This report summarizes the Web3 funding landscape in October 2025. In October, a total of 130 deals were completed, with $5.12 billion raised, representing a 104.8% month-over-month surge, the second-highest level in the past year. Funding was primarily driven by strategic rounds, which accounted for over 70% of the total, fueled by the explosion of the prediction market Polymarket and the accelerated integration of CeFi and TradFi. By sector, DeFi led with $2.15 billion, reflecting concentrated capital flows toward innovative financial applications. In terms of funding structure, projects in the $3M–$10M range accounted for nearly one-third of rounds, while projects under $1M represented only 5.9%, marking a recent low. The report also highlights key funded projects, including Orochi Network, KapKap, Voyage, TBook, and Lava.
Key Takeaways:
- Overall fundraising: In October 2025, the Web3 industry completed 130 funding rounds, with a total financing volume of $5.12 billion. The number of deals increased 28.43% month-over-month, while total funding surged 104.8%, marking the second-highest level in nearly a year.
- Prediction Markets Lead Capital Momentum: The Top 10 funding deals highlight three core trends — the explosive growth of prediction markets, the deep integration of CeFi and TradFi, and the institutionalization and selective focus of capital. Polymarket topped the list with a $2 billion strategic round, signaling a breakout moment for the prediction market sector. Meanwhile, CeFi platforms continued expanding through mergers, acquisitions, and structured financing, underscoring their growing alignment with traditional finance.
- Hot sectors and funding distribution: From a sectoral perspective, capital flows concentrated around two key pillars — innovative finance and foundational infrastructure. DeFi led with $2.15 billion in funding, surpassing Blockchain Services ($1.21 billion) and CeFi ($986 million), making it the most capital-attractive track in October. Investments were heavily skewed toward financial applications and infrastructure, while consumer-facing applications saw a clear cooling trend. Structurally, the market maintained a “mid-tier dominance with rising top-tier concentration” pattern — projects raising between $3–10 million accounted for over one-third of all rounds, representing the most active segment. In contrast, deals under $1 million dropped to 5.9%, the lowest in recent months, signaling stricter capital discipline against “concept-only” projects.
- Active funding stages and investment institutions: Strategic rounds dominated the month, representing 34.2% of total deals and over 70% of total funding volume, indicating that leading institutions are accelerating ecosystem positioning through strategic investments. Early-stage projects remained active but saw limited capital inflow, while mid-stage rounds (Series A–C) experienced a notable gap, reflecting the market’s shift toward structural selectivity. On the institutional front, Coinbase Ventures led with nine investments across CeFi, DeFi, Chain, and Blockchain Services sectors.
- Rapid growth of key projects: Key-funded projects like Orochi Network, KapKap, Voyage, TBook, and Lava demonstrated strong innovation across emerging fronts — including AI-powered data integrity and value distribution, reputation-based incentive networks, and the financialization of crypto assets — collectively driving the next phase of Web3’s technological and economic evolution.
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
Gate Team
November 12, 2025
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