cefi

According to financing data statistics from RootData, there were a total of 47 financing events disclosed in the crypto primary market in September, of which 34 disclosed amounts that can be accurately counted, with a total financing amount of approximately $1.114 billion. This represents an 85.0% increase compared to about $602 million in August, and a 9.0% increase compared to about $1.022 billion in September 2025; the number of financing events decreased by 4.1% compared to 49 in August, and decreased by 25.4% compared to 63 in the same period last year.From the perspective of sectors, infrastructure had the most financing events in September, with a total of 14 financings completed, disclosing an amount of approximately $263 million; both CeFi and DeFi completed 11 financings, disclosing amounts of approximately $394 million and $369 million, respectively. The three major sectors of CeFi, DeFi, and infrastructure accounted for about 92.0% of the disclosed financing amount this month.The three highest financing amounts in September were Polymarket ($300 million), Félix ($200 million), and Jeeves ($110 million), totaling $610 million, which accounted for about 54.8% of the total financing amount this month; Kraken also received a $100 million investment from Nasdaq. The financing amount this month showed a significant rebound, mainly driven by a few large financings, while the overall number of financing events in the market did not increase correspondingly.In September, a total of 8 RWA-related financing events were disclosed, of which 6 disclosed specific amounts, totaling approximately $52.75 million, accounting for about 17.0% and 4.7% of the number of financing events and total financing amount this month, respectively. Compared to 2 events and $14 million in August, the number of events increased by 300%, and the financing amount increased by approximately 276.8%. The top three projects by amount were OpenReserve ($25 million), Tare ($13.25 million), and CatchBack ($8 million), which together accounted for approximately 87.7% of the disclosed amount in the RWA sector.Additionally, 11 merger and acquisition events were disclosed in September, an increase of 57.1% compared to 7 in August, and a decrease of 42.1% compared to 19 in the same period last year. Among them, the tools and information services sector had a total of 4 events, making it the most active sector for mergers and acquisitions. Representative transactions include MoonPay acquiring North Capital, CoinMarketCap acquiring CoinGlass, Circle acquiring Tazapay, and S&P acquiring OpenZeppelin.In terms of investment institutions, Coinbase Ventures participated in 6 financings, making it the most active institution this month; a16z and Maven11 each participated in 3. Overall, in September, funds mainly flowed towards payments, prediction markets, trading and data infrastructure, CeFi, and RWA, among other directions.

The cryptocurrency exchange Bitget has migrated institutional client collateral to the over-the-counter custody solution Sygnum Protect of the Swiss crypto bank Sygnum. Client collateral is stored in Sygnum's segregated accounts and is simultaneously mapped back to Bitget for trading, reducing counterparty risk.Sygnum is a digital asset bank holding a Swiss FINMA banking license, and its Sygnum Protect service allows clients to trade on mainstream crypto exchanges while storing collateral off-chain in a bankruptcy-remote manner, supporting the selection of stable, yield-generating collateral. Bitget is the fourth trading platform to access Sygnum Protect, following Binance, Deribit, and Bybit.

According to RootData's financing data statistics, in August, the crypto primary market disclosed 49 financing events, with a total financing amount of approximately $596 million, a month-on-month decrease of 74.2% compared to July's approximately $2.312 billion, and a year-on-year decrease of 35.5% compared to August 2025's approximately $924 million; the number of financing events saw a slight month-on-month increase of 2.1% compared to July's 48 events, but a year-on-year decrease of 42.4% compared to 85 events during the same period last year. (This data does not include questionable financing and excludes mergers and acquisitions, IPOs, post-IPO, and debt financing.)From the perspective of sectors, DeFi was the most active sector this month, completing 19 financings, but the disclosed amount was only about $73.1 million; the infrastructure sector completed 14 financings, with a disclosed amount of approximately $311 million, ranking first in terms of amount; CeFi completed 8 financings, with a disclosed amount of approximately $199 million. The top three projects by financing amount were Ripple ($275 million), RQD Clearing ($74 million), and Fasset ($68 million), with the top three projects totaling approximately $417 million, accounting for about 70.0% of the overall disclosed financing scale.In terms of RWA, RootData currently includes 529 RWA-related projects, of which 149 projects have financing records, with a financing coverage rate of approximately 28.2%. However, looking at August alone, there was only one RWA-related financing, Entropy, with a financing amount of $14 million, accounting for about 2.0% of this month's financing events and approximately 2.3% of the disclosed financing amount.In addition, 6 merger and acquisition events were disclosed in August, a significant decrease from July's 19 events; among them, 4 belong to CeFi, including BitGo's acquisition of NYDIG, Nasdaq's acquisition of LeveL Markets, Rain's acquisition of Ansa, and OpenFX's acquisition of Global Ledger. These were mainly concentrated in CeFi, payments, market infrastructure, and data analysis services.In terms of investment institutions, YZi Labs, MH Ventures, Mapleblock, Polychain, and others remain active. Overall, in August, financing market funds mainly flowed into payments, clearing, stablecoins, CeFi, and institutional-level infrastructure; RWA sector projects have sufficient reserves and high narrative heat, but monthly financing has not yet seen a simultaneous increase.

According to official news, Mantle Vault has officially expanded from CeFi to DeFi, collaborating with Grove, CIAN, and Fluxion to launch a non-custodial yield vault aimed at stablecoin holders. Users can deposit USDC/USDT into Mantle to obtain institutional-level floating yields through the underlying strategy of sUSDS, along with incentives of Fluxion Points and 5.14 million GROVE tokens (with a target APY of up to 6.5%).The vault adopts a conservative non-leveraged structure, with strategies built by CIAN, capital base provided by Grove's Sky Savings Rate, and liquidity entry managed by Fluxion. Previously, Mantle Vault's AUM on Bybit had exceeded $200 million, and Mantle RWA TVL increased from $22 million to $257 million within the year, with DeFi TVL surpassing $755 million.Mantle stated that by expanding into the DeFi space through Mantle Vault, Mantle and its collaborators are committed to enabling all stablecoin holders to access institutional-level yields without borders, free from geographical restrictions and without the need for intermediary access, and all these components can be combined within Mantle's open financial network.

Galaxy Research released the Q2 2026 Crypto Leverage Market Report, showing that the total amount of crypto collateralized lending decreased by 16.78% month-on-month to $56.16 billion, down 40.13% from the Q3 2025 peak of $78.69 billion. Among them, DeFi lending shrank by 27.61% month-on-month to $20.43 billion, while CeFi borrowing decreased by 9.62% month-on-month to $22.98 billion, marking the first time since Q3 2023 that CeFi volume has surpassed DeFi. Tether continues to dominate the CeFi market with a 58.54% share.The report points out that the current deleveraging differs from previous bear markets in its "orderly and moderate" pace: with consecutive quarterly declines of only 10%, 5%, and 17%, rather than the cliff-like collapse of over 55% in a single quarter as seen in 2022. In the futures market, open interest in Q2 slightly decreased by 3.08% month-on-month to $103.2 billion, but rebounded to about $114 billion in July. Regarding institutional corporate debt, Strategy completed a $1.5 billion debt buyback in May, reducing the total outstanding debt in the DAT industry to $16.1 billion. The report believes that if the market does not experience severe liquidations or counterparty defaults, deleveraging is expected to continue in a gradual step-down pattern.

According to financing data statistics from RootData, in July 2026, the crypto primary market disclosed a total of 46 financing events, with a total financing amount of approximately $2.235 billion, representing a month-on-month increase of about 148.9% compared to approximately $898 million in June, and a year-on-year increase of about 90.0% compared to approximately $1.176 billion in July 2025. The number of financing events increased by 4.5% compared to 44 events in June, but decreased by 41.0% compared to 78 events in the same period last year. Additionally, there were 18 merger and acquisition events not included in the above statistics.From the perspective of sector distribution, CeFi was the highest amount sector this month, completing 9 financings with a disclosed amount of approximately $1.230 billion; the infrastructure sector completed 12 financings with a disclosed amount of approximately $413 million, ranking first in the number of events; DeFi completed 11 financings, but the disclosed amount was approximately $34.25 million, overall showing a characteristic of "active quantity, smaller amounts."The top three projects by financing amount were: Crypto.com ($400 million), Ionic Digital ($400 million), and Securitize ($400 million). In addition, projects such as Augustus ($180 million), Alpaca ($135 million), Prime Intellect ($130 million), and Gauntlet ($125 million) also received significant financing. The top five financing projects this month totaled approximately $1.515 billion, accounting for about 67.8% of the overall disclosed financing scale.Overall, the crypto financing market in July showed a significant rebound in terms of amount, with Coinbase Ventures, Dragonfly, Hack VC, and others remaining active, and capital mainly flowing into trading platforms, asset tokenization, institutional-level financial infrastructure, and AI/computing power-related infrastructure projects.

According to RootData, the total financing amount in the cryptocurrency industry in the first half of the year was $9.081 billion, with a total of 259 financing events; among them, the primary market financing amount (excluding IPO/Post IPO/M&A rounds) was $8.658 billion, a decrease of 26.1% compared to the same period last year, and the number of financing events decreased by 28.5% year-on-year.March and May were the two peaks for financing amounts in the first half of the year, with the number of financing events reaching 66 and 68 respectively; in June, the number of financing events fell back to 43, indicating that after entering the end of the second quarter, market funding activity has cooled down. Overall, large financing still significantly boosts monthly financing scale, but the enthusiasm for regular financing rounds has begun to shrink.In the first half of 2026, there were a total of 75 M&A transactions in the cryptocurrency industry, of which 16 disclosed specific amounts (totaling approximately $3.836 billion). M&A activities were mainly concentrated in the CeFi, tools and information services, DeFi, and infrastructure sectors. Representative M&A events include: Mastercard acquiring BVNK ($1.8 billion), Kraken acquiring Reap ($600 million), etc.Leading cryptocurrency venture capital firms still maintain a high frequency of investments, with Coinbase Ventures participating in 25 investments in the first half of 2026, ranking first; Animoca Brands participated in 20, while a16z and Tether participated in 14 each. In the past 12 months, Coinbase Ventures participated in a total of 68 investments, continuing to lead the industry, followed by Animoca Brands, Pantera Capital, YZi Labs, a16z, Tether, and GSR.From the perspective of sectors, DeFi, infrastructure, and CeFi were the three most active directions for financing in the first half of 2026. In the first half of the year, DeFi completed 129 financing events, infrastructure completed 116, and CeFi completed 69. AI, payments, prediction markets, and RWA were also key sub-sectors of capital focus, with AI-related financing at 59 events, payment-related projects at 46 events, and RWA-related projects at 28 events.Overall, the primary market for cryptocurrency in the first half of 2026 has not completely stagnated, but the market structure has changed: the total financing amount is still supported by a few large transactions, institutional investments are more concentrated, sector preferences are more pragmatic, and M&A has become an important means of industry consolidation. Funds are shifting towards structural allocations around infrastructure, DeFi, CeFi, payments, AI, and RWA.

According to SoSoValue data, the overall cryptocurrency market is on an upward trend, with the CeFi sector performing strongly, rising 2.74% in 24 hours. Among them, Binance Coin (BNB) increased by 3.19%, and Bitget Token (BGB) rose by 1.01%. At the same time, Bitcoin (BTC) increased by 1.21%, breaking through $63,000; Ethereum (ETH) rose by 1.26%, approaching $1,800.In other sectors, the DeFi sector rose 2.41% in 24 hours, with Lighter (LIT) increasing by 18.06%; the Layer1 sector rose by 2.15%, with Canton Network (CC) increasing by 4.5%; the Meme sector rose by 1.38%, with Pump.fun (PUMP) increasing by 7.83%; the PayFi sector rose by 1.12%, with Ultima (ULTIMA) increasing by 11.19%; the Layer2 sector rose by 0.21%, with Starknet (STRK) increasing by 1.94%. In addition, the NFT sector fell by 0.93%, with Pudgy Penguins (PENGU) decreasing by 2.81%.

CryptoQuant data shows that in Q1 2026, the total loan size of the CeFi credit market decreased by 6% quarter-on-quarter to $23.3 billion, marking the first contraction across the industry since Q3 2024. The reduction in loan size is attributed to crypto users reducing leverage during the bear market.Tether remains the largest lender, with a loan size of $15.8 billion and a market share of 68%, followed by Maple Finance ($2.1 billion, 9%) and Nexo ($1.8 billion, 8%). Market share is shifting towards Maple, Nexo, and Coinbase, with the three experiencing increases of 1.0, 0.5, and 0.7 percentage points respectively during the quarter. Coinbase and Maple saw loan sizes grow by approximately 6% quarter-on-quarter, while Nexo recorded nearly 1% growth, making them the only three major lenders to experience growth. The remaining institutions saw a contraction in loan sizes, with Galaxy Digital (-21%) and Ledn (-19%) leading the declines, while Tether's loan size decreased by 7%.

According to RootData's financing data statistics, in June 2026, the crypto primary market disclosed a total of 42 financing and merger events, with a total financing amount of approximately $898 million, a month-on-month decrease of 60.5% and a year-on-year decrease of 67.3%. Additionally, there were 15 merger events, with a disclosed amount of approximately $305 million. Overall, funds continue to concentrate on infrastructure, DeFi, and CeFi, with institutional-level capital markets, on-chain credit, derivatives trading, and stablecoin payment/settlement becoming the main incremental directions.DeFi was the most active sector this month, completing 18 financing and merger events, with a disclosed amount of approximately $330 million. Morpho completed a $175 million financing, becoming the largest financing project in the DeFi sector this month; Fomo completed a $75 million Series B financing, indicating that on-chain trading and consumer-level entry points still have appeal.The infrastructure sector had a total of 13 events, with a disclosed amount of approximately $453 million, ranking first in terms of amount. Projects such as Digital Asset, Ornn, and Trace Finance received funding support around institutional-level capital markets, AI computing financialization, and stablecoin settlement infrastructure.CeFi completed a total of 12 events. Although there were not many non-merger financing events, mergers and institutional trading services performed outstandingly. SBI Holdings acquired the Japanese crypto exchange Bitbank for approximately $289 million, becoming the largest merger event this month; SignalPlus completed a $50 million Series B1 financing, and EDGE Markets completed a $29.2 million Series A financing, indicating that institutional-level trading, derivatives, and compliant financial services are still key areas for capital allocation.The top five projects this month totaled approximately $944 million, accounting for about 76% of the overall disclosed scale. The top three projects in terms of financing and merger amounts are: institutional-level blockchain infrastructure company [Digital Asset](https://www.rootdata.com/zh/Projects/detail/Digital Asset?k=MzYyMA== "Blockchain software and service provider") ($355 million), Japanese crypto exchange Bitbank ($289 million, merger), and on-chain credit protocol Morpho ($175 million).In terms of investment institutions, Coinbase Ventures, a16z, Pantera Capital, CoinFund, Paradigm, Animoca Brands, HashKey Capital, and others remain active, with top capital more inclined to bet on projects with clear institutional clients, compliance paths, and real use cases.

According to SoSoValue data, the cryptocurrency market sectors are mixed, with the DeFi sector performing well, rising 2.43% in 24 hours. Among them, Hyperliquid (HYPE) increased by 4.14%, briefly breaking through $73 during the day, continuing to set historical highs, while LAB (LAB) rose by 21.78%.Other standout sectors include: the SocialFi sector, which rose 3.61% in 24 hours, with Toncoin (TON) increasing by 4.18%; the AI sector rose by 0.92%, with Worldcoin (WLD) increasing by 7.96%; the Meme sector rose by 0.25%, with Binance Life (币安人生) increasing by 21.61%.In other sectors, the PayFi sector fell by 0.04% in 24 hours, but Stellar (XLM) rose by 15.03%; the Layer1 sector fell by 0.35%, with Zcash (ZEC) relatively strong, rising by 5.07%; the Layer2 sector fell by 0.57%, with Linea (LINEA) rising against the trend by 2.66%; the CeFi sector fell by 2.72%, with Bitget Token (BGB) dropping by 6.00%.The cryptocurrency sector index reflecting historical market trends shows that the ssiSocialFi, ssiDeFi, and ssiGameFi indices rose by 5.41%, 1.43%, and 0.47%, respectively.

According to statistics from the tokenized asset data platform RootData, the total disclosed financing amount in the crypto primary market in May 2026 is approximately $2.21 billion, with a total of 62 financing events disclosed. In terms of the distribution of financing tracks, market funds are still mainly flowing into DeFi, infrastructure, and CeFi, while institutional attention on trading, payment, compliance, and institutional-level services continues to increase.DeFi has become the most active track this month, completing 26 financing events, covering areas such as stablecoins, liquidity protocols, on-chain trading, and yield strategies; the infrastructure track ranks second with 18 financing events, as capital continues to bet on underlying technologies, AI+Crypto, middleware, and on-chain scalability; CeFi has completed 12 financing events, although the number of events is less than DeFi, it performs outstandingly in terms of financing amount, with significant increases in large strategic financing.The top three projects by financing amount are: the parent company of the South Korean exchange Dunamu ($667 million), payment infrastructure project Reap ($600 million, acquisition), and institutional-level stablecoin infrastructure Arc ($222 million). In addition, the prediction market platform Kalshi ($200 million) and on-chain compliance company Elliptic ($120 million) also received significant financing. The top five financing projects this month totaled over $1.9 billion, accounting for about 85% of the overall disclosed financing scale.In May, multiple high-value financings were concentrated in the fields of exchanges, payment infrastructure, prediction markets, and on-chain compliance analysis. In particular, projects related to trading and institutional services such as Gemini, Coincheck, SignalPlus, Variational received financing, indicating that the market is positioning itself around the next phase of incremental funds and institutional demand.In terms of investment institutions, Kraken, Paradigm, Sequoia Capital, Coinbase Ventures, Dragonfly, HashKey Capital continue to remain active, with top capital preferring to bet on projects with clear business models and institutional service capabilities. Overall, the financing market in May shows a trend of gradually returning from high narrative-driven to infrastructure, financial services, and real demand scenarios.

According to SoSoValue data, the overall cryptocurrency market is experiencing narrow fluctuations, with the CeFi sector performing relatively well, rising 1.50% in 24 hours. Among them, Binance Coin (BNB) increased by 2.36%, and NEXO (NEXO) rose by 1.09%. Additionally, Bitcoin (BTC) fell by 0.04%, fluctuating narrowly around the $81,000 mark; Ethereum (ETH) decreased by 0.87%, maintaining around $2,300.In other sectors, the AI sector rose by 1.42% in 24 hours, with Billions Network (BILL) continuing to rise by 35.21%; the Layer1 sector increased by 0.41%, with NEAR Protocol (NEAR) rising by 11.09%; the Layer2 sector rose by 0.37%, with Celestia (TIA) increasing by 9.03%; the Meme sector increased by 0.21%, with Binance Life soaring by 14.53%; the PayFi sector fell by 0.86%, but Telcoin (TEL) rose by 14.02%; the DeFi sector decreased by 1.35%, while Falcon Finance (FF) rose against the trend by 11.53%; the SocialFi sector fell by 2.41%, with Toncoin (TON) dropping by 3.48%.The cryptocurrency sector index reflecting historical market trends shows that the ssiCeFi and ssiLayer1 indices rose by 1.95% and 0.17%, respectively, while the ssiRWA index fell by 6.46%.

The U.S. Senate Banking Committee has released the first updated complete draft of the CLARITY Act since January of this year. The new draft has made significant adjustments in several key chapters.These include: a major rewrite of Chapter 1 concerning definitions, the authority of the U.S. Securities and Exchange Commission (SEC), and other content; the addition of insider trading provisions in Section 109; updating "joint control" to "coordinated control" in Chapter 2; rewriting Section 301 to further clarify the regulatory boundaries between DeFi and CeFi; updating Section 404 to incorporate the compromise proposal from Tillis and Alsobrooks; adjusting Section 505 to narrow the scope of SEC's authority limitations in the tokenization field; and restructuring the bankruptcy and insolvency framework in Sections 701 and 702. Additionally, Section 904 is a new addition, titled the "Build Now Act."Alex Thorn also pointed out that the protective provisions for developers in the Blockchain Regulatory Certainty Act in Section 604 remain largely intact, with only minor modifications that do not weaken its core protective content.

According to statistics from the Web3 asset data platform RootData, the total disclosed financing amount in the crypto primary market in April 2026 is approximately $860 million. This month, a total of 55 financing events were disclosed (along with 5 mergers and acquisitions), which is similar to last month's 62 events, indicating stable overall activity.CeFi, infrastructure, and DeFi are the top three sectors in terms of financing amounts, with approximately $606 million (8 events), $105 million (14 events), and $90 million (19 events) respectively. Infrastructure had the highest frequency of activity this month with 14 events, as institutional attention continues to focus on foundational construction.The top three projects by financing amount are the Vietnamese CEX CAEX ($380 million, with investments from OKX Ventures and HashKey Capital), the global leading exchange Kraken ($200 million, strategic investment from Deutsche Bank), and the Layer1 project Pharos Network ($44 million in Series A). CAEX and Kraken together raised $580 million, accounting for about 67% of the total disclosed amount this month, indicating a continued significant concentration effect in the CeFi sector.The narrative of the prediction market continues to evolve, but the form is changing. This month, 8 prediction market-related projects received funding, all in angel or seed rounds ([XO Market](https://www.rootdata.com/zh/Projects/detail/XO Market?k=MTczOTA= "decentralized prediction market") $6 million, PUMPCADE multiple rounds totaling $6 million, [Atlasx Protocol](https://www.rootdata.com/zh/Projects/detail/Atlasx Protocol?k=MjQyNTA= "prediction market") $2 million, etc.). After last month's capital ignited the narrative of the prediction market, this sector is evolving from "single giant financing-driven" to "multi-project ecosystem construction."Kraken's "dual positioning" is the most noteworthy chain action this month: In the same month, Kraken acted both as a financing party (receiving a $200 million strategic investment from Deutsche Bank) and acquired the CFTC-licensed derivatives exchange Bitnomial for $550 million.In addition, 8 AI-related projects received funding in April, covering AI agents (Nava $8.3 million in seed round, AIW3.ai $2 million), AI infrastructure ([Cluster Protocol](https://www.rootdata.com/zh/Projects/detail/Cluster Protocol?k=MTIwMjc= "decentralized AI model computation verification protocol") $5 million), AI content creation (Oh $7.5 million in Series A), among other sub-directions. The narrative of AI and crypto integration has entered a stage of blossoming in multiple areas.GSR, Coinbase Ventures, L1D, Tether, Kosmos Ventures, and Animoca Brands are tied as the most active investors in April, each disclosing 3 investments.

According to SoSoValue data, the overall cryptocurrency market is experiencing a turbulent and differentiated adjustment, with most sectors declining. The GameFi sector has dropped 5.02% in the last 24 hours, with The Sandbox (SAND) and Axie Infinity (AXS) falling 2.41% and 1.94% respectively. Only the CeFi and Meme sectors are relatively strong, rising 0.40% and 0.23% respectively. Within the CeFi sector, Gate (GT) increased by 2.52%, and Binance Coin (BNB) rose by 0.66%. In the Meme sector, Binance Life continues to surge, rising by 66.27%.Additionally, Bitcoin (BTC) increased by 0.40%, surpassing $74,000, and at one point broke through $76,000; Ethereum (ETH) retraced by 1.28%, breaking through the $2,400 mark during trading.In other sectors, the PayFi sector fell by 0.30%, while SafePal (SFP) rose by 1.60%; the Layer1 sector decreased by 0.53%, but TRON (TRX) increased by 0.96%; the DeFi sector dropped by 0.68%, while the newly launched Genius (GENIUS) rose by 24.72%; the Layer2 sector fell by 1.90%, with Mantle (MNT) declining by 3.45%.The cryptocurrency sector indices reflecting historical market trends show that the ssiAI, ssiSocialFi, and ssiDePIN indices fell by 4.02%, 2.99%, and 2.30% respectively.

Uniswap founder Hayden Adams posted on the X platform, stating that although he may be accused of gloating, it is necessary to prevent centralized projects from claiming to be DeFi. If an admin key can clear all funds, the project is CeFi. If this distinction is not made, DeFi will be meaningless and its brand will be damaged. No version of Uniswap has an admin key that can clear funds.