In 2025, the blockchain primary market financing showcased a clear trend of 'lower quantity, higher quality': A total of 839 financing events were disclosed throughout the year, with an overall scale exceeding $23.7 billion. While the number of transactions dropped by approximately 33.6% compared to 2024, the funding scale doubled. Capital flows were highly concentrated, with explosive growth seen in March-May and October-November due to mega financing rounds. Market hotspots focused on centralized finance, infrastructure, and prediction markets. ➡️ Centralized Finance (CeFi) emerged as the biggest winner, with annual financing reaching $11.2 billion, a nearly 8x year-on-year increase. ➡️ DeFi maintained a stable foundation, with 201 financing events throughout the year, totaling over $1.748 billion. ➡️ The Web3 + AI narrative steadily advanced, with 111 financing events raising $884 million, marking a year-on-year growth of over 20%. ❎ Web3 gaming saw a sharp decline in popularity, with both financing events and scale cut in half. Only 57 financing rounds were recorded for the year, raising $308 million, showing a clear downward trend. Prediction markets became the hottest topic of the year, with giants Polymarket and Kalshi raising a combined $3.561 billion, dominating the sector's total financing scale of $4.376 billion.