Venture capital (VC) funds allocated nearly $800 million to cryptocurrency startups in November, based on data from DefiLlama. While this marked the fourth-strongest month for funding in 2024, the figure represented an 8% decrease compared to October.
Infrastructure Takes the Lead
The blockchain infrastructure sector continued to dominate, attracting over $583 million in funding—the highest among all categories in November. Notable funding rounds included Zero Gravity Labs, which secured $40 million, and Bitcoin miner Canaan Creative, raising $30 million through a private equity offering.
Meanwhile, blockchain gaming companies raised approximately $71 million. Monkey Tilt, a gamified gambling platform powered by cryptocurrency, led the gaming sector’s funding efforts with a $30 million Series A round spearheaded by Pantera Capital. General Web3 projects also saw activity, securing $8.2 million.
DeFi Gains Momentum
The decentralized finance (DeFi) ecosystem experienced significant growth, with monthly funding increasing by 31% to reach $128.2 million. This growth followed a period of recovery between September and October.
USDX Money, a synthetic stablecoin issuer pegged to the US dollar, conducted the largest DeFi funding round, raising $45 million from investors such as NGC Ventures, BAI Capital, Generative Ventures, and UOB Venture.
World Financial Liberty (WLFI) secured the second-largest DeFi funding through a token sale, obtaining $30 million. Among its backers was Justin Sun, the founder of Tron. WLFI is a credit market reportedly endorsed by President-elect Donald Trump and his family.
Additionally, StakeStone, a liquid staking protocol compatible with multiple blockchains, raised $22 million in a strategic funding round led by Polychain Capital.
Summary
November’s funding activity highlighted the sustained interest in cryptocurrency infrastructure, DeFi, and blockchain gaming sectors. Although funding levels dipped slightly from October, the sector’s innovation and development continue to attract substantial investment.
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