Wu Shuo learned that, according to CryptoRank data, early-stage funding has been in decline for seven consecutive quarters, with the number of early-stage funding rounds decreasing by 63% and the funding amount decreasing by 50% since the second quarter of 2024. Although there was a brief rebound in the third quarter of 2025, the overall trend remains unchanged. As investors increasingly favor larger, more mature projects, the gap between early-stage and later-stage funding continues to widen.