowing smart contracts to complete data verification without the need for third parties, fundamentally reducing trust and security risks. Currently, Orochi Network has over 300,000 daily active users, 1.5 million monthly active users, has processed over 160 million transactions, and has provided high-performance data support for more than 40 dApps and blockchain projects, establishing a global community of over 500,000 members, demonstrating strong ecological expansion and developer attraction.
2. Its core products include zkDatabase, Orocle, Orand, and zkMemory, integrating ZK-data-rollups, verifiable data pipelines, and a hybrid aBFT consensus mechanism, providing high security and transparency. Orochi supports multiple ZKP systems (such as Plonky3, Halo2, Nova) and has blockchain-agnostic features, allowing seamless interaction in multi-chain environments and providing developers with flexible deployment capabilities.
3. The zkDatabase mainnet has officially launched, with over 10,000 downloads, cumulatively processing over 700 million zero-knowledge proof requests, and establishing the zkDatabase Alliance with 120 companies including Plume, Lumia, and Nexus. This system provides audit-level data verification for scenarios such as RWA, AI, and Web3, reducing the data cost on Ethereum from approximately $25 per KB to $0.002.

KapKap

Introduction: KapKap is an AI-native Web3 platform dedicated to transforming games, content creation, and social interaction into measurable, tradable digital value. Its core mechanism, the Key Attention Pricing System (KAPS), quantifies user behavior and reputation into attention-based assets, achieving a fairer distribution of incentives, gaming publishing opportunities, and creator revenue mechanisms within the Web3 ecosystem. [5]

On October 30, KapKap announced the completion of a $10 million seed round financing led by Animoca Brands. The funds from this round will be used to expand the KAPS reputation system and deepen collaboration with game developers to accelerate the growth and application of the platform ecosystem.

Investment institutions: Animoca Brands, Shima Capital, Mechanism Capital, Klaytn Foundation, Big Brain Holdings, etc.

Highlights:

1. KapKap's core strategy is centered around “AI × Web3”. Through its self-developed KAPS (Key Attention Pricing System), it quantifies users' attention, engagement, and reputation into measurable assets, establishing an incentive mechanism where “attention equals value”. The KAPS system tracks user behavior in gaming, social interactions, and creation to generate a k-score value, achieving cross-platform reputation assessment and reward distribution, promoting a sustainable incentive model within the Web3 ecosystem. By combining AI algorithms with a reputation pricing system, KapKap is building a new Web3 economic system centered on “attention equals value”.
2. KapKap has established strategic partnerships with globally recognized IPs and communities, including BAYC, ApeCoin DAO, and SNK, integrating their brand content and characters into the ecosystem, forming an intersection between Web3 and mainstream culture.
3. Currently, KapKap has over 1.7 million monthly active users and 25,000 daily active users. It has collaborated with popular games such as “The King of Fighters” and “Idle Knights,” demonstrating strong user retention and growth potential.

Voyage

Introduction: Voyage is a decentralized network focused on Generative Engine Optimization (GEO), designed to provide high-quality data support for artificial intelligence systems in the processes of search and information discovery. Its core infrastructure is responsible for collecting, building, and distributing data resources usable by AI, while incorporating incentive mechanisms to track contributions and reward participants who provide valuable content or expertise.

On October 16, Voyage announced the completion of a $3 million Pre-Seed funding round, which will be used to accelerate the development and ecological construction of the GEOFi network.

Investment institutions: a16z Speedrun, Alliance DAO, Solana Ventures, LECCA Ventures, IOSG VC, Big Brain VC, MH Ventures, GAM3GIRL VC, Y2Z Ventures, etc.

Highlights:

1. Voyage is dedicated to building the world’s first “GEOFi (Generative Engine Optimization Finance)” network, establishing a fair knowledge citation and value distribution layer for AI-generated content, allowing genuine knowledge contributors to receive their rightful rewards. The project structures human knowledge through AI-guided dialogues, making it accessible for generative models to cite, forming a positive cycle of “more citations → more contributions → more trust,” with the goal of creating an “AI-citable human knowledge platform.”
2. As an AI-native data protocol, Voyage is defined as the “discovery and trust infrastructure” of the AI era. It employs a “Proof-of-Index” mechanism to incentivize users to contribute, index, and verify web data for the network, transforming the data crawling process into a decentralized “AI mining (earn the crawl)” model. Through this mechanism, Voyage not only reshapes the underlying logic of AI search but also builds a sustainable incentive ecosystem for human knowledge creators.
3. Voyage has received support from multiple top institutions and ecological funds, including investors with profound influence in the fields of AI, cryptocurrency, and search technology. This expansion of capital and resource networks will help Voyage accelerate the construction and global promotion of its GEOFi network, strengthening its first-mover advantage in the intersection of “AI × Web3”.

TBook

Introduction: TBook is a platform focused on incentivizing and rewarding contributions from users and developers within the Web3 ecosystem, aiming to build an incentive network centered around identity and reputation. The platform provides tools for creating reward programs based on Soulbound Token (SBT) to record users' unique achievements and contributions within the ecosystem.

On October 21, TBook announced the completion of a $5 million strategic financing, which will be used to accelerate the construction and promotion of the platform's core infrastructure, including an instant stablecoin payment system, identity-bound settlement channels, and RWA yield distribution vaults. [10]

Investment institutions/angel investors: Sui Foundation, Vista Labs, Bonfire Union, HT Capital, etc.

Highlights:

1. TBook has been officially rated as a “popular application” by Telegram and included in the official recommendation list, marking its widespread recognition among social entry points and mainstream users. Its modular design supports multi-scenario expansion, capable of serving both grassroots communities and large enterprises, providing the infrastructure for “Incentive-as-a-Service” to the crypto ecosystem. So far, TBook has built an asset distribution network on the TON and Sui platforms, with over 4 million users creating TBook reward passes and receiving over 9.8 million assets through TBook Vault.
2. At the mechanism level, TBook is built around SBT as the core, creating an incentive ecological matrix that balances credibility and loyalty. SBT has the characteristics of being non-transferable and non-tradable, ensuring the authenticity and immutability of identity credentials. TBook also introduces the WISE scoring system, quantifying users' multidimensional contributions in the community (such as participation, influence, loyalty, etc.), providing project parties with precise community insights to help optimize incentive strategies and resource allocation. The platform also issues a unique incentive passport for each user, used to record and manage personal incentive footprints and assets, constructing an incentive layer that connects business and blockchain through on-chain identity verification mechanisms. In addition, the SBT data insight module can provide projects with refined community analysis and incentive optimization tools, further enhancing the accuracy of incentive distribution and the sustainability of community growth.
3. To more accurately assess users' real contributions in a multi-chain ecosystem, TBook Labs has launched the Omni-Chain Airdrop Scoring System. This system is built on on-chain behavioral data and evaluates users' activities, interaction frequency, and influence through algorithms, forming a quantifiable contribution index. This mechanism not only helps users identify potential ecological reward opportunities but also enables project parties to accurately locate core contributors, achieving a fairer and more efficient incentive distribution.

Lava

Introduction: Lava is a service platform focused on the financialization of crypto assets, aiming to enhance users' financial freedom and mitigate risks associated with centralized financial systems by providing Bitcoin-backed loans, USD yield products, and secure self-custody solutions.

On October 1st, Lava announced the completion of $17.5 million in Series A extension financing, supported by several well-known angel investors. [12]

Angel investors: Peter Jurdjevic, Bijan Tehrani from Stake, Zach White from 8VC, Saurabh Gupta from DST Global, former Visa executive Terry Angelos, former Block executive Aaron Suplizo, etc.

Highlights:

1. Lava achieves a new financial model for users of “saving in Bitcoin and spending in USD” by launching a global Bitcoin collateralized credit line (BLOC). Users can securely borrow USD without having to sell their Bitcoin, with borrowing rates starting as low as 5%. This mechanism not only helps users meet liquidity needs while retaining the long-term holding value of Bitcoin, but also marks the global expansion of the crypto asset collateralized credit system.
2. The dollar yield product launched by Lava allows users to provide dollar funds to offer liquidity for Bitcoin collateral loans on the platform and earn returns, with an annual percentage yield (APY) currently reaching 7.5%. All loans are exclusively secured by Bitcoin as collateral, and the collateralization rate exceeds 200%, ensuring the safety of lenders' funds. Through this mechanism, users can achieve stable appreciation of dollar assets in a low-risk environment while also promoting internal liquidity on the platform and efficient utilization of Bitcoin.
3. Lava has built an integrated fund cycle of “collateral - lending - consumption” around the full lifecycle of user assets. Users can buy Bitcoin on Lava Exchange with zero fees and earn dollar returns through Bitcoin collateral loans; using Lava Card for consumption can also earn up to 5% BTC cashback, further strengthening the platform's incentive mechanism. At the same time, Lava Free Pay enables instant, free, cross-chain payments, allowing users to complete on-chain transactions without holding Gas tokens.
4. Lava's intelligent key system provides users with institutional-level asset protection experience. The system employs a 2-of-2 encrypted backup architecture, balancing security and recoverability, which reduces the risk of traditional mnemonic loss. At the same time, it opens integration interfaces for enterprises and developers, supporting the embedding of core functionalities such as Lava Loans, Free Pay, and Exchange, thereby building a more scalable Web3 financial infrastructure.

Summary

In October 2025, the Web3 financing market experienced a strong rebound, completing a total of 130 transactions with a total financing amount of $5.12 billion, a substantial increase of 104.8% month-on-month, marking the second highest level in nearly a year, signaling the industry’s re-entry into a high-energy cycle. The core driving force behind this month’s financing structure comes from strategic round financing, which accounted for over 70% of the total, mainly driven by the explosion of prediction markets (Polymarket, raising $2 billion) and the deep integration of CeFi and TradFi (traditional finance), such as Ripple's acquisition of GTreasury.

In terms of the sector, DeFi has surged to the top with a financing amount of $2.15 billion, highlighting the concentrated bet of capital on innovative financial applications. At the same time, the rise of stablecoin infrastructure projects (such as Tempo completing a $500 million Series A funding) further solidifies the strategic core position of this field in the Web3 financial ecosystem. In terms of financing scale distribution, the market shows a pattern of “mid-tier dominance and increasing polarization”: the number of projects with financing amounts between $3 million and $10 million is the highest, accounting for nearly one-third of the total rounds; while small projects under $1 million only account for 5.9%, hitting a recent low, indicating that capital's selection criteria for “purely conceptual” projects are becoming increasingly stringent, and funds are accelerating towards mature teams and viable solutions with long-term competitiveness.

The innovation focus of key financing projects is concentrated in three main directions:

• AI-empowered data trustworthiness and value distribution - Orochi Network builds a verifiable data infrastructure through ZKP; Voyage promotes fair distribution of knowledge value in the GEOFi network using the “index proof” mechanism; KapKap leverages AI algorithms to quantify user attention and reputation value, facilitating the collaborative evolution of the “data trust layer” and the “value distribution layer.”
• Identity reputation-driven incentive network - TBook builds an identity reputation system with SBT (Soulbound Token) and receives official recognition from Telegram, providing a new incentive model for user contribution and behavioral credibility.
• The practical financialization path of encrypted assets - Lava focuses on Bitcoin collateral credit limits (BLOC) and self-custody savings services, providing users with bridge financial services that allow saving in BTC and spending in USD, reflecting the accelerating trend of integration between Web3 and real-world finance.

Overall, the Web3 financing landscape in October 2025 presents three characteristics: “capital repatriation, structural reshaping, and confidence recovery.” The rise of prediction markets, the deep integration of CeFi and TradFi, and the capital focus on stablecoins and infrastructure sectors together constitute the core driving force behind the return of funds to high-energy zones in this round. Web3 capital is transitioning from “narrative games” to “structural upgrades,” and the industry is entering a new cycle oriented towards steady growth and actual value creation. <br> Reference Material:

1. Cryptorank , https://cryptorank.io/funding-analytics
2. Cryptorank, https://cryptorank.io/funding-rounds
3. Orochi Network, https://orochi.network/
4. Orochi Network, https://orochi.network/blog/orochi-network-secures-additional-8-m-bringing-total-funding-to-20-m-to-power-verifiable-data-infrastructure-for-rwa
5. KapKap, https://www.kapkap.io/
6. X, https://x.com/BlocksterCom/status/1983911254008709345
7. Voyage, https://onvoyage.ai/
8. X, https://x.com/onvoyage_ai/status/1978803530086658294
9. TBook, https://www.tbook.com/
10. chainwire, https://chainwire.org/2025/10/21/tbook-has-raised-5m-to-power-stablecoin-payouts-and-rwa-distribution/?mfk=jYDZLv73CAl2LD2%2BD9vCjUDc1iW7JEoWwkMGBTwsJoSBntEjBUN9Z2Bqe%2BP6JzaGdAKRHIU%2FjnxtNgea00qF148a89N3laJcykcQ9aFNzvPr
11. Titan, https://www.lava.xyz/
12. The Block, https://www.theblock.co/post/373096/bitcoin-lending-platform-lava-funding-new-yield-product

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