According to statistics gathered by The Block Research, decentralized finance-focused venture deal activity fell in May.
In terms of dollars, funding for the sector fell to $176.30 million in May, the lowest level since September 2021.
DeFi was not one of the two most common deal types. This was the first time this had happened since July 2020.
In April, 12 investment rounds totaling more than $10 million were completed for DeFi and Web3. In 2022, significant instances include ox Labs, a decentralized exchange protocol that raised $70 million in Series B funding, and Tribal, a TradFi and DeFi financing platform that raised $60 million. BloXroute, a DeFi trading platform, raised $70 million in April, funded by SoftBank. Certora, which provides smart contract security research, raised $36 million in a Series B headed by Jump Crypto in May.