💸 Top-tier VCs are investing nearly half as much, while exchange-affiliated funds are filling the gap
According to Tiger Research’s analysis of RootData data, there were 193 funding rounds in the crypto industry in Q3.
The biggest shift is among leading firms: the five most active lead investors since 2024 (Polychain, Pantera, Hack VC, Paradigm, and a16z) led an average of just 2.0 rounds per month in Q3, down from 3.7 in the first half of the year—a drop of about 46%.
Who’s filling the gap?
🔹 YZi Labs (formerly Binance Labs) participated in 14 rounds
🔹 Coinbase Ventures participated in 12 rounds
🔹 According to NAUT’s tracking, Coinbase Ventures invested in 7 projects between August 19 and October 17—more than twice as many as any other firm
The report’s take: exchange-affiliated funds are less sensitive to valuations, but care more about whether a project can benefit their own ecosystem—for example, by deploying on BNB Chain or Base, or listing on their exchange.
My take: capital has become “cheaper,” but it comes with more strings attached. Lead investors used to help set your valuation; now investors may also be choosing your blockchain and launch platform for you. For retail investors, when looking at a new project’s funding roster, it’s no longer just about the amount—it’s also about whose money it is, because that often determines which chain the project runs on and where it launches first.
Do you think exchange-affiliated capital leading early-stage funding is a sign of a maturing industry, or is it pushing projects to pick sides?
#加密融资 #YZiLabs #BNBChain #IndustryInsights
According to Tiger Research’s analysis of RootData data, there were 193 funding rounds in the crypto industry in Q3.
The biggest shift is among leading firms: the five most active lead investors since 2024 (Polychain, Pantera, Hack VC, Paradigm, and a16z) led an average of just 2.0 rounds per month in Q3, down from 3.7 in the first half of the year—a drop of about 46%.
Who’s filling the gap?
🔹 YZi Labs (formerly Binance Labs) participated in 14 rounds
🔹 Coinbase Ventures participated in 12 rounds
🔹 According to NAUT’s tracking, Coinbase Ventures invested in 7 projects between August 19 and October 17—more than twice as many as any other firm
The report’s take: exchange-affiliated funds are less sensitive to valuations, but care more about whether a project can benefit their own ecosystem—for example, by deploying on BNB Chain or Base, or listing on their exchange.
My take: capital has become “cheaper,” but it comes with more strings attached. Lead investors used to help set your valuation; now investors may also be choosing your blockchain and launch platform for you. For retail investors, when looking at a new project’s funding roster, it’s no longer just about the amount—it’s also about whose money it is, because that often determines which chain the project runs on and where it launches first.
Do you think exchange-affiliated capital leading early-stage funding is a sign of a maturing industry, or is it pushing projects to pick sides?
#加密融资 #YZiLabs #BNBChain #IndustryInsights