Web3 Funding Reaches $3.9B in October, Second-Highest Ever
Web3 secured $3.877 billion in funding in October 2025, driven by three companies that took over 70% of the total.
Polymarket raised $2 billion from Intercontinental Exchange (ICE), owner of the New York Stock Exchange. Tempo, a Stripe-backed blockchain payments firm, secured $500 million in a Series A at a $5 billion valuation. Kalshi closed over $300 million in funding. These three accounted for over 70% of October's total.
October Second Only to 2021 Peak
The $3.877 billion total trails only November 2021's $7 billion record. Data comes from DefiLlama, a blockchain analytics platform tracking venture activity. October's figure marks sharp capital concentration compared to 2025 monthly averages.
Prediction Markets Draw Capital
Two of the three largest deals went to prediction market platforms where users bet on real-world events. ICE's investment valued Polymarket at $9 billion. Kalshi raised funds weeks later while expanding overseas.
Payments Infrastructure Takes Third
Tempo builds stablecoin payment rails for cross-border transactions. Paradigm and Thrive Capital led the round, with Stripe backing. The raise positioned Tempo among the most valuable blockchain infrastructure startups.
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