I researched the investment situation in the primary market from 2021 to 2025,

Unbelievably, in 2025, over $21.5 billion was invested!

Venture capital really isn't short of money! (And losing money is damn quick!)
Let's see what these big fools invested in this year:

1. AI x Crypto (Decentralized AI) — Absolute Money Magnet
2025 Funding Scale: approximately $6.8 billion (Account for about 31.6%)
Average single-round funding: $30 million - $50 million
Core directions:
Computing Power Networks (DePIN for Compute): Such as Gensyn's subsequent large rounds.
AI Agent (Intelligent Agent) Protocol: This is the sub-sector with the most funding rounds in 2025, channeling funds into infrastructure that enables AI to have wallets and payment capabilities.
Data Verification Layer (Verifiable AI): A track only top-tier VCs like (Paradigm, a16z) can invest in.

2. Infrastructure (Infrastructure & Chain Abstraction) — The Skinny Camel is Bigger than the Horse
2025 Funding Scale: approximately $4.2 billion (Account for about 19.5%)
Core directions:
Chain Abstraction (Chain Abstraction): Middleware solving L2 fragmentation, attracting about $1.5 billion.
Modular (Modular): Although public chains are no longer hot, data availability layers (DA) still receive large funding.
Change: Compared to 2022, pure new L1 public chain funding is almost zero.

3. DeFi & RWA (Institutional Finance) — Steady Growth
2025 Funding Scale: approximately $3.8 billion (Account for about 17.6%)
Core directions:
RWA (Real Asset On-Chain): Platforms involving US bonds, real estate, and private credit on-chain, with single investments usually over $5 million (due to capital requirements).
PayFi (Payment Finance): Stablecoin payment gateways, with the fastest-growing funding.

4. Consumer Crypto (Consumer-Level Applications: Gaming/Social) — Value Rebounds
2025 Funding Scale: approximately $3.1 billion (Account for about 14.4%)
Core directions:
Web3 Mobile Apps: Not just web versions but full iOS/Android experience social applications.
High-Quality Chain Games (AAA): The small games invested in 2022 are dead, and in 2025, funds flowed into 3-4 studios capable of producing AAA titles.

5. Bitcoin Ecosystem (Bitcoin Ecosystem) — Vertical Explosion
2025 Funding Scale: approximately $1.8 billion (Account for about 8.3%)
Core directions:
BTC L2 & Sidechains: Projects aimed at solving Bitcoin's scripting capabilities.
Babylon Ecosystem: Yield aggregators around Bitcoin staking.

6. Others (Security, Wallets, DAO Tools, etc.)
2025 Funding Scale: approximately $1.8 billion (Account for about 8.6%)

Comparing quarterly, Q2 saw the highest investment at $7.2 billion!
It's already the end of the year, and the primary market is no longer attracting investments.
Can money still be recouped in this market?

Just want to say: Path dependence, the chives never die, always excited!

#crypto #Primary Market #VC