April Financing Overview of the Web3 Industry: Large Projects Become Market Makers, Small Financing Cools Off

According to the data, the Web3 industry completed a total of 94 financing rounds in April 2025, with a total amount of 2.37 billion USD. Both the scale and number of financing have decreased, indicating a noticeable cooling of the market.

Main features include:

1. Traditional financing methods are returning, with mergers and structured financing dominating large transactions.

2. Financing is primarily concentrated in CeFi ($1.15 billion) and blockchain services ($602 million), followed by DeFi and Social.

3. The financing ecosystem is shifting from "broad support" to "structured betting", with medium to large projects taking the lead. Projects with financing amounts exceeding $10 million account for 47%.

4. The financing rounds show a "small at both ends, large in the middle" structure, with funds clearly concentrating on projects in the later stages. Series C financing accounts for 23.7% of the total financing amount.

5. An investment institution under a trading platform leads with investments in 10 projects, covering DeFi, CeFi, and blockchain infrastructure.

Financing Overview

Compared to the $5.08 billion and 140 transactions in March 2025, the total financing amount in April fell by more than 53% month-on-month, and the number of financing deals also dropped below 100, setting a new low in nearly a year.

This phenomenon may be driven by the following factors: short-term wait-and-see sentiment after concentrated capital release in the first quarter; market corrections or increased expectations of stricter regulation; or perhaps some financing is shifting towards more concealed private placements or strategic directed phases, leading to a reduction in publicly disclosed large financing cases.

According to the data analysis of the top 10 financing projects in April 2025, capital is highly concentrated in a few leading projects, further confirming the trend of the "Matthew Effect" intensifying in the market.

CeFi still dominates: Among the top ten projects, six belong to the centralized finance (CeFi) sector, with a total financing of over $1.9 billion.

Traditional financing methods are making a strong comeback: mergers and acquisitions (M&A), post-IPO debt, and private placements have become high-frequency financing tools.

Infrastructure projects still favored by top capital: The only blockchain infrastructure project to enter the top ten this month is LayerZero, which raised $55 million in financing.

Overall, the financing landscape in April 2025 presents three major characteristics: "CeFi dominance, merger-driven, and capital centralization."

Track Distribution

In April, the financing situation in the Web3 industry showed a trend of "CeFi leading strongly, basic services being stable, defensive technologies being favored, and cautious investment in innovative tracks."

• CeFi secured the top position with a total financing amount of $1.15 billion, accounting for nearly half of the total financing for the month.

• The total financing amount for the blockchain services sector is $602 million.

• DeFi and Social sectors attracted $215 million and $169 million in financing, respectively.

• Chain projects and GameFi only raised $9.12 million and $1.95 million respectively, reaching a low point in funding this month.

Financing Scale Distribution

The financing scale for the month shows a structural characteristic of "central dominance + head accounting + small amounts cooling."

• Projects with financing scales between 3 million and 10 million USD account for as much as 30.3%, making it the most significant financing range.

• The number of projects with a financing scale exceeding 10 million USD accounts for 47%.

• Projects with a financing scale of less than 1 million USD only account for 6.1%.

Distribution of Financing Rounds

From the data on the number of financing rounds and the proportion of financing amounts, it can be observed that the current market shows a structural characteristic of "early-stage projects dominating, with funds concentrated in mid to later rounds."

• In terms of the proportion of financing rounds, the seed round (Seed) accounts for the highest percentage at 41.4%.

• From the perspective of the proportion of financing amount, funds are clearly tilted towards mid-to-late stage projects: although C round projects are few, they have the strongest capital-raising ability, with a total financing amount of 205 million USD, accounting for 23.7% of the total financing amount.

Active Investment Institutions

An investment institution under a trading platform ranks first by investing in 10 projects, clearly ahead of other institutions. Following closely are 1kx, the investment division of a well-known venture capital firm, and MH Ventures, with the number of investments ranging from 5 to 6.

Key Financing Projects to Focus on in April

ZAR

ZAR is a digital dollar wallet designed to empower local merchants around the world, making them points for exchanging cash and digital dollars. On April 30th, ZAR announced the completion of a $7 million funding round.

Pencil Finance

Pencil Finance is a decentralized lending protocol aimed at bringing real-world student loan financing on-chain. On April 30, Pencil Finance announced the completion of a $10 million liquidity pool financing.

CAP

CAP is a stablecoin engine designed to break the closed-loop dependency of endogenous incentive models and provide users with a truly sustainable path to returns. On April 7th, Cap announced the completion of a $11 million financing.

Camp Network

Camp Network is an innovative Layer-1 blockchain focused on proprietary intellectual property (IP), aiming to provide a verifiable operating environment for the next generation of AI agents with user identities. On April 29, Camp Network announced the completion of $25 million in Series A funding.

Blackbird Labs

Blackbird is a Web3 loyalty and payments company dedicated to connecting restaurants with customers, offering a fully customizable loyalty program platform and consumer application. On April 8, Blackbird Labs announced the completion of a $50 million Series B funding round.

Summary

In April 2025, both the scale and number of financing in the Web3 industry declined, and the market showed a clear cooling. However, the flow and preferences of capital have undergone significant changes, showing a trend of concentration towards more mature, integrated, and compliant areas such as CeFi and blockchain services. Traditional financing methods such as mergers and acquisitions and structured financing have regained dominance, with large amounts of capital flowing more towards mid to late-stage and leading projects, reflecting investors' emphasis on the commercialization capability and steady growth of projects. Although early innovations are still occurring, capital selection for startup projects has become stricter, and risk appetite has tended to be conservative.