311 fundraising rounds. $7.9bn raised. And we're only in May.
I went through the full 2026 crypto fundraising data, so here's what stood out:
> prediction markets are serious money
Kalshi raised $1bn, Polymarket raised $600m. Two deals, one sector, $1.6bn out of a $1.97bn total. A category that barely existed in mainstream conversation two years ago is now attracting the kind of capital that used to go to L1s and DeFi protocols. The bet is that people want to put money on outcomes rather than assets. Turns out conviction is more interesting than price action for many.
> DeFi is fine, VCs are not sure
DeFi is still the most active sector by deal count at 51 rounds in five months, but the median raise is $9m with no mega-rounds anywhere in sight. Lots of small bets spread across lots of teams. It reads less like conviction and more like portfolio hedging. VCs are staying in the room without committing to a seat at the table.
> AI need to find better PMF and convinction
AI in crypto is busy but underfunded. 24 deals, $164m total, $8.6m average per round. Everyone is talking about AI x crypto but the funding data says the market is still figuring out what it actually means. No breakout round, no clear winner getting the big cheque. Lots of pre-seed and seed noise. The Series A moment hasn't happened yet. I think something will come up from the agentic payments narrative.
> ETH vs SOL - will it flip?
@ethereum vs
@solana is closer than the narrative suggests. Among deals that specified a chain, Ethereum got 20 mentions and Solana got 15. Ethereum still leads on raw developer count but its share of new builders is shrinking fast. Solana is now where the activity-hungry teams go, and Hyperliquid is carving out its own lane entirely.
> HYPERLIQUID
16 projects raised on
@HyperliquidX in 2026 so far, already 3x the capital of the entire H2 of 2025. Builders are moving past DeFi basics like lending and liquid staking into serious trading infrastructure.
@liquidtrading and
@BasedOneX, backed by Paradigm and Pantera, are two good examples and I know of a few others coming up. TradFi is definitely moving onchain
> CeFi is back??
Centralised exchanges are consolidating quietly. 10 deals, $1.29bn raised, $129m average deal size, the highest of any sector.
@krakenfx, Dunamu,
@BitGo all did large rounds.
> who are the most active VCs?
@cbventures wrote 23 cheques in five months, roughly one deal every six or seven days.
@animocabrands sits at 16,
@a16zcrypto at 12. Coinbase Ventures is playing volume, averaging $9.5m a ticket across payments, infra and prediction markets. a16z and Paradigm write far fewer deals but average $34m and $45m respectively, concentrating on infra and L1s.
One last thing, 23% of raises (71 deals) had no disclosed amount. So the real number is bigger than $7.9bn.
Sources:
@DefiLlama and public fundraising data.