DeFi Defies Crypto Fundraising Slump
The crypto industry experienced record lows in Q3 funding and deal numbers, reaching levels not seen since Q4 2020. The total funding amount fell below $2.1 billion across 297 deals, marking a 36% decrease compared to the previous quarter. Decentralized finance (DeFi) led in funded deals with 67, while chain infrastructure secured the highest proportion of funding at 18%. The gaming sector also posted a strong quarter, amassing nearly $250 million in investments.
In Q3, DeFi sector received the highest number of projects funded, with 68 deals. The exchange category represented 38% of all invested capital across 33 deals, securing $210 million in total, with an average deal size of $3 million.
Binance Labs made seven deals in the DeFi sector during Q3, including $10 million investments in Helio Protocol and Radiant Capital. The largest deal was a $16.5 million Series A funding round for Brine, an order-book DEX built on Starkware. Three out of the top four DeFi investors, Binance Labs, the Base Ecosystem Fund, and Polygon, were closely affiliated with the ecosystem, with a total of 16 deals.
(With inputs from Shikha Singh)
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