The state of blockchain funding in early 2025 [Video]

I’ve been receiving numerous messages from people I know about obscure tokens, emerging chains, and arcane investment strategies. I often ask, “Where do you even learn about this stuff?” and “How did you even hear about something like this?” The answers usually include some mix of reading forums, being part of the right Telegram chats, or following certain people on X who are essentially shilling their bags.

After researching these obscure tokens and chains, I wondered: Who is buying this stuff? I had trouble understanding why anyone would need to support these chains or own their associated tokens unless they were speculating on price increases. This led me to a different question: Who is funding this stuff? Where is the money coming from in the blockchain world, and what types of projects are being funded?

When I began writing this article, data from DeFi Llamahad only logged the first 10 days of the New Year (2025), but even though it …