Funding approval rate is only 4%? By 2025, Web3 investment has entered the era of selectivity

【Chain Wen】The screening standards for investment institutions are becoming increasingly strict. The broad investment approach of the past two years has now evolved into only 4% of projects breaking through.

According to the latest statistics, a leading market maker’s venture capital arm has been quite active in 2025—reviewing about 600 companies, with 20% passing the formal due diligence stage, and only 4% ultimately receiving investment. This year, they completed 23 investments, mainly in the Pre-Seed and Seed stages. Interestingly, they emphasize that investments are completely independent of market-making authorization, with the two lines fully separated.

The financing structure is also changing. In 2025, the most popular combination is equity/SAFE paired with token warrants—this hybrid model protects early investors’ interests while providing flexibility for project teams. The specific configuration depends on the founders’ long-term development plans for the project, and then the most suitable financing scheme can be chosen.

This reflects a broader industry shift from wild growth to refined, precise investing. Investment institutions are no longer casting wide nets but are carefully selecting projects, which is actually good news for reliable startup teams.