Gate Research Institute: January 2025 Web3 Industry Financing Report

Summary

• Based on Cryptorank data as of February 5, 2025, the Web3 industry closed a total of 148 funding rounds totaling $1.44 billion in January 2025.
• Compared with December 2024, the amount and value of financing in January both decreased, with a decrease of 9.75% and 53.24% respectively.
• Large financing in January mainly focused on two ways: one is mergers and acquisitions, such as Chainalysis acquiring Alterya, MoonPay acquiring Helio, etc.; the other is token purchase commitment, such as Bluwhale and Tea-Fi, etc.
• Blockchain services and CeFi become hot investment spots in January 2025, with the blockchain services track leading with a financing amount of $656 million.
• Small and medium-sized financing dominates, with projects ranging from $1 million to $10 million accounting for as high as 52.9%, while large-scale projects with financing exceeding $50 million account for only 6.3%.
• Seed rounds have the largest number of projects, accounting for 36%; The Series C and Series A rounds had a higher average funding amount, accounting for 24.4% and 21.2% of the total financing, respectively.
• In terms of track distribution, blockchain services are the focus of investment institutions' layout, and almost all institutions are involved.

Financing Overview

According to the data released by Cryptorank on February 5, 2025, the Web3 industry completed a total of 148 financings in January 2025, with a total amount of up to $1.44 billion. [1]

Compared to December 2024, the number and amount of financing decreased by 9.75% and 53.24%, respectively. Although the amount of funds raised in January increased by 120.4% compared to the same period last year, it has fallen significantly from the peak in December last year.

It is worth noting that the large-scale financing events significantly decreased in January 2025. Compared to the situation in the fourth quarter of 2024 where there were significant acquisitions or transactions every month, only 3 financing deals with a scale exceeding 100 million US dollars were recorded in January, only half of December's total. This may be the main reason for the sharp decline in total financing in January. Perhaps it is because the financing in the fourth quarter of 2024 was too hot, and the market needed an adjustment period.

Although the amount of Web3 industry financing in January 2025 has fallen from the peak in December 2024, it still remains at a high level. Analysis of the top 10 financing projects in January shows that the large-amount financing projects in this month show the following characteristics:[2]

• Large-scale financing in January mainly focused on two methods: mergers and acquisitions, such as Chainalysis acquiring Alterya, MoonPay acquiring Helio, etc., accelerating industry consolidation, and leading enterprises expanding market share through mergers and acquisitions; and token purchase commitments, such as Bluwhale and Tea-Fi, which not only raise funds for projects, but also deeply bind community users and enhance project governance.
• Blockchain services, the integration of artificial intelligence and Web3, and the entry of traditional financial institutions have become investment hotspots. Among them, the CeFi field is particularly prominent, and almost all of the top 10 large-scale financing projects are concentrated here, such as payment platforms such as Helio, Komainu, Sygnum, digital asset custody and banking projects. The continued entry of traditional financial institutions, such as SoftBank's investment in Cipher Mining, demonstrates its keen interest in blockchain technology. In addition, the Bluwhale project applies artificial intelligence to crypto trading, demonstrating the trend of deep integration of artificial intelligence with Web3.
• Safety and compliance have attracted much attention, with projects such as Alterya, Komainu, and Sygnum focusing on blockchain security and compliance, reflecting the growing demand from investors for asset security and regulatory compliance as the cryptocurrency market matures.

Top ten projects by financing amount in January 2025:

!

According to Cryptorank data, blockchain services and CeFi became investment hotspots in January 2025, while the popularity of DeFi and social tracks cooled down.

• Leading in the blockchain service sector: The blockchain service sector takes the lead with a financing amount of 656 million US dollars. Projects such as Alterya, Phantom, and Cipher Mining have obtained large-scale financing, fully demonstrating the strong demand in the market for underlying services and basic solutions. This is closely related to the expanding Web3 ecosystem and the growing demand for secure, efficient, and scalable blockchain solutions.
• CeFi comes in second: With a financing amount of $402 million, the CeFi sector ranks second. Events such as MoonPay's acquisition of Helio, Komainu's completion of financing, and Sygnum's strategic financing indicate that traditional financial institutions are accelerating their layout in the Web3 field. MoonPay expands its encrypted payment business through acquisitions, while Komainu and Sygnum focus on digital asset custody and banking business, promoting the deep integration of traditional finance and Web3.
• DeFi financing is relatively low: DeFi ranks fourth in terms of financing with USD 89.65 million, which has declined compared to the previous two years. This may be related to factors such as stricter regulatory policies, intensified market competition, and some DeFi projects collapsing.
• Other tracks have had mixed performances: While the social track was in the spotlight in December 2024 due to Tether's investment in Rumble and the successful funding of Lens Protocol, its fundraising enthusiasm waned in January 2025. The overall financing amount of many tracks, including Chain, Social and GameFi, is not high, and investors are still taking a wait-and-see attitude towards their long-term development potential. It is worth noting that the slight increase in the financing amount of the meme track may be related to the continued popularity of the meme culture recently.

According to the data of 96 disclosed financing projects in January 2025, we can see:

• Small and medium-sized financing dominates: Small projects with a financing scale of less than 1 million US dollars account for 16.7%, while projects between 1 million and 10 million US dollars account for as high as 52.9%, indicating a high investment enthusiasm for small and medium-sized projects in the market.
• Relatively small share of large financing projects: Only 6.3% of large projects raised more than $50 million were raised, little changed from December 2024.

In terms of financing rounds, among the 75 projects with disclosed financing rounds, seed round financing projects have the highest number, accounting for a staggering 36%, indicating a high level of market attention to early-stage projects. Following closely behind is the strategic round, accounting for 32%. These strategic investors are typically large tech companies, traditional financial institutions, or government agencies, who strategically invest to layout the Web3 ecosystem.

It is worth noting that although the number of seed round projects is the highest, the amount of financing per project is relatively small. In contrast, the average financing amount for Series C and Series A rounds is higher, accounting for 24.4% and 21.2% of the total financing amount respectively, totaling nearly half. This indicates that some projects have developed to Series C and Series A rounds, demonstrating strong competitiveness and growth potential, attracting more funds. This reflects the changing funding needs of Web3 projects from early exploration to later-stage scaling, where early-stage projects mainly rely on small and frequent financings, while mature projects require larger-scale financing to support expansion.

According to the data from Cryptorank on February 5, 2025, OKX Ventures and Folius Ventures ranked first and second, respectively, in terms of the most active investment institutions in January 2025 with 10 and 8 funding rounds. It is worth noting that although Animoca Brands was active in 2024, the number of investment rounds decreased slightly in January and ranked fifth. In terms of the distribution of sectors, blockchain services are the focus of investment institutions, with almost all institutions involved. GameFi (in blue) and DeFi (in black) are also popular, with relatively more participation from investment institutions. On the other hand, the layout of investment institutions in other sectors such as Chain and Social is relatively scattered.

Focus on Financing Projects in January

Phantom

Introduction: Phantom is an unmanaged browser extension designed for the Solana blockchain. The Phantom wallet provides users with secure storage, sending, receiving of digital assets, and the ability to interact with decentralized applications (dApps) in the Solana ecosystem. Users can easily store, purchase, send, receive, and trade tokens and NFTs on Solana. [3]

On January 16th, Phantom announced the completion of a $150 million Series C financing round led by Sequoia Capital and Paradigm, with a valuation of $3 billion. Phantom plans to use the new funds to accelerate the popularization of cryptocurrencies and transform into the world's largest consumer finance platform. Previously, in 2022, it completed its Series B financing, raising $109 million. [4]

Investment institutions/angel investors: Sequoia Capital, Paradigm, a16z, Variant, etc.

Highlights:

1. Phantom is loved by users for its fast speed, low transaction fees, intuitive user interface, and powerful security protection. The Phantom wallet interface is simple and intuitive, and can be used by both beginners and experienced users. Users can easily manage their cryptocurrencies without requiring too much technical knowledge. In addition, the Phantom wallet adopts multiple security measures to protect user's cryptocurrencies, including backup and restore functions, wallet password protection, and two-factor authentication.
2. The Phantom wallet initially focused on the Solana ecosystem, but quickly expanded its support to cover multiple mainstream blockchains such as Ethereum, Bitcoin, Base, Polygon, and more. This major upgrade of multi-chain support enables users to manage various digital assets in one wallet. It is worth mentioning that the new cross-chain exchanger launched by Phantom allows users to directly bridge ERC-20 tokens on Ethereum to Solana and convert them to USDC within the wallet. This feature greatly simplifies cross-chain operations and enhances user experience. In addition, Phantom also provides the Refuel function, allowing users to cross-chain some tokens and exchange them for SOL to pay transaction fees without the need for prior preparation.
3. Since its launch in 2021, Phantom has developed rapidly, with official claims that the monthly active users have reached 15 million, supporting 850 billion on-chain transactions, managing self-custodied assets worth 250 billion US dollars. According to the App Store data, Phantom once ranked among the top nine free iPhone apps in November 2024, second only to Google's search engine app. [5] In January 2025, the in-app exchange fee of Phantom wallet reached a record high of $29 million. Prior to this, Phantom strengthened the platform's security and infrastructure through the acquisition of Bitski and Blowfish. In the future, Phantom will increase investment in social functions and peer-to-peer payments to further enhance user experience.

SoSoValue

Introduction: SoSoValue is an AI-driven investment and research platform that aggregates a large amount of data to transform complex crypto information into intuitive investment insights. The platform features an automatic categorization system, professional analysis tools, and real-time data monitoring, providing users with comprehensive on-chain and off-chain data to assist them in making more informed investment decisions. In addition, SoSoValue has also innovatively launched index tokens, which utilize AI-driven investment to simplify the cryptocurrency investment process. [7]

On January 8, SoSoValue announced the closing of a $15 million Series A funding round valued at $200 million. Funds from this round are mainly used in the reserve fund of SoSoValue Indices (SSI). 【8】

Investment institutions: Hongshan (红杉中国), SmallSpark, Mirana Ventures, Safepal, etc.

Highlights:

1. SoSoValue provides users with a comprehensive set of investment research tools and innovative investment products, including real-time news aggregation, industry insights, on-chain data analysis, and on-chain spot ETF protocol (SSI). SSI allows users to easily build diversified portfolios of crypto assets by purchasing index tokens, reducing investment barriers. Meanwhile, SoSoValue's AI-driven analysis tools can help users gain a deeper understanding of the market and make wiser investment decisions.
2. Since its inception, SoSoValue has attracted more than 10 million users to sign up. The platform's on-chain spot index protocol (SSI), which was launched at the end of 2024, has attracted much attention, and its MAG7.ssi index token has attracted much attention. MAG7.ssi tracks the trends of seven major cryptocurrencies such as Bitcoin and Ethereum, providing investors with a simple and efficient way to invest. Through an intelligent monthly rebalancing mechanism, MAG7.ssi has always maintained the best asset allocation, and its yield and risk control have outperformed Bitcoin over the past three years.
3. SoSoValue will launch the staking activity on February 25th, with a total allocation of 3% of $SOSO tokens as rewards, worth up to 30 million dollars. Users holding SSI index tokens before February 25th will receive an additional 0.1% reward share, calculated based on on-chain data, this portion of rewards is worth approximately 1 million dollars, with an annualized yield of up to 2774%. This is also a generous return for early supporters, reflecting SoSoValue's emphasis on the community.

Tea-Fi

Introduction: Tea-Fi is a comprehensive DeFi one-stop application designed to provide users with secure and convenient decentralized financial services. By using smart contracts, Tea-Fi integrates various DeFi products into one platform, allowing users to complete various DeFi operations without having to switch between multiple platforms. The platform supports various DeFi services such as decentralized trading, cross-chain token exchange, liquidity mining, and more. [9]

On January 13th, Tea-Fi announced that it has received a $35 million token investment commitment from Rollman Management Digital to support the launch of its innovative platform for digital asset management. [10]

Investment institutions: Rollman Management Digital, etc.

Bright spot:

1. Tea-Fi aims to create an all-in-one DeFi platform by integrating various DeFi services, addressing the pain points of fragmentation in the current DeFi market. Users can seamlessly perform various operations such as trading and lending on the platform. To ensure user privacy, Tea-Fi adopts advanced technologies such as zero-knowledge proof (ZKP) and fully homomorphic encryption (FHE) to ensure the security of user data throughout the transaction process.
2. Tea-Fi cleverly combines the flexibility of decentralized finance (DeFi) with the convenience of centralized finance (CeFi). With the Easy-Gas feature, users can easily complete transactions without the need for multiple native tokens; cross-chain interoperability enables seamless flow of assets between different blockchains. In addition, Tea-Fi's built-in yield engine provides users with diversified value-added services, and the embedded privacy layer ensures the security of user data through technologies such as zero-knowledge proofs.
3. Tea-Fi has launched a number of innovative features, including: a Visa debit card that allows users to access a line of credit based on overcollateralization; TeaClub loyalty rewards program, where users can earn a share of the platform's profits by participating in platform activities; and the Unsecured Loan feature, which allows users to pledge rewards earned through TeaClub; These innovative features enrich the user experience.

Oshi

Introduction: Oshi is an open blockchain-based anime platform that provides fans with a channel to directly support their favorite anime projects and receive exclusive perks. The platform's IP licensing mechanism gives IP owners control over their work, while also connecting with global partners. 【11】

On January 20th, Oshi announced the completion of a $12.5 million financing round, led by Polychain Capital and Superscrypt. The funds will be used to build its platform and promote the decentralized transformation of the anime industry. [12]

Investment institutions/angel investors: Polychain Capital, Superscrypt, Folius Ventures, Sfermion, The Spartan Group, Nomad Capital, CMT Digital, etc.

Highlights:

1. Oshi redefines the relationship between fans, creators, and licensors. It transforms fans from passive consumers into IP co-creators. Through NFTs, voting, and other means, fans can directly participate in the creation and development of IP, giving them more decision-making power. The platform's rich social features promote an active fan community, enhancing a sense of belonging and achievement for fans.
2. Oshi has opened up a new channel for creators and IP owners to realize the value by introducing blockchain technology and diversified business models. Through tokenization, derivative product development, and other means, fans can deeply participate in co-creation of IP and receive corresponding rewards. Oshi has lowered the threshold for creators to join, stimulated the enthusiasm of creators, and provided more ways for fans to participate and interact, promoting the prosperity and development of the entire content ecosystem.
3. Oshi envisions a transformed anime industry where Japanese anime IPs can be seamlessly accessed globally, and fans can directly participate in their favorite anime projects. At the same time, Oshi provides powerful tools for creators to better manage IPs and achieve global operations. Through a transparent blockchain mechanism, Oshi ensures clear copyright ownership and fair revenue distribution, breaking the limitations of traditional centralized platforms and driving innovation in the anime industry.

Bluwhale

Introduction: Bluwhale is an AI and Web3 project that enables users to have more control over their personal data and monetize it by allowing them to selectively share their Web3 wallet data. Through blockchain technology, Bluwhale realizes personalized and accurate on-chain message push and advertising while protecting user privacy. Bluwhale's vision is to make it easier for small businesses to apply AI and empower individual users to take ownership of their data so they can benefit from it. 【13】

On January 28, Bluwhale announced the closing of a total funding round of $100 million, funded by $7 million in venture capital, $85 million in token purchase commitments, and $8 million in node sales and grant proceeds. The company plans to use the funds to expand its Web3 intelligence layer across multiple L1 and L2 blockchains. 【14】

Investment institutions: DWF Labs, Cointelegraph, SwissBorg Ventures, MV Global, Moon Capital, Awaken Finance, Arbitrum Foundation, Movement Labs, etc.

Bright spot:

1. The unique advantage of Bluwhale lies in its decentralized AI workload distribution mechanism, through nodes on mobile devices, individuals can easily contribute data and computing resources. This model not only breaks the monopoly of traditional Web2 platforms on data, but also ensures a fair participation and reward mechanism. Bluwhale's decentralized personalized protocol adopts an innovative user-specific knowledge graph, providing a highly personalized experience while strictly respecting the user's data sovereignty. Users always have control over the data and can independently decide whether to share it with third parties, truly achieving a balance between data privacy and personalized services.
2. Bluwhale gives users full control over their digital footprints, allowing them to selectively share data with enterprises. Wallet holders concerned about privacy can block inbound messages or hide personal information at any time to ensure privacy and security. In addition, message senders can obtain discounts in advance through a placeholder mechanism and resell at a higher price when market demand increases. This not only enhances user flexibility but also creates potential economic benefits. Bluwhale provides a win-win solution for users and senders through this mechanism.
3. Bluwhale has partnered with 180 companies, and its AI platform is currently in public beta and has successfully indexed more than 270 million wallets, demonstrating strong market reach. Through its innovative on-chain dynamic pricing messaging system, any Web3 company can securely and efficiently connect with wallet holders, transforming traditional digital communication into a market-driven incentive model. Wallet holders are rewarded based on their popularity and can claim their earnings in a public on-chain archive by simply connecting their wallets and verifying their identity via social media.
4. Bluwhale provides comprehensive wallet information through AI big data analysis. Its dashboard is not only a data visualization tool, but also deeply explores the essence of data, highlights key indicators, and analyzes the impact of on-chain activities on user behavior. Bluwhale's AI combines the accuracy of data science with the innovation of blockchain, not only processing data, but also predicting trends to help users make wiser decisions. In the field of cryptocurrency, information is a core resource. Bluwhale is committed to providing the latest and most comprehensive information to help users seize opportunities quickly.

Summary

In January 2025, the industry remained buoyant, but the pace of funding slowed, with 148 financings totaling $1.44 billion. Compared to December 2024, both the number and amount of financing decreased, decreasing by 9.75% and 53.24% month-on-month, respectively. Blockchain services and CeFi have become investment hotspots, and mergers and acquisitions have become the main means of expansion of leading enterprises, through which leading enterprises can rapidly expand their market share. Small and medium-sized financing projects accounted for the highest proportion, indicating the market's focus on early-stage projects. At the same time, the rapid development of leading projects such as Phantom, SoSoValue, Tea-Fi, Oshi, and Bluwhale highlights the vigorous vitality of the Web3 industry.

**Resources:** 1. Cryptorank ,[https://cryptorank.io/funding-analytics](https://cryptorank.io/funding-analytics) 2. Cryptorank,[https://cryptorank.io/funding-rounds](https://cryptorank.io/funding-rounds) 3. Phantom ,[https://phantom.com/](https://phantom.com/) 4. Phantom ,[https://phantom.com/learn/blog/phantom-series-c](https://phantom.com/learn/blog/phantom-series-c) 5. The Block,[https://www.theblock.co/post/335305/phantom-wallet-raises-150-million-at-3-billion-valuation](https://www.theblock.co/post/335305/phantom-wallet-raises-150-million-at-3-billion-valuation) 6. Defillama,[https://defillama.com/protocol/phantom#fees-revenue](https://defillama.com/protocol/phantom#fees-revenue) 7. SoSoValue,[https://sosovalue.com/zh?from=moved](https://sosovalue.com/zh?from=moved) 8. Fortune Crypto,[https://fortune.com/crypto/2025/01/08/crypto-data-platform-sosovalue-funding-multi-coin-indices/](https://fortune.com/crypto/2025/01/08/crypto-data-platform-sosovalue-funding-multi-coin-indices/) 9. Tea-Fi,[https://tea-fi.com/](https://tea-fi.com/) 10. Cointelegraph ,[https://cointelegraph.com/press-releases/tea-fi-secures-35-million-investment-commitments-from-rollman-management-digital](https:// cointelegraph.com/press-releases/tea-fi-secures-35-million-investment-commitments-from-rollman-management-digital) 11. Oshi,[https://www.oshi.co/](https://www.oshi.co/) 12. X,[https://x.com/oshikatsu_co/status/1880318825952051605](https://x.com/oshikatsu_co/status/1880318825952051605) 13. Bluwhale, [https://www.bluwhale.com/] ( https://www.bluwhale.com/) 14. Techfundingnews, [https://techfundingnews.com/silicon-valleys-bluwhale-founded-by-standford-and-tiktok-alums-raises-100m-to-redefine-web3-with-ai/] (https://techfundingnews.com/silicon-valleys-bluwhale-founded-by-standford-and-tiktok-alums-raises-100m-to-redefine-web3-with-ai/)
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