Blockchain Projects Raised Over $642 Million in February

Blockchain technology continues to attract significant investment, with February witnessing a surge in funding for projects within the Web3 and blockchain spheres. According to data compiled by Incrypted, a total of $642.1 million was invested in 114 projects during this period.

EigenLayer, a staking protocol, emerged as the top recipient of funding, securing an undisclosed amount from venture capital firm Andreessen Horowitz. Meanwhile, Flare, a Layer 1 network, raised $35 million in a private funding round, attracting investments from Kenetic, Aves Lair, and others. Avail, a startup, concluded a seed funding round led by Founders Fund Dragonfly Capital, raising $27 million. MetaStreet announced the launch of its game ASCEND alongside securing $25 million in funding, while Oobit, a mobile payments app, raised $25 million in a Series A funding round led by Tether's investment arm.

Ether.Fi, another staking protocol based on EigenLayer, raised $23 million in a Series A funding round co-led by Bullish Capital and CoinFund. Notably, several projects including Dispread, KIP Protocol, and MON Protocol reported securing funding in February without disclosing the investment amounts.

In parallel, AI-focused projects also saw substantial investment, with Incrypted highlighting the top five projects that collectively attracted over a billion dollars in funding.