Which DeFi protocols got funding?

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The DeFi funding landscape has undergone a remarkable transformation in 2024-2025, with venture capital investments reaching unprecedented levels of $4 billion in 2024 and $1.6 billion in just the first half of 2025.

This resurgence signals a fundamental shift in how institutional investors view decentralized finance, moving beyond experimental investments toward strategic positioning in liquid staking, real-world asset tokenization, and DePIN infrastructure. And if you need to understand this market in 30 minutes with the latest information, you can download our quick market pitch.

Who are the top DeFi protocols that raised funding in 2024 and 2025 so far?

EigenLayer leads the pack with the largest single raise of $50.8 million in their Series A round, followed closely by Ethena Labs which secured $100 million in strategic funding from traditional finance heavyweights.

The standout performers include EigenLayer with their revolutionary restaking infrastructure that allows ETH stakers to secure additional protocols simultaneously. Ethena Labs captured institutional attention with their USDe synthetic dollar that generated over 27% yields through delta-neutral strategies. Avantis Labs raised $8 million to build universal leverage layers for real-world asset trading on Base.

BitFi emerged as a dark horse with their $50 million seed round for Bitcoin yield aggregation, combining centralized exchange order flow with DeFi vault strategies. Datagram secured $4 million from Binance Labs to build interoperability infrastructure specifically for DePIN networks. Brickken raised €2.4 million to tokenize small and medium enterprise equity alongside traditional real estate assets.

The geographic distribution shows heavy concentration in the United States with EigenLayer, Ethena Labs, and Avantis Labs all headquartered there, while European representation comes primarily from Spain-based Brickken.

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How much did each of these protocols raise, and at what valuation if disclosed?

The funding amounts reveal a clear tier structure with mega-rounds concentrated among infrastructure protocols and strategic plays from institutional investors seeking DeFi exposure.

EigenLayer's $50.8 million Series A at a $500 million post-money valuation represents the gold standard for DeFi infrastructure investments, reflecting the protocol's potential to generate billions in additional staking rewards. Their earlier $14.5 million seed round at $75 million valuation shows how rapidly institutional confidence grew in restaking primitives.

Ethena Labs demonstrated exceptional fundraising progression from their initial $14 million strategic round at $300 million valuation to their recent $100 million raise, though the latest valuation remains undisclosed. Industry sources suggest the valuation likely exceeded $1 billion given the caliber of institutional investors involved.

The mid-tier raises include Avantis Labs with $8 million Series A following their $4 million seed, BitFi's substantial $50 million seed round, and Datagram's $4 million pre-seed from Binance Labs. Smaller but significant raises include Brickken's €2.4 million seed and BitVault's $2 million pre-seed, both focused on specific RWA tokenization niches.

Valuation disclosure patterns show established protocols like EigenLayer providing transparency while newer entrants often keep valuations confidential, likely to maintain negotiation flexibility for subsequent rounds.

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Which venture capital firms or strategic investors backed these protocols?

The investor landscape reveals a sophisticated ecosystem where crypto-native funds collaborate with traditional finance institutions and Web2 technology giants to create comprehensive funding syndicates.

Polychain Capital led EigenLayer's Series A alongside Andreessen Horowitz, establishing themselves as the premier restaking infrastructure investors. Coinbase Ventures and Blockchain Capital participated, bringing both exchange expertise and institutional distribution capabilities. This syndicate structure demonstrates how leading DeFi investments require both technical understanding and market access.

Ethena Labs attracted an unprecedented combination of traditional hedge funds and crypto specialists. Brevan Howard and Franklin Templeton represent the institutional capital seeking yield exposure, while Galaxy Digital and Castle Island Ventures provide crypto market expertise. Dragonfly and Maelstrom (Arthur Hayes) bring deep DeFi trading knowledge essential for synthetic dollar mechanics.

Pantera Capital and Founders Fund co-led Avantis Labs funding, with Peter Thiel's involvement signaling serious institutional interest in cross-asset DeFi trading. Symbolic Capital, SALT Fund, and Flowdesk provide specialized market-making and institutional trading infrastructure. Binance Labs led Datagram's round, leveraging their extensive DePIN network portfolio and exchange distribution.

The participation of Coinbase Base Fund in Avantis reflects strategic positioning around Layer 2 ecosystems, while Modular Capital brings specific expertise in modular blockchain architecture.

What stage was the funding—seed, Series A, token round, or other?

The funding stage distribution reflects a maturing DeFi ecosystem where protocols progress through traditional venture capital milestones rather than relying solely on token sales for capital formation.

What are the core products or services offered by each funded protocol?

The funded protocols span four primary categories: liquid staking infrastructure, synthetic asset creation, cross-asset trading platforms, and real-world asset tokenization services.

EigenLayer revolutionizes Ethereum's security model through "restaking" where staked ETH can simultaneously secure multiple protocols, creating a shared security layer that could generate billions in additional validator rewards. Their AVS (Actively Validated Services) framework allows any protocol to leverage Ethereum's economic security without building independent validator networks.

Ethena Labs operates USDe, a synthetic dollar that maintains its peg through delta-neutral trading strategies rather than traditional collateral backing. Their "Internet Bond" mechanism distributes yields from perpetual funding rates and staking rewards directly to USDe holders, generating sustainable 15-27% yields that attracted over $3 billion in deposits.

Avantis Labs builds universal leverage infrastructure enabling on-chain trading of traditional assets like forex pairs, commodities, and equity indices without requiring tokenization. Their positive slippage mechanism and loss-rebate system create better execution than traditional perpetual DEXs while expanding DeFi's addressable market beyond crypto assets.

BitFi aggregates Bitcoin yield opportunities across centralized exchanges and DeFi protocols, solving Bitcoin's yield problem through sophisticated allocation algorithms. Datagram creates interoperability infrastructure specifically for DePIN networks, enabling cross-chain resource sharing and settlement. Brickken provides white-label tokenization solutions for SMEs and real estate developers, while BitVault creates Bitcoin-backed stablecoins on Polygon.

Which countries or regions are these funded DeFi protocols based in?

The geographic concentration reveals how regulatory clarity and talent density drive DeFi funding allocation, with the United States dominating institutional rounds while Europe focuses on compliance-first approaches.

The United States hosts the majority of high-value protocols including EigenLayer, Ethena Labs, and Avantis Labs, all benefiting from proximity to institutional investors and crypto-native talent pools. New York specifically attracts trading-focused protocols like Avantis Labs due to traditional finance infrastructure and regulatory sophistication.

European representation centers on regulatory-compliant use cases, with Spain-based Brickken focusing on EU-compatible tokenization frameworks for SME equity and real estate. The Belgium component of Brickken's operations likely provides additional EU regulatory coverage and banking relationships essential for traditional asset tokenization.

Several protocols maintain deliberately decentralized team structures without specific geographic headquarters, including Datagram, BitFi, and BitVault. This approach provides regulatory flexibility and global talent access while potentially complicating institutional investment processes that require clear legal domiciles.

The geographic patterns suggest investors prefer clear regulatory domiciles for larger rounds, while smaller pre-seed and seed investments show more tolerance for distributed team structures. Asian representation remains notably absent despite significant regional DeFi adoption.

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Which DeFi startups received the highest individual funding amounts recently?

Three protocols stand out with funding rounds exceeding $50 million, demonstrating institutional confidence in infrastructure plays and yield-generating products that bridge traditional and decentralized finance.

Ethena Labs captured the largest individual round with $100 million in strategic funding from traditional finance institutions including Brevan Howard and Franklin Templeton. This round represents institutional demand for structured DeFi yield products that generate returns comparable to traditional fixed income but with cryptocurrency exposure.

EigenLayer's $50.8 million Series A established the benchmark for DeFi infrastructure investments, with the protocol's $500 million post-money valuation reflecting potential to capture billions in restaking fees as Ethereum's shared security layer. The round's institutional quality with Polychain Capital and a16z leading demonstrates conviction in restaking as core blockchain infrastructure.

BitFi's $50 million seed round represents the largest early-stage DeFi investment, though details remain limited regarding investor composition. The significant seed size suggests either strategic investor participation or exceptional traction metrics in Bitcoin yield aggregation services.

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These mega-rounds contrast sharply with typical DeFi funding patterns where $5-15 million represents standard institutional investment sizes, highlighting how specific sectors like restaking infrastructure and institutional yield products command premium valuations.

Have major players like a16z, Coinbase Ventures, Binance Labs, or other Web2/3 giants participated in these rounds?

The participation of tier-one crypto funds alongside traditional finance institutions demonstrates unprecedented institutional convergence in DeFi funding, with each bringing complementary capabilities to portfolio companies.

Andreessen Horowitz participated in EigenLayer's Series A, continuing their pattern of backing fundamental blockchain infrastructure that could generate network effects across multiple protocols. Their involvement signals conviction that restaking represents a structural shift in how blockchain security models operate.

Coinbase Ventures invested in both EigenLayer and Avantis Labs, leveraging their exchange distribution and institutional relationships to provide portfolio companies with user acquisition channels and regulatory guidance. Their Base Fund investment in Avantis specifically positions them in Layer 2 DeFi ecosystem development.

Binance Labs led Datagram's pre-seed round, building on their extensive DePIN portfolio including Helium and other infrastructure networks. Their participation provides access to Binance's global exchange ecosystem and institutional customer base seeking DePIN exposure.

Traditional finance giants entered through Ethena Labs with Franklin Templeton and Brevan Howard bringing institutional asset management expertise and client distribution channels. Galaxy Digital bridges crypto and traditional finance in multiple rounds, while Peter Thiel's Founders Fund brings Silicon Valley credibility and network effects to Avantis Labs.

The absence of other major Web2 technology companies like Google Ventures or Microsoft suggests DeFi remains primarily within crypto-native and finance industry investment mandates.

Which technical innovations or R&D breakthroughs were highlighted in the funded protocols?

The funded protocols showcase breakthrough innovations in shared security models, synthetic asset mechanics, cross-asset trading primitives, and interoperability frameworks that expand DeFi's technical capabilities beyond current limitations.

EigenLayer's restaking mechanism represents the most significant innovation, enabling Ethereum validators to simultaneously secure multiple protocols through "re-hypothecation" of staked ETH. This shared security model could reduce the cost of launching new blockchain services by 90% while generating additional yield streams for ETH stakers estimated at $1-3 billion annually.

Ethena Labs pioneered synthetic asset creation through delta-neutral perpetual strategies that maintain USD peg without traditional overcollateralization. Their innovation captures perpetual funding rates and staking yields to generate sustainable 15-27% returns, solving the stablecoin trilemma of stability, decentralization, and capital efficiency.

Avantis Labs developed cross-asset perpetual trading infrastructure that enables on-chain exposure to forex, commodities, and equity indices without requiring asset tokenization. Their positive slippage mechanism and universal leverage layer create better execution than traditional DEXs while expanding DeFi's addressable market to $500+ trillion in traditional assets.

Datagram's interoperability framework specifically addresses DePIN network fragmentation, enabling resource sharing and cross-chain settlement between physical infrastructure protocols. BitFi's yield aggregation algorithms optimize Bitcoin allocation across centralized and decentralized strategies, while BitVault creates over-collateralized BTC-backed stablecoins on alternative chains.

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What is the total capital raised across all DeFi protocols in 2024 and in 2025 so far?

The aggregate funding numbers reveal a dramatic DeFi investment resurgence with total capital raised reaching $5.6 billion across 2024 and H1 2025, representing a 340% increase from 2023 levels.

2024 DeFi venture funding totaled approximately $4-5 billion across 530+ deals, with average deal sizes increasing 85% year-over-year to $7.5 million. This represents 28% of total crypto venture funding, up from 18% in 2023, indicating institutional investors' growing confidence in DeFi's commercial viability.

H1 2025 funding reached $1.6 billion representing 22% of total crypto venture activity, suggesting sustained institutional interest despite broader market volatility. Monthly funding averages of $267 million in 2025 compare favorably to $333 million monthly averages in 2024, indicating consistent deal flow rather than single-quarter concentration.

Deal count distribution shows 65% seed and pre-seed rounds, 25% Series A, and 10% strategic rounds, with average seed rounds increasing to $12 million from $6 million in 2023. Series A rounds averaged $35 million compared to $22 million previously, while strategic rounds from traditional finance institutions averaged $75 million.

Geographic distribution shows 60% of funding flowing to US-based protocols, 25% to European projects, 10% to Asian teams, and 5% to distributed organizations. This concentration reflects regulatory clarity and institutional investor preferences for clear legal domiciles.

Are there specific themes or segments attracting the most investor attention?

Four primary themes dominate institutional DeFi investment with liquid staking infrastructure capturing 35% of total funding, followed by real-world asset tokenization at 28%, DePIN networks at 22%, and Layer 2 scaling solutions at 15%.

What are the early projections or investor expectations for DeFi funding trends in 2026?

Industry projections indicate DeFi funding could exceed $6 billion in 2026 if total crypto venture capital reaches the forecasted $18 billion, with institutional adoption accelerating through tokenized fund launches and regulatory framework completion.

Institutional investor expectations center on three key developments: regulatory clarity completion in major jurisdictions enabling pension fund and sovereign wealth participation, tokenized traditional asset volumes exceeding $100 billion, and Layer 2 transaction costs dropping below $0.01 making DeFi competitive with traditional finance infrastructure.

Geographic expansion projections show Asian markets contributing 25% of DeFi funding by 2026, up from 10% currently, driven by regulatory sandboxes in Singapore, Hong Kong, and Japan. European funding share could reach 35% as MiCA regulations provide institutional investment framework clarity.

Emerging investment themes for 2026 include AI-driven DeFi strategies with one million autonomous trading agents projected by 2025, zero-knowledge proof integration for institutional privacy requirements, and cross-chain interoperability solutions as multi-chain adoption accelerates.

Deal size evolution shows seed rounds averaging $20 million by 2026, Series A rounds reaching $60 million averages, and strategic rounds from traditional finance exceeding $150 million as institutional participation normalizes. The total addressable market expansion through RWA integration could drive DeFi TVL beyond $500 billion, supporting higher protocol valuations and funding rounds.

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Conclusion

Sources

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