2026 Crypto Funding Reshuffle: Game and DePIN Are Dead, Prediction Market Duo Takes 18% of All Year's Funding with Two Deals

marsbitОпубликовано 2026-05-08Обновлено 2026-05-08

Введение

Cryptocurrency Funding in 2026: Gaming & DePIN Falter as Prediction Markets Dominate Data from the first four months of 2026 reveals a stark shift in crypto venture funding. The gaming and DePIN (Decentralized Physical Infrastructure Networks) sectors have seen capital nearly dry up. In contrast, the "Consumer" category, led by two massive deals for prediction market platforms Kalshi ($1B) and Polymarket ($600M), captured a significant share. These two deals alone accounted for 18% of the year's total $8.65 billion raised and exceeded the combined funding of all 47 DeFi projects. Overall, the $8.65B across 305 deals is misleading. A March surge to $4.57B was largely due to two major acquisitions (BVNK at $1.8B and Kalshi). Excluding these, the underlying monthly funding rate is approximately $1B, indicating continued softness. The "Payments" and "Consumer" sectors together consumed 72% of all capital. Another notable trend is the rise of mergers and acquisitions (M&A), with 48 deals nearly matching the 57 seed-round investments. This signals a market pivot from funding new ideas to consolidating around established leaders. The most active investors so far in 2026 are Coinbase Ventures (18 deals), Tether (13 deals), Animoca Brands (11 deals), and GSR (11 deals). Notably, a16z's pace has slowed significantly compared to previous years.

Author:Memento Research

Compiled by: Deep Tide TechFlow

Deep Tide TechFlow Introduction: Crypto funding data for the first four months of 2026 reveals a harsh reality: the Game and DePIN sectors are nearly starved of capital, while Kalshi and Polymarket, two prediction market companies, have taken more money than all DeFi projects combined for the entire year. More alarmingly, the number of M&A deals has already matched seed rounds, indicating a shift in capital from betting on new ideas to acquiring existing leaders.

Funding Overview: March's Surge Was an Illusion

From January 1st to May 6th, 2026, the crypto industry completed 305 funding rounds, totaling $8.65 billion. However, the "surge" to $4.57 billion in March was actually just two massive M&A deals: BVNK's $1.8 billion and Kalshi's $1.0 billion.

Excluding these two deals, the real funding pace is about $1 billion per month, even weaker than at the end of 2025.

Capital Flow: Payments and Consumer Absorb 72%

By sector breakdown:

Payments: $3.74 billion (56 deals)

Consumer: $2.48 billion (35 deals)

DeFi: $1.06 billion (47 deals, the highest number of transactions)

The Payments and Consumer sectors combined account for 72% of the year's total funding. Funding for Game and DePIN has nearly vanished.

Prediction Markets Dominate the Consumer Sector

Two prediction market companies accounted for 18% of the year's total funding:

Kalshi: $1.0 billion

Polymarket: $600 million

These two deals totaling $1.6 billion exceed the sum of all 47 DeFi funding rounds.

M&A Becomes Mainstream

M&A deals reached 48 (accounting for 23% of known-stage transactions), nearly matching the 57 seed rounds (27%). This cycle has shifted from investing in new ideas in early stages to acquiring industry leaders.

Investor Rankings Reshuffled

Most active funds in 2026:

Coinbase Ventures: 18 deals (ranked second during 2021-26 period)

Tether: 13 deals (new top lead investor)

Animoca Brands: 11 deals (ranked first during 2021-26 period)

GSR: 11 deals

a16z: 7 deals (a significant drop compared to ~200 deals during 2021-26 period)

Связанные с этим вопросы

QAccording to the article, which two sectors took the majority of crypto funding in early 2026?

AThe Payments and Consumer sectors took the majority of crypto funding, together accounting for 72% of the total capital raised.

QWhat significant trend does the data reveal about mergers and acquisitions (M&A) compared to seed funding?

AThe data shows that M&A deals reached 48 (23% of known-stage deals), almost catching up to seed rounds at 57 deals (27%). This indicates a shift in the investment cycle from funding new ideas to acquiring established industry leaders.

QWhy was the spike in funding for March 2026 described as an 'illusion'?

AThe spike to $4.57 billion in March was largely an illusion because it was driven by just two mega-deals: an $1.8 billion acquisition of BVNK and a $1 billion deal with Kalshi. Removing these two transactions reveals a slower, more sluggish monthly funding pace of around $1 billion.

QHow did the funding for prediction market companies compare to the total funding for all DeFi projects in the period covered?

AThe two prediction market companies, Kalshi ($1 billion) and Polymarket ($600 million), together raised a combined $1.6 billion. This amount exceeded the total raised by all 47 DeFi projects, which was $1.06 billion.

QWhich investment firms were the most active in terms of deal count during early 2026, and how did this compare to their historical activity?

AIn early 2026, the most active investors by deal count were Coinbase Ventures (18 deals, historically ranked 2nd from 2021-26), Tether (13 deals, new top investor), Animoca Brands (11 deals, historically ranked 1st), GSR (11 deals), and a16z (7 deals, showing a significant decline from its historical ~200 deals between 2021-26).

Похожее

BNY Partners with Key Companies to Expand Crypto Custody in the UAE

BNY, the world's largest custodian bank, has announced a strategic collaboration with Finstreet Limited and ADI Foundation to establish regulated, institutional-grade digital asset custody infrastructure in the Abu Dhabi Global Market (ADGM). This marks the first time a U.S. global systemically important bank has introduced crypto custody services to the UAE. The initiative will begin with Bitcoin and Ethereum custody, with plans to expand into stablecoins, tokenized assets, and other regulated digital instruments, subject to final agreements and regulatory approvals. BNY provides its global custody expertise, Finstreet contributes its licensed digital market ecosystem within ADGM, and ADI Foundation supplies sovereign-grade blockchain infrastructure via its ADI Chain. Choosing ADGM as the anchor jurisdiction underscores its institutional-grade regulatory framework under English common law. The move aligns with the UAE's broader efforts to build sovereign digital currency infrastructure, including a regulated dirham-backed stablecoin. BNY's entry signals that regulated digital asset infrastructure in the Gulf is now a present reality, positioning Abu Dhabi as a key hub for institutional crypto adoption and future financial innovation.

bitcoinist26 мин. назад

BNY Partners with Key Companies to Expand Crypto Custody in the UAE

bitcoinist26 мин. назад

Coinbase Posts $394 Million Loss In Q1 2026 — And The Worst May Not Be Over

Coinbase reported a net loss of $394 million for Q1 2026, a sharp reversal from a $65.6 million profit a year ago. This missed analyst expectations as total revenue fell 30.5% to $1.41 billion, largely driven by a 23% decline in transaction revenue due to lower crypto trading volumes and prices. A significant factor was $482 million in unrealized losses on crypto holdings, primarily linked to Bitcoin's price drop. Excluding that, the adjusted net loss was $46 million. While subscription and services revenue remained strong at $584 million and adjusted EBITDA was positive, the results highlight the exchange's continued sensitivity to crypto market cycles. This follows recent workforce reductions and shows operating margin collapsing to -1.5%. The quarter underscores that despite its institutional standing, Coinbase's path to durable profitability remains tied to volatile crypto market conditions.

bitcoinist30 мин. назад

Coinbase Posts $394 Million Loss In Q1 2026 — And The Worst May Not Be Over

bitcoinist30 мин. назад

Voters Want Crypto Legislation Now: 70% Say America Should Already Have Clear Rules– Poll

A new national poll by HarrisX shows strong, bipartisan voter support for clear federal cryptocurrency legislation. The survey of 2,008 registered voters found that 70% believe the U.S. should already have passed clear crypto rules. A majority (62%) also say it's important for the U.S. to set global digital finance standards. Key findings indicate a preference for immediate action over waiting for perfection: 60% prefer clear federal legislation even if imperfect, and 57% support passing legislation now to improve later. Furthermore, 56% believe the U.S. should regulate the crypto market despite potential risks. Support for the general concept of regulation is high, though awareness of the specific CLARITY Act is low, with 64% unfamiliar with it. Support is bipartisan, with net backing from 48% of Republicans, 43% of Democrats, and 32% of independents. The poll also suggests political benefit, as many voters are more likely to support a senator who backs such crypto legislation.

bitcoinist1 ч. назад

Voters Want Crypto Legislation Now: 70% Say America Should Already Have Clear Rules– Poll

bitcoinist1 ч. назад

Gnosis DAO Faces Massive Treasury Redemption Proposal, "Treasury Raiders" Return

A group of activist investors, often labeled as "treasury raiders," have submitted proposal GIP-150 to Gnosis DAO, calling for a one-time, voluntary, and proportional treasury redemption. The proposal would allow participating GNO holders to claim a share of the over $220 million in DAO reserves. Proponents argue this addresses the persistent and widening discount of GNO's market price relative to the treasury's net asset value. Despite recent DAO funding to Gnosis Ltd., the discount has increased. The current vote, closing May 12th, shows 65% opposition among early votes. The redemption would value each eligible token around $170, a ~30% premium to the current $131 market price. GNO held by Gnosis Ltd. is excluded. DeFi community reactions are mixed. Some commentators acknowledge the "risk-free value" (RFV) arbitrage logic but criticize the proposal as a short-term cash grab lacking legitimacy, as Gnosis never promised treasury backing for the token price. Others oppose it due to Gnosis's contributions to ecosystem infrastructure (Safe, CoW Swap, etc.). Founder Sebastian Bürgel lamented the targeting of respected builders. Aragon's team, previously targeted in similar RFV campaigns, called for better mechanisms to align incentives. This follows a pattern of 2023 RFV-style actions against projects like Rook and Aragon. Recently, Beefy Finance implemented a buyback to preempt such pressure. The proposal's author, Wismerhill, expressed past admiration for Gnosis but now sees this vote as a test of whether holders prioritize short-term arbitrage or long-term ecosystem value.

marsbit1 ч. назад

Gnosis DAO Faces Massive Treasury Redemption Proposal, "Treasury Raiders" Return

marsbit1 ч. назад

TON Enters the Telegram Era: The On-Chain Experiment of Super Apps is Unfolding

The TON token recently surged nearly 120% in 4 days, approaching $3. This rally is primarily driven by Telegram founder Pavel Durov's announcement that Telegram will become the core driver of the TON network, replacing the TON Foundation and serving as its largest validator. This move signals a fundamental shift: Telegram is no longer just supporting TON from a distance but is formally taking over its governance and operations. This changes TON's valuation narrative from being a crypto project with Telegram's user base to becoming the foundational blockchain infrastructure for Telegram's future commercial ecosystem—transitioning from a crypto narrative to an internet-platform-level story. TON's recent technical upgrades focus on 10x faster speeds, 6x lower fees, and near-instant confirmations. These optimizations target Telegram's internal high-frequency, micro-transaction scenarios like tipping, bot services, and Mini App purchases. The goal is to enable seamless, near-zero-cost transactions for its nearly 1 billion users, making blockchain usage almost invisible—akin to platforms like WeChat Pay. TON's path is unique: it already has a massive user base and is building the blockchain system to serve it, aiming to onboard users into Web3 without them realizing it. The vision is to integrate wallet, payment, bot, and Mini App functionalities into a closed loop within Telegram, positioning TON as the value-exchange infrastructure for a super-app. In essence, this surge reflects a market reassessment: TON is emerging as the first blockchain ecosystem with a genuine super-app gateway. Its true competitors may not be other Layer 1 blockchains but global internet payment systems. With Telegram now fully committed, the experiment of on-chaining a super-app is underway.

marsbit1 ч. назад

TON Enters the Telegram Era: The On-Chain Experiment of Super Apps is Unfolding

marsbit1 ч. назад

Торговля

Спот
Фьючерсы
活动图片

Популярные категорииright-arrow

Популярные тегиright-arrow