加密货币的资金有望完成高度活跃的Q1，最高为73亿美元的资金回合

这次，主要资产仍然柔和，但风险投资的交易仍在继续。根据弥赛亚的说法，过去一个季度结束了550笔交易。

Cryptocurrency funding is on track to finish a highly active Q1, with up to $7.3 billion in funding rounds already closed by the past quarter, according to Messari. About 550 deals were also finalized in the past three months.

据Messari称，加密货币的资金有望完成高度活跃的Q1，在过去季度之前已经关闭了高达73亿美元的资金回合。在过去的三个月中，大约还有550笔交易。

Crypto funding accelerated in March, expanding funding to $7.3B for Q1, 2025. Usually, crypto funding follows the expansion stages of a bull market. This time, major assets remained largely subdued, yet VC deals continued at a fast pace.

加密货币资金于3月加速，将资金扩大到2025年第1季度的$ 7.3B。通常，加密货币资金是在牛市的扩张阶段之后的。这次，主要资产仍然在很大程度上被屈服了，但风险投资的交易仍在快速发展。

According to Messari’s data, crypto funding closed $154M in funding for just the past week, while the entire quarter was on track to surpass the previous slow months.

根据Messari的数据，Crypto资金仅在过去一周的资金上收盘1.54亿美元，而整个季度则有望超过前几个月。

Despite the shift in focus on meme tokens, new projects and platforms are still building under all market conditions. Investment activity switched to ‘high’ after showing a ‘low’ indicator in January and February. Activity is up by 13% in the past month, based on Cryptorank data.

尽管关注模因令牌的关注转移，但在所有市场条件下仍在建立新的项目和平台。投资活动在1月和2月显示“低”指标后转为“高”。基于Cryptorank数据，过去一个月的活动增长了13％。

The top 12 funds have diverse investment portfolios, but all have a focus on AI funding. The projects include both AI agent platforms and AI infrastructure. In total, AI takes up 14% to 22% of the Tier 1 top VC funds.

前12名资金具有多种投资组合，但所有人都专注于AI资金。这些项目包括AI代理平台和AI基础架构。 AI总共占14％至第1级顶级风险投资基金的22％。

The expansion of AI affected crypto funding as well. Over 30% of deals flowed into AI projects, becoming the biggest investment sector. Over 22% of deals flowed into developer tools. A new trend emerged for payment services, taking up 18% of funding in the past month.

AI的扩展也影响了加密货币资金。超过30％的交易流入AI项目，成为最大的投资部门。超过22％的交易流入开发人员工具中。付款服务出现了一种新趋势，在过去一个月中占据了18％的资金。

March was a particularly strong month for VC deals, as revealed by Cryptorank data. By the end of the month, a total of 122 deals were closed, raising a total of $4.84B. After two relatively slow months, March stood out as a period for rapid deal-making, suggesting older narratives may reawaken.

正如Cryptorank数据所揭示的那样，对于VC交易而言，三月是一个特别强大的月份。到本月底，总共完成了122笔交易，总计筹集了4.84B美元。经过两个相对较慢的月份，三月作为快速交易的时期脱颖而出，表明较旧的叙述可能会唤醒。

The recent growth comes from undisclosed rounds, while seed rounds still make up around 30% of all funding. The most common rounds are for $3M to $10M, followed by smaller fundraising of $1M to $3M. Those types of rounds make up around 60% of all funding activity. Around 6.28% of all deals are for over $50M.

最近的增长来自未公开的回合，而种子回合仍然占所有资金的30％。最常见的回合是300万美元至1000万美元，随后筹款为100万美元至300万美元。这些类型的回合占所有资金活动的60％。所有交易中约有6.28％的价格超过5000万美元。

Animoca Brands leads with the most funding rounds

Animoca品牌以最多的资金回合领先

For the first quarter of 2025, Animoca Brands and OKX Ventures were tied with 14 funding rounds each. Coinbase Ventures completed 13 funding rounds, and Amber Group closed 10 VC deals.

在2025年的第一季度，Animoca Brands和Okx Ventures都有14个资金回合。 Coinbase Ventures完成了13轮资金，Amber Group完成了10次VC交易。

Animoca Brands stood out for being the only fund still trying to rebuild on-chain gaming. GameFi now makes the bulk of fundraising for Animoca Brands, with 177 deals to date.

Animoca品牌是唯一仍在尝试重建链游戏的基金而脱颖而出。 Gamefi现在为Animoca品牌提供了大部分筹款活动，迄今为止达成了177笔交易。

In March 2025, a total of 30 GameFi deals were completed, with another 30 for blockchain services.

2025年3月，共完成了30次GameFI交易，另外30次用于区块链服务。

Animoca Brands completed its biggest round in March for Slingshot, a new GameFi project. The fund led an undisclosed round for $16M. Animoca Brands also supports NFT projects, remaining one of the last backers for this type of activity.

Animoca Brands在3月份为新的Gamefi项目Slingshot完成了最大的回合。该基金以1600万美元的价格领导了未公开的回合。 Animoca品牌还支持NFT项目，仍然是此类活动的最后支持者之一。

Despite the recent revival, VC funding is still down from the levels of 2021. Quarterly funding easily surpassed $10B during the 2021 bull market. The current recovery helped the market reach 50% of that level.

尽管最近有复兴，但风险投资仍然比2021年的水平下降了。在2021年牛市中，季度资金很容易超过10B美元。目前的回收有助于市场达到该水平的50％。

Token-based fundraising slows down

基于代币的筹款减慢

The first three months of 2025 caused token fatigue after the launch of thousands of meme tokens. For that reason, token launchpads saw a significant outflow of activity and significant losses from most launches. Only Bybit retained its positive ROI, with 700% in gains for the first three months of 2025, while other platforms posted significant losses from their token launches.

2025年的前三个月引起了成千上万个模因令牌后的令牌疲劳。因此，令牌发射台看到大多数发射的大量活动和巨大损失。只有Bybit保留了正投资回报率，在2025年的前三个月中，增长700％，而其他平台则因其令牌发布而造成了巨大损失。

Overall, private token sales made up just 2.8% of VC rounds, as more projects decided to go tokenless. Offering tokens to early VC backers continues to be a red flag for projects, due to selling pressure over the years.

总体而言，随着越来越多的项目决定无用的项目，私人代币销售仅占风险投资回合的2.8％。由于多年来销售压力，向早期风险投资支持者提供代币仍然是项目的危险信号。

Token creation is more curated, with some of the new TGE happening on the Binance ecosystem. Each launchpad is becoming specialized in different types of tokens. Gate.IO is the leader in launching GameFi assets, while others focus on DeFi tokens.

代币的创建更具策划，其中一些新的TGE发生在二元生态系统上。每个LaunchPad都将专门从事不同类型的令牌。 Gate.io是推出GameFI资产的领导者，而其他人则专注于Defi令牌。

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

加密大都会学院：想在2025年养活您的钱吗？在即将到来的WebClass中学习如何使用Defi进行操作。保存您的位置