April Financing Report of the Web3 Industry: Decline in Both Financing Scale and Quantity, Capital Accelerates to Concentrate on Leading Projects

According to the latest data, the Web3 industry completed 94 financings in April 2025, totaling $2.37 billion, with both the scale and number of financings declining, indicating a clear cooling of the market.

Main Features:

1. The CeFi sector leads with a financing amount of $1.15 billion, accounting for nearly 50%. Blockchain services follow with a financing of $602 million.

2. Mergers and structured financing have become the main financing methods. Ripple's acquisition of Hidden Road for $1.25 billion highlights the trend of resource integration.

3. Financing is concentrated on large projects, with projects over 10 million USD accounting for 47%. Small financing only accounts for 6.1%, reflecting an intensification of the "Matthew Effect."

4. Funding is clearly skewed towards later-stage projects. The number of Series C projects is small, but they account for 23.7% of the financing amount, while seed round projects have the highest number but only account for 18.3% of the financing amount.

5. Coinbase Ventures invested in 10 projects, ranking first among institutions, with a focus on DeFi, CeFi, and infrastructure.

Financing projects worth paying attention to:

• ZAR: Digital Dollar Wallet, raised $7 million in financing, dedicated to promoting the adoption of stablecoins in the real economy.

• Pencil Finance: A decentralized student loan protocol that has completed a $10 million liquidity pool financing.

• CAP: A new stablecoin engine has secured $11 million in funding, integrating arbitrage, MEV, and RWA yields.

• Camp Network: An innovative public blockchain with independent IP, completed a $25 million Series A round, focusing on the issue of data ownership for AI agents.

• Blackbird Labs: A Web3 dining loyalty platform, has secured $50 million in Series B funding to build a tokenized points ecosystem.

Overall, Web3 financing in April showed characteristics such as CeFi dominance, capital concentration towards leading projects, and a return to traditional financing methods, reflecting an increased emphasis on the project's commercialization capability and compliance by capital.