Head encryption VC is still actively deploying DeFi track financing hit a new low in recent years

According to CryptoRank, the overall crypto venture capital market is still operating at a low level since 2025, but leading institutions such as Coinbase Ventures, AnimocaBrands, Andreessen Horowitz (a16zcrypto), and Tether are still actively deployed. Among them, Coinbase Ventures participated in about 33 projects, AnimocaBrands about 19 projects, and a16zcrypto about 18 projects. Overall, the total financing scale in recent months fluctuates between hundreds of millions of dollars and billions of dollars, with early rounds accounting for a relatively high proportion, and funds are more concentrated on early project screening and structural opportunities. At the same time, VC investment in DeFi Track has declined for three consecutive quarters. The current quarterly investment has dropped to its lowest level since the fourth quarter of 2023. The DeFi financing round in the second quarter of 2026 also hit a new low since 2020, indicating that funds are on DeFi The screening of projects has become stricter, and the track has entered a stage of in-depth stock game.