Gate Research Institute: Comprehensive Analysis of Web3 Financing in June 2025 | A Record High of 5.14 Billion USD in a Single Month, Driven by Institutionalization and Scaling

Summary

• According to the Cryptorank Dashboard data released on July 3, 2025, the Web3 industry completed a total of 119 financing rounds in June 2025, with a total financing amount reaching 5.14 billion dollars.
• From the perspective of the Top 10 projects, the overall financing shows characteristics such as a high concentration of funds, large single transactions dominating, and active financing after mergers and IPOs. Funds mainly flow into compliant financial services, the expansion of listed companies, and deep integration with traditional finance, making the combination of traditional finance and Web3 the main theme of the market.
• Financing is concentrated in the CeFi sector ($3.3 billion), reflecting a significant trend towards "institutionalization"; at the same time, blockchain services ($887.2 million) and GameFi ($454 million) have received considerable attention due to their ecosystem development and user growth potential, while the DeFi and infrastructure sectors remain robust.
• In terms of financing scale, medium-sized projects (ranging from 3 to 10 million USD) are the most active, accounting for as much as 37.8%; at the same time, projects with a single financing amount exceeding 50 million USD also account for 16.7%, becoming an important supplementary force driving the overall scale.
• In terms of rounds, the strategic round is the most active, accounting for 37.8%, reflecting the continuous enhancement of collaboration and resource integration both within and outside the industry; at the same time, the combination of mid-to-late stage (Series A/B/C) and strategic rounds attracted over 80% of the total financing amount, indicating that capital favors mature projects with clear business models and defined growth paths.
• At the investment institution level, Coinbase Ventures became the most active institution in June by investing in 9 projects, mainly focusing on the DeFi sector; overall, blockchain services and DeFi account for a significant share in the portfolios of most active investment institutions.

Financing Overview

According to data released by Cryptorank on July 3, 2025, the Web3 industry completed a total of 119 financing rounds in June 2025, amounting to $5.14 billion. It should be noted that due to the statistical criteria used by Cryptorank, this amount differs from the total financing amount obtained by summing individual items (approximately $5.34 billion); to ensure consistency in data analysis in the following text, this article will uniformly use the original statistical data provided by its Dashboard.

Compared to the $1.92 billion in May 2025 and the same 119 transactions, the number of financing deals remained flat, but the total amount saw a significant quarter-on-quarter increase of 167.7%, setting a new monthly financing record of $5.14 billion in 2025, surpassing the previous record of $5.08 billion set in March. This indicates a strong rebound in capital inflow. This rebound primarily stems from large-scale financing in compliance financial services, expansion of listed companies, and deep integration with traditional finance, accompanied by a gradual easing of regulatory policies, prompting traditional financial giants to accelerate their layout in Web3. For instance, Circle topped the list with $1.1 billion in IPO financing, and Lion Group secured $600 million in Post-IPO Debt financing, among others. These massive transactions indicate that the Web3 market is transitioning from an early-stage entrepreneurial focus to a mature and scaled phase led by large listed companies and traditional financial background enterprises, increasingly utilizing traditional financial tools such as bond issuance and equity financing to raise funds. This strongly reflects that institutional capital is flooding into Web3 in a more direct and larger-scale manner, boosting the overall financing scale and driving the industry towards integration and standardized development.

In June 2025, Web3 financing as a whole showed characteristics such as a high concentration of funds, dominance of large single transactions, and active post-financing for mergers and IPOs. Funds are increasingly directed towards compliant financial services, expansion of listed companies, and deep integration with traditional finance, while also releasing structural opportunities for emerging sectors such as prediction markets (Kalshi) and institutional chains (Canton Network). [2]

Large-scale financing leads, market matures: This month's TOP 10 total financing reached several billion dollars, with Circle leading the way with $1.1 billion in IPO financing, Lion Group securing $600 million in Post-IPO Debt financing, and Metaplanet and Nano Labs each raising over $500 million. These large transactions highlight that the Web3 market is accelerating towards maturity and scaling, with large listed companies and enterprises with traditional financial backgrounds becoming the main targets for capital inflow.

The deep integration of traditional finance and Web3 becomes the main theme: Circle, as the issuer of the USDC stablecoin, has successfully advanced its IPO, and the continued efforts of traditional financial giants like Fiserv in the stablecoin sector confirm that stablecoins, as a key bridge connecting traditional finance and the crypto world, are gaining high recognition in mainstream capital markets. At the same time, brokerage firms like Lion Group and sports betting marketing companies like SharpLink are entering Web3 through post-IPO financing, demonstrating the accelerated penetration of Web3 technology into more vertical industries. Additionally, mergers and acquisitions cases such as Robinhood's acquisition of Bitstamp (for $200 million) further reflect the capital market's ongoing favor and confidence in stablecoins and compliant CeFi platforms.

Bitcoin-related companies attract capital favor: For example, Metaplanet received $515 million in financing after transforming into a Bitcoin reserve strategy company, while Bitcoin mining companies BitMine and Hut 8 Mining secured $250 million and $220 million in financing, respectively, indicating that the market still holds strong confidence in assets and infrastructure directly related to Bitcoin under bullish expectations.

Post-IPO Financing Becomes the Dominant Method: Companies like Circle, Lion Group, Metaplanet, Nano Labs, SharpLink, and Hut 8 Mining that have gone public or plan to go public generally raise funds through IPOs and Post-IPO Debt/Equity, rather than relying solely on crypto-native venture capital. This highlights the increasingly important role of traditional capital markets in Web3 financing, indicating that the Web3 industry is evolving from being startup-driven to a more institutional and mature direction, and reflects the public market's recognition of compliance and sustainable business models within the Web3 space.

According to Cryptorank Dashboard data, the funding flow in the Web3 market in June 2025 shows a similar centralization trend as in previous months, but the relative positions among the tracks have changed.

CeFi financing dominates, reflecting the market's demand for maturity and compliance. The CeFi sector leads with a total financing amount of up to 3.3 billion dollars, nearly three times that of all other sectors combined. This strongly indicates that, in the current market environment, funds are more inclined to flow towards centralized entities with mature operational models, higher liquidity, and stronger compliance prospects, aligning with the trend of the crypto market gradually moving towards institutionalization and mainstream adoption.

Blockchain services and GameFi closely follow, demonstrating the potential for ecosystem development and user growth. The blockchain services sector ranks second with a financing amount of $887.2 million, showing a sustained strong demand in the market for foundational construction, tools, and enterprise-level solutions in the Web3 ecosystem. The GameFi sector has surged this month, jumping to third place with a financing amount of $454 million, boosted by SharpLink Gaming's single financing of $425 million, indicating that entertainment and content still hold strong appeal.

DeFi financing is relatively stable, and infrastructure continues to develop. The DeFi sector has secured $202 million in financing, which, although significantly lower than CeFi, still maintains a relatively healthy level for decentralized finance, the core of Web3, indicating market recognition of its core innovations and long-term value. Blockchain Infrastructure has received $161 million in funding, which will be used to support the development and optimization of underlying blockchain technology, serving as the cornerstone for the healthy operation of the entire Web3 ecosystem.

However, the financing scale of the social (Social) track ($63 million) and the public chain/scaling-related chain (Chain) track ($49.5 million) is relatively small. Nevertheless, as a long-term development direction for Web3, the potential of decentralized social and diversified underlying public chains should not be overlooked.

Overall, June 2025 presented a "dumbbell-shaped" investment pattern: on one end is the extremely mature and institution-preferred CeFi, while on the other end are blockchain services and GameFi that have greater user growth potential or underlying support. The DeFi and infrastructure sectors maintain robust appeal, while social and new public chain projects, although smaller in scale, should not be overlooked for their long-term potential. This indicates that while the market pursues short-term returns and compliance, it has not given up on investing in the long-term development and application of Web3 technologies.

According to the financing data of 90 Web3 projects disclosed in June 2025, the financing scale that month showed typical characteristics of "mainly medium-sized rounds, with significant large-scale financing."

Specifically, projects with financing scales between 3 to 10 million dollars accounted for as much as 37.8%, making it the most active financing range of the month. This reflects the market's tendency to support medium-sized projects that have completed initial product validation, have a user base, and show growth potential. Against the backdrop of a general convergence in risk appetite, projects with clear business models and valuations still within a reasonable range are more favored by capital.

From both ends, projects with small-scale financing (under $1 million) only account for 6.7%, while projects with financing in the range of $1 million to $3 million account for 18.9%, indicating that investors are becoming more cautious in screening extremely early-stage projects. On the other hand, large-scale financing activities are also significant: projects with financing between $10 million and $20 million and those between $20 million and $50 million each account for 10%, while projects with a single financing amount exceeding $50 million also reach 16.7%. Although limited in number, this part absorbs a large amount of capital, showing that leading institutions are more inclined to concentrate their investments in a few projects that have high certainty, strong scaling potential, or strategic importance.

Overall, the Web3 financing structure in June showed a distribution characterized by "medium-sized projects as the mainstay, with large financing supplements driving growth": on one hand, medium-sized projects inject continuous innovation and vitality into the industry; on the other hand, a few leading projects attract huge amounts of funding due to scale effects, institutional backing, and market position. This pattern highlights the market's emphasis on growth potential, commercialization prospects, and risk balance, and reflects that the industry is evolving towards a more rational and structured investment phase.

According to the financing round data of 74 Web3 projects disclosed in June 2025 (excluding financing through traditional financial instruments such as IPOs, Post-IPO Debt/Equity, which are not included in the Cryptorank Dashboard statistics), the financing activity for that month showed the characteristics of "early-stage projects being active, while strategic rounds and mid-to-late-stage projects have strong fundraising capabilities."

In terms of the number of financing projects, the strategic round is the most active, accounting for 37.8%. This is usually accompanied by strategic cooperation, resource integration, or targeted investments, reflecting the continuous strengthening of internal and external collaboration and resource integration in the Web3 industry. At the same time, the seed round (28.4%) and pre-seed (16.2%) together account for over 44%, indicating that a large number of startup projects continue to emerge, and the innovative vitality remains strong.

However, from the perspective of financing amount distribution, the patterns are quite different: although there are the most projects in the strategic round, they only account for 26.1% of the total financing amount; the Series C round accounts for only 1.4% of the number of projects, but has absorbed 21.9% of the funds, highlighting the strong capital-raising ability of a very small number of leading mature projects. At the same time, although the number of Series A and Series B projects is not large, their financing amounts account for 17.4% and 15.0%, respectively. Overall, the mid-to-late stage (Series A/B/C) and strategic rounds combined account for over 80% of the total financing amount, indicating that capital tends to flow towards mature projects with clear business models and defined growth paths.

Overall, the Web3 financing market in June 2025 shows characteristics of "exploratory investment and structured betting running in parallel": on one hand, a large number of early projects and strategic rounds support innovation and ecosystem development; on the other hand, large sums of money are concentrated in leading and high-certainty projects, reflecting a market trend towards rationality and a professional capital allocation logic.

According to data released by Cryptorank on July 3, 2025, Coinbase Ventures ranked as the most active institution in June with investments in 9 projects, primarily focusing on the DeFi (deep blue) sector. Pantera Capital followed closely, investing in 7 projects, demonstrating a similarly high level of active positioning. Following them are institutions like Galaxy, GSR, and Animoca Brands, which also invested in multiple projects.

Overall, these leading institutions typically have rich industry connections and diversified strategies, covering multiple tracks in Web3. Among them, Blockchain Service and DeFi account for a significant proportion of the active institutional portfolios, highlighting the market's ongoing focus on underlying service capabilities and decentralized financial applications. These two areas are also widely regarded as key supports for the large-scale implementation of Web3.

At the same time, different institutions still show their own investment focuses: some are more concentrated on DeFi, while others tend to lay out in GameFi or infrastructure, reflecting differentiated investments based on their professional backgrounds and market judgments. This further demonstrates that while the Web3 market remains overall active, capital allocation is also tending towards segmentation and specialization.

Financing Projects to Focus on in June

Yupp

Introduction: Yupp is a platform dedicated to the discovery and evaluation of AI models, aimed at helping users freely explore and compare the latest AI technologies. Its model evaluations are supported by the community: users can submit questions, compare answers from different models, and select the best option. These choices are digitally signed and used for the training and evaluation of AI models. [3]

On June 13, Yupp announced the successful completion of a $33 million seed round financing, led by a16z Crypto.

Investment Institutions/Angel Investors: a16z Crypto, Coinbase Ventures, and angel investors such as Gokul Rajaram.

Highlights:

1. Yupp was co-founded by former executives from Twitter, Google, and Coinbase, aiming to create the default evaluation layer for future AI models and build a trustless, transparent AI feedback market. It currently supports over 500 AI models.
2. Its core mechanism is: after users input prompts, they can view the generated results of multiple AI models side by side and select the optimal answer. The user's choice will generate a preference data packet with a digital signature, which will be used for subsequent model fine-tuning and evaluation; at the same time, users can receive rewards and use the latest AI models for free. This design transforms human judgment into a renewable economic resource, creating a flywheel effect where data is continuously updated, models are continuously optimized, and users are continuously engaged: more interactions bring fresher evaluation data, promoting model evolution, which in turn attracts more users to participate.
3. By introducing a data timeliness mechanism, Yupp ensures system vitality and evaluation freshness, where old data is replaced by new feedback to avoid data stagnation. All processes are transparently recorded on-chain, and no one can hide scores or manipulate results, truly realizing a neutral, fair, and trustworthy AI preference market, allowing users, developers, and model builders to benefit from the same set of public rules and incentive systems.

Momentum

Introduction: Momentum is a decentralized exchange built on the Move ecosystem (DEX), offering an efficient centralized liquidity model that empowers protocols, liquidity providers, and traders with greater control, higher returns, and reduced trading costs.【5]

On June 5th, Momentum announced the completion of a strategic round of financing led by OKX Ventures, with a valuation of 100 million USD. The funds from this round will be specifically used to expand the DeFi business of the Sui ecosystem.

Investment Institutions: OKX Ventures, Coinbase Ventures, Gate Ventures, MEXC Ventures, KuCoin Ventures, Protagonist, DNA Fund** **etc.

Highlights:

• Momentum adopts an innovative ve(3,3) incentive model. As of July 8, 2025, the platform achieved a trading volume of 5.2 billion dollars within just a few months of its launch, with a TVL of 133 million dollars. The platform is built by a team led by co-founder ChefWEN, who previously participated in the development of the Meta Libra project, and ensures fund security and enhances user trust through smart contract audits and real-time monitoring. 【7】
• The biggest highlight of Momentum lies in its design that dynamically adjusts incentives around active liquidity ranges: liquidity providers (LP) can not only earn trading fees but also gain additional profits from protocol rewards and ecosystem subsidies. Compared to traditional models that distribute incentives to idle funds, Momentum focuses its incentives on liquidity that supports real trading activities, significantly improving capital efficiency and reducing waste. Even in times of low market volatility, it can maintain attractive yields, ensuring long-term liquidity supply.
• Momentum's unique tiered fee structure optimizes slippage based on the attributes of trading pairs: stablecoin pairs achieve nearly zero slippage, while highly volatile assets balance trading volume and returns through a layered fee structure, enhancing overall capital efficiency and delivering a superior trading experience. This series of designs collectively shapes Momentum's competitive barriers in the decentralized trading space.

HashPower

Introduction: HashPower is an on-chain yield aggregation staking platform designed to consolidate staking rewards from multiple high-quality projects through a single platform, allowing users to stake a single asset to earn multiple token rewards, thereby improving yield efficiency and lowering participation barriers.【8]

On June 4th, HashPower announced the completion of a $4 million strategic financing, which will be used to expand global decentralized mining capabilities and promote the construction of digital assets and AI infrastructure through permissionless on-chain access.【9]

Investment Institutions: HashKey Capital, FBG Capital, Hailstone Labs, DePIN X Capital, etc.

Highlights:

1. HashPower deeply integrates traditional cryptocurrency mining business with blockchain technology, allowing users to participate in mining through tokenized assets without the need to build or maintain hardware. The platform currently operates over 80,000 mining machines in the United States, Canada, Singapore, Hong Kong, and Ethiopia, and is a leading mining machine supplier for IO.net and Aethir, as well as one of the top three contributors to IPFS globally.
2. Users can interact with the platform by providing assets such as USDT, external protocol tokens, or H100 GPUs to obtain HPX tokens, which represent mining business rights. HashPowerX leverages blockchain oracle technology to provide real-time mining data and reward information, achieving transparency in profit distribution, allowing users to earn real computational power rewards without managing hardware.
3. HashPowerX has signed memorandums of understanding worth a total of $60 million with 8 institutions including Aethir and Automata Network to jointly promote decentralized mining and AI infrastructure development. Currently, the platform relies on a global node network to combine DePIN with AI, achieving fair and efficient distribution of on-chain computing power rewards.
4. Users only need to stake a single asset to simultaneously earn staking and mining rewards from multiple high-quality projects without having to diversify participation in each project. HashPowerX simplifies the staking and participation process, allowing users without a technical background to easily engage in the Web3 mining ecosystem while maximizing returns.

Avantis

Introduction: Avantis is an oracle-based synthetic derivatives protocol that allows users to trade cryptocurrencies and real-world assets with up to 100x leverage. Users can also earn returns by providing USDC liquidity as market makers. The project aims to enable any trader to access leveraged trading opportunities for various assets with low fees, self-custody, and transparent execution, while also giving anyone the chance to become a market maker and profit from complex financial products such as derivatives.

On June 3, Avantis announced the completion of an $8 million Series A funding round, co-led by Founders Fund and Pantera Capital. Following this round of financing, Avantis' total funding amount has reached $12 million.

Investment Institutions/Angel Investors: Founders Fund, Pantera Capital, Symbolic Capital, SALT Fund, Flowdesk, etc.

Highlights:

1. Avantis is set to launch in 2024 and has now grown into a leading derivatives protocol on the Base chain, supporting users in trading and providing liquidity for real-world assets (RWA) such as cryptocurrencies, foreign exchange, and commodities. The platform's cumulative trading volume has surpassed $10.6 billion, with a TVL of over $21 million, and plans to expand in the future to include stocks, sports, and prediction markets, further enriching trading instruments and expanding market space. [12]
2. Avantis has pioneered several innovative mechanisms: including loss rebates for specific trades (balancing deviations in open positions), positive slippage (allowing users to execute trades at better than market prices), and one-stop RWA trading (simultaneously supporting yen, gold, bitcoin, etc.). Liquidity providers (LPs) can also flexibly choose between passive or active market making, combining time-locks and risk preference management to further enhance yield potential and capital utilization.
3. Avantis is actively advancing its technology upgrades and plans to further expand into new areas such as stocks, sports events, and prediction markets. To achieve this goal, the company will restructure its AMM system to accommodate diversified price sources while developing a custom blockchain compatible with EVM to enable high-speed transactions with zero Gas costs. The new generation V2 version is expected to go live in a few months, and the official announcement states it will bring up to a 10-fold increase in capital efficiency and support cross-margin trading, further enhancing the flexibility of fund utilization and market depth.

OpenTrade

Introduction: OpenTrade is an institutional-grade stablecoin lending and yield product platform aimed at providing Web3 finance executives with on-chain structured financial products backed by investment-grade real-world financial assets. The platform acquires short-term investment-grade risk-weighted assets (RWA) through global financial institutions, asset management firms, and B2B networks, and constructs them into yield-generating on-chain financial products. [13]

On June 11, OpenTrade announced the completion of a $7 million strategic round of financing, led by Notion Capital and Mercury Fund. [14]

Investment Institutions: Notion Capital, Mercury Fund, a16z crypto, AlbionVC, CMCC Global, etc.

Highlights:

1. OpenTrade allows Web3 institutions to invest in high-quality assets such as U.S. Treasuries and commercial papers by depositing stablecoins, providing stablecoin yield services for users in high-inflation areas. Official data shows that its managed assets increased to $50 million last year, with an annual trading volume of nearly $200 million, and achieved a 20% quarter-on-quarter growth in the first half of this year. 【15】
2. OpenTrade provides underlying technology for partners such as Criptan (Spain) and Littio (Colombia), allowing users to earn up to 9% in USD/EUR stablecoin returns within familiar apps. For example, users in Spain can earn 4% in EURC through Criptan, while users in Colombia can earn 6% in USD through Littio, significantly outperforming the local bank dollar account annual interest rate of less than 0.4%. This makes returns accessible and truly empowers underdeveloped financial markets.
3. OpenTrade offers a range of yield products supported by government bonds, bonds, ETFs, private credit, trade finance, and DeFi assets, enabling predictable and risk-adjusted stable returns.
4. Future plans support an almost unlimited number of yield products and achieve compatibility with cross-chain and fiat currency settlements. Users can create embedded self-custody wallets and log in and recover using Google SSO to obtain an experience close to Web2. At the same time, the platform will introduce more asset classes, such as private credit, public market fixed income, and trade financing, continuously expanding sources of yield and market space.

Summary

In June 2025, the Web3 industry completed a total of 119 financing rounds, amounting to as much as $5.14 billion, setting a new monthly financing record for 2025 and demonstrating a strong rebound in capital inflow. This month's financing is characterized by a high degree of centralization and institutional dominance, with the CeFi sector leading with an absolute advantage of $3.3 billion, nearly three times the total of all other sectors combined. This is primarily due to the active financing following large mergers and IPOs, marking an accelerated integration of Web3 with traditional finance. In terms of financing scale, projects ranging from $3 million to $10 million account for the highest proportion (37.8%), while large financing projects exceeding $50 million also reached 16.7%, showcasing characteristics of "mid-segment concentration and prominent heads." From the perspective of funding rounds, early-stage projects are active, but funds are highly concentrated in the later stages, forming a pattern of "exploratory investments alongside structural bets." This month's key financing projects also highlight the industry's diversification and differentiated competition: Yupp is creating a decentralized AI assessment and feedback market, driven by human preference data to optimize AI models; Momentum is innovating centralized liquidity and ve(3,3) models under the Sui ecosystem to enhance LP returns and capital efficiency; HashPower combines real computing power with on-chain tokenization, allowing users to share global decentralized mining profits without hardware; Avantis focuses on trading RWA leveraged derivatives and plans to achieve zero Gas high-speed trading through a customized EVM chain; OpenTrade offers institutional-grade on-chain yield products and high-quality global assets, providing predictable USD/EUR returns for users in high-inflation markets. Overall, the Web3 financing market is transitioning from frenzy to maturity, with capital styles becoming more rational, stratified, and increasingly focused on project compliance, clarity of business models, and connectivity with the real world.
Reference Material:

1. Cryptorank , https://cryptorank.io/funding-analytics
2. Cryptorank, https://cryptorank.io/funding-rounds
3. Yupp, https://yupp.ai/
4. a16z Crypto, https://a16zcrypto.com/posts/article/investing-in-yupp/
5. Momentum , https://app.mmt.finance/
6. decrypt, https://decrypt.co/323849/momentum-raises-strategic-round-led-by-okx-ventures-coinbase-ventures-protagonist-and-dna-fund
7. defillama, https://defillama.com/protocol/dexs/momentum
8. HashPower, https://www.hashpowerx.com/
9. Chainwire, https://chainwire.org/2025/06/04/hashpower-secures-4m-investment-to-advance-decentralized-mining-and-ai-infrastructure/?mfk=N7Aai5XdCSDy9ObM4BNKA9CGkXt0KI62n7WWjep%2BsV%2Faw964VR0UxoEJLzrxzgTThV%2FsF41lASBw6bNxXDgL%2BVF%2BMkjxpIlseNPbKVHVgtv0zQ%3D%3D
10. Avantis, https://www.avantisfi.com/
11. The Block, https://www.theblock.co/post/356775/peter-thiel-founders-fund-base-avantis-crypto-funding
12. defillama, https://defillama.com/protocol/avantis
13. OpenTrade, https://www.opentrade.io/
14. Coindesk, https://www.coindesk.com/business/2025/06/10/uks-opentrade-raises-7m-to-expand-stablecoin-yield-access-in-inflation-hit-markets
15. OpenTrade, https://medium.com/opentrade/fundraising-in-depth-article-40f1c04c46f1

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