Summary

• According to data from the Cryptorank Dashboard as of May 7, 2025, a total of 94 Web3 financing deals were completed in April 2025, totaling $2.37 billion. Both deal count and financing volume declined, indicating a clear market cooldown.
• Traditional financing methods made a return, with M&A and structured financing leading to large transactions. These include Ripple’s $1.25 billion acquisition of Hidden Road, reflecting the market’s preference for projects with resource integration capabilities, risk control mechanisms, and mature development paths.
• Most of April’s financing flowed into CeFi ($1.15 billion) and blockchain services ($602 million), followed by DeFi and Social sectors. This suggests that capital is more inclined to back Web3 companies with traditional finance integration and clear regulatory paths.
• The Web3 financing ecosystem is shifting from “spray-and-pray” to “structured bets,” with mid-to-large-scale projects dominating. Projects with over $10 million in financing accounted for 47%, reflecting investors’ preference for scalable and commercially validated ventures.
• The distribution of financing rounds showed a “small at both ends, large in the middle” pattern, with funds concentrating on mid-to-late stage projects. Although seed rounds were the most common (41.4%), Series C rounds attracted the most capital (23.7% of total), indicating investors focused on projects with scaling potential.
• Coinbase Ventures led with 10 investments across DeFi, CeFi, and blockchain infrastructure, followed by 1kx, a16z CSX, and others.

Financing Overview

According to Cryptorank’s data published on May 7, 2025, the Web3 sector saw 94 financing deals in April, totaling $2.37 billion.【1】Due to Cryptorank’s specific statistical methodology, this figure differs from the cumulative total of individual deals (around $3.68 billion). For consistency in trend analysis, this article adopts Cryptorank’s dashboard figures.

Compared to March 2025’s $5.08 billion across 140 deals, April’s total dropped over 53%, and the number of deals fell below 100, marking a yearly low.

Previously, Q1 2025 saw an explosive surge in Web3 funding—particularly in March, driven by mega-deals such as MGX’s $2 billion injection into Binance and Kraken’s $1.5 billion acquisition of NinjaTrader. However, the market cooled significantly in April with a sharp contraction in deal volume.

This downturn may be attributed to: a wait-and-see sentiment following Q1’s capital release; market corrections or increased regulatory expectations; or a shift of financing to more discreet private or strategic rounds, reducing publicly disclosed mega-deals. Notably, while the total amount remains high, deal count has been declining since March, indicating accelerating capital concentration and growing difficulty for smaller projects to raise funds—the “Matthew Effect” is becoming more evident in the industry.

Analysis of April’s top 10 financing deals further illustrates this capital concentration trend.【2】

CeFi maintained dominance: Six of the top 10 deals were in the centralized finance (CeFi) sector, totaling over $1.9 billion. This shows that despite DeFi’s continued development, centralized finance infrastructure remains the most favored domain. Notably, SOL Strategies and Securitize raised large sums through traditional instruments like post-IPO debt, showing capital markets still assign high value and liquidity to Web3 companies with traditional finance capabilities.

Traditional financing returns: M&A, post-IPO debt, and private placements became common funding methods, reflecting a market preference for “controlling acquisitions + structured financing” strategies to enhance integration and risk management. Ripple’s $1.25 billion acquisition of Hidden Road topped the list, signaling traditional blockchain giants are accelerating strategic positioning in CeFi credit networks.

Infrastructure remains a key focus: The only blockchain infrastructure project in the top 10 was LayerZero, which secured $55 million from a16z, indicating that even in tighter liquidity environments, foundational interoperability technologies continue to attract top-tier capital.

Overall, April’s financing landscape exhibited three key traits: CeFi dominance, M&A-driven growth, and capital concentration. This highlights growing investor emphasis on compliance, profitability, and integration capabilities, suggesting Web3 fundraising will increasingly consolidate around resource-rich, institutionally backed projects.

According to Cryptorank Dashboard, the April 2025 Web3 financing landscape showed trends of: “CeFi leadership, steady infrastructure support, defensiveness in technology, and caution in innovation.” Capital is gradually shifting from high-risk experimental projects toward mature sectors with stronger monetization and integration capacity:

• CeFi led with $1.15 billion in funding, accounting for nearly half of the month’s total. Which indicates that capital continues to prioritize centralized projects with traditional financial attributes and clear regulatory pathways. The segment benefited from major deals (e.g., Hidden Road, SOL Strategies), reinforcing market confidence in CeFi’s integration capabilities.
• Blockchain services followed with $602 million, underscoring continued interest in projects that provide infrastructure and tools to the Web3 ecosystem—including dev platforms, security solutions, and data analytics.
• DeFi and Social sectors raised $215 million and $169 million respectively—smaller but still active, especially in MEV strategies and social payments innovation.
• Blockchain Infrastructure ($125 million), although experiencing an overall decrease in funding compared to previous periods, top-tier projects like LayerZero still attracted institutional support.
• Chain and GameFi projects saw weak activity with only $91.2 million and $19.5 million respectively, indicating capital currently favors sectors with clearer returns.

From the disclosed financing sizes of 66 Web3 projects in April 2025, the structure showed “mid-size dominance + high-value concentration + small rounds cooling.”

Projects in the $3M–$10M range accounted for 30.3%—the largest share. This implies that many projects with technical validation or early implementation are now being positively recognized by capital markets.

Projects raising over $10M made up 47%: with 16.7% in the $10M–$20M range, another 16.7% in the $20M–$50M range, and 13.6% exceeding $50M. This marks a shift from earlier periods dominated by small deals, toward growing preference for projects with proven business models and long-term potential.

In contrast, projects raising under $1M accounted for only 6.1%, highlighting tougher conditions for small-scale fundraising. Investor risk appetite has become more conservative, with stricter due diligence.

These patterns confirm that Web3 financing has evolved from “broad-based support” to “structured bets,” with capital increasingly flowing to projects with clear development paths and strong integration capabilities.

Analysis by financing round shows a clear structure: “more early-stage deals, but capital flows to mid-to-late stages.”

In deal count, seed rounds led with 41.4%, reflecting Web3’s active early-stage innovation. Strategic and Series A rounds followed at 24.1% and 15.5%, respectively. Pre-seed accounted for 8.6%, while Series B and C rounds were just 6.9% and 3.4%, suggesting relatively few later-stage projects.

However, in funding volume, capital favored mid-to-late stage rounds: Despite fewer deals, Series C drew the most capital—$205 million or 23.7% of the total. Series A and B followed with $177M and $159M (each over 18%). Seed rounds, despite the highest count, accounted for only 18.3%, and pre-seed just 1.3%.

This “fewer projects, more capital” trend reflects investor preference for scalable, commercially ready ventures, and a declining tolerance for early-stage risk. Strategic rounds represented 17.8% of total capital, indicating that some mature players are using targeted raises to strengthen ecosystems or consolidate resources.

According to Cryptorank’s May 7, 2025 data, Coinbase Ventures topped the list with investments in 10 projects—well ahead of others—showing strong engagement and integration capabilities this cycle. Trailing closely were 1kx, a16z CSX, and MH Ventures, each with 5–6 deals, indicating active investment with clear strategic focus.

Investment preferences differed by firm:

• Coinbase Ventures spread its bets across DeFi, blockchain infrastructure, and CeFi.
• 1kx focused more on DeFi and infrastructure.
• a16z CSX was particularly active in DeFi and blockchain services.

Highlighted Project of the Month

ZAR

Overview：ZAR is a digital dollar wallet designed to empower local merchants globally, transforming them into exchange points between cash and digital USD. Through the ZAR app, users can easily convert cash into digital currencies and make transactions worldwide using both virtual and physical debit cards. Founded in 2024 by Brandon Timinsky and Sebastian Scholl, the product aims to enable global “corner stores” to participate in stablecoin-cash exchanges, promoting the real-world adoption of stablecoins.【3】

On April 30, ZAR announced the completion of a $7 million funding round led by Dragonfly Capital and VanEck Ventures.【4】

Investors / Angel Backers: Dragonfly Capital, a16z CSX, VanEck Ventures, Coinbase Ventures, Solana Ventures, and angel investor Balaji Srinivasan.

Highlights:

1. Although the platform has not officially launched, it has attracted a waitlist of approximately 100,000 users, with over 7,000 merchants from 20 countries—including Pakistan, Indonesia, and Nigeria—expressing intent to collaborate. Official launch is expected in the summer of 2025.
2. ZAR has introduced a stablecoin pegged to the South African Rand, targeting regions like sub-Saharan Africa where currency volatility and weak banking infrastructure hinder access. By reducing exchange rate risk and payment costs, ZAR improves financial accessibility. The wallet supports USDC and USDT, offering a stable USD-pegged payment channel to enhance trust and asset stability.
3. Users can pay globally using ZAR’s virtual or physical debit cards, with support for Apple Pay and Google Pay, avoiding extra fees typical of traditional international exchanges. Additionally, users can perform two-way cash-stablecoin exchanges at partner merchants, simplifying digital asset acquisition and use, and promoting deep integration between local economies and digital finance.

Pencil Finance

Overview: Pencil Finance is a decentralized lending protocol focused on bringing real-world student loan financing on-chain. It connects investors with verified student loan originators, transforming student debt into a transparent and investable asset class.【5】

On April 30, Pencil Finance announced the launch of a $10 million liquidity pool deployed on Open Campus EDU Chain to support its first batch of on-chain education loans and education company debt financing.【6】

Investors: Animoca Brands, Open Campus, and others.

Highlights:

1. Pencil Finance introduces a new EduFi vertical by partnering with traditional education loan providers to bring loans from Southeast Asia and the U.S. on-chain, expanding accessible asset classes for DeFi investors. The on-chain deployment and transparent management improve capital efficiency and lower financing barriers.
2. It features a risk-weighted lending structure aligned with varying risk appetites. Whitelisted users can provide liquidity to student loan pools, choosing between senior tranches (low risk, low yield) or junior tranches (high risk, high yield). The platform handles loan deployment and repayment, ensuring transparency and on-chain traceability of returns.

CAP

Overview: CAP is a stablecoin engine designed to break away from closed-loop incentive models and offer users truly sustainable yield pathways. It supports the issuance of redeemable stablecoins pegged to assets like USD, BTC, and ETH, and integrates yield from arbitrage, MEV, and RWA to democratize advanced strategies previously reserved for elite players.【7】

On April 7, CAP announced an $11 million funding round led by Franklin Templeton and Triton Capital, primarily for developing its stablecoin engine, which is slated for release later this year.【8】

Investors: Franklin Templeton, Triton Capital, GSR, among others.

Highlights:

1. CAP is a new stablecoin protocol built on MegaETH, aiming to create a sustainable system not reliant on inflationary incentives. Instead of depending on token issuance, it uses external yield sources—such as market making, MEV, arbitrage, and RWAs (e.g., corporate bonds)—to avoid the “incentive exhaustion → liquidity collapse” loop, offering greater scalability and anti-cyclicality.
2. CAP provides a “plug-and-play” yield experience that doesn’t require users to understand complex finance. Its stablecoin, cUSD, is fully collateralized and redeemable 1:1 with USDC/USDT. Unlike traditional yield-bearing stablecoins that rely on DeFi liquidity mining, CAP offloads risk to restakers (e.g., those staking ETH via EigenLayer to protect the protocol).
3. CAP builds decentralized infrastructure that integrates on-chain arbitrage, MEV, and RWA yield streams. In addition to cUSD, it will launch BTC- and ETH-pegged stablecoins, meeting different user risk profiles and expanding access to diverse asset-backed yields.

Camp Network

Overview: Camp Network is an innovative Layer-1 blockchain focused on proprietary intellectual property (IP). It provides a verifiable execution environment for the next generation of AI agents with user identity. By aggregating Web2 data and bridging traditional platforms with blockchains, it enables users to monetize their digital footprint while retaining control, addressing ownership and monetization of AI training data.【9】

On April 29, Camp Network announced a $25 million Series A funding round led by 1kx and Blockchain Capital, with participation from OKX, Lattice, and Paper Ventures. The company’s valuation reached up to $400 million.【10】

Investors / Angels: 1kx, Blockchain Capital, OKX, Lattice, Paper Ventures, among others.

Highlights:

1. Camp Network’s core strengths are twofold: (1) its off-chain data integration capability, allowing API connections with Web2 platforms to verify and upload social and behavioral data on-chain, and (2) developer-friendly infrastructure offering standardized toolkits to help build user-data-based DApps like fan tokens and social derivative protocols, lowering the barrier to entry for Web3 application development.
2. The network emphasizes fully decentralized data storage and identity authentication, avoiding data monopolies and privacy risks associated with traditional platforms. With LayerZero integration for strong cross-chain compatibility, developers can easily build interoperable applications. It also aggregates rich social data from Web2 platforms to enable intelligent, personalized services on Web3 and improve user retention and interaction quality.
3. Camp Network has formed partnerships with platforms like Figma, CoinList, and WalletConnect and established an ecosystem fund to support developers and creators. It also joined forces with Movement Labs to advance social data applications on Web3, accelerating ecosystem expansion.

Blackbird Labs

Overview: Blackbird is a Web3 loyalty and payments company connecting restaurants and diners with a fully customizable loyalty platform and consumer app. Acting as a digital wallet, the Blackbird app allows users to manage memberships, view $FLY balances, track activity, and interact with restaurants.【11】

On April 8, Blackbird Labs announced a $50 million Series B round led by Spark Capital, with funding covering both equity and unlaunched token warrants.【12】

Investors: Spark Capital, Coinbase, a16z crypto, Union Square Ventures, Amex Ventures, among others.

Highlights:

1. Blackbird’s blockchain platform Flynet aims to eliminate unnecessary intermediaries—like payment processors—that extract 3–5% of restaurant revenue without delivering equivalent value. Flynet connects restaurants directly with customers, significantly reducing costs and enhancing dining experiences. For instance, Flynet charges a flat 2% fee compared to traditional credit card fees of up to 3.75%, instantly rebating 1.5% back to restaurants to support customer acquisition and retention.
2. Flynet introduces a tokenized, cross-restaurant loyalty system that supports personalized rewards based on on-chain behavior. Restaurants can design exclusive experiences like hidden menus or celebrity chef meetups to incentivize repeat visits and loyalty. Customers earn $FLY tokens when dining, which can be redeemed at any Flynet-affiliated restaurant. The network already spans over 600 premium restaurants in New York City, San Francisco, and Charleston, SC, forming a Web3-enabled dining loyalty ecosystem.
3. Blackbird also launched the Blackbird Club, a tiered loyalty program that replaces traditional point-redemption models with surprise and exclusive experiences. Members enjoy benefits such as guaranteed reservations, priority access to exclusive events, hidden menu tastings, and private gatherings.

Conclusion

In April 2025, the Web3 industry saw a total of 94 funding rounds with a combined $2.37 billion raised, marking a decline in both deal volume and value, a clear sign of cooling market sentiment. However, significant shifts emerged in capital flow and investor preference, with a move toward more mature, integrated, and compliance-ready areas like CeFi and blockchain services. Traditional funding methods such as M&A and structured finance regained dominance, and large capital inflows concentrated in mid-to-late-stage and leading projects, indicating increased investor emphasis on commercialization and steady growth.

While early-stage innovation remains, capital screening is stricter, and risk appetite has become more conservative. Top-tier players like Coinbase Ventures continue to actively deploy capital across key verticals. Notably, standout projects such as ZAR, Pencil Finance, CAP, Camp Network, and Blackbird have demonstrated innovation in their respective niches—stablecoins, education finance, yield aggregation, IP infrastructure, and crypto-enabled dining—and received backing from both traditional finance and top Web3 funds. This signals that the Web3 ecosystem is still actively exploring new growth drivers and application frontiers.


Reference：

1. Cryptorank , https://cryptorank.io/funding-analytics
2. Cryptorank, https://cryptorank.io/funding-rounds
3. ZAR, https://www.zar.app/
4. X, https://x.com/zardotapp/status/1917569020318097627
5. Pencil Finance, http://pencilfinance.io/
6. Animoca Brands, https://www.animocabrands.com/pencil-finance-announces-usd10m-for-student-loan-financing-backed-by-animoca-brands-open-campus
7. CAP, https://caplabs.io/
8. Coindesk, https://www.coindesk.com/tech/2025/04/06/cap-raises-usd11m-to-fuel-stablecoin-engine-as-industry-heats-up
9. Camp Network, https://www.campnetwork.xyz/
10. Fortune, https://fortune.com/crypto/2025/04/29/camp-network-30-million-ai-blockchain-1kx-blockchain-capital/
11. Blackbird Labs, https://www.blackbird.xyz/
12. Fortune, https://fortune.com/crypto/2025/04/08/blackbird-funding-ben-leventhal-restaurants/

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