This year's Web3 project financing remains hot, but the financing structure has undergone significant changes. According to the latest data, the Web3 sector has completed 1,179 funding rounds, with strategic rounds and undisclosed financing transactions accounting for nearly 50%. In contrast, early-stage rounds such as angel and pre-seed funding have noticeably shrunk. This trend reflects investors' strategic adjustments—more funds are flowing into targeted strategic investments, private placements, and ecosystem transactions. In other words, the appeal of traditional early-stage venture capital is declining, and institutional and strategic investors prefer to enter at certain development stages of projects, participating through customized collaborations and ecosystem partnerships. This shift indicates a more rational and pragmatic market, as well as potentially fiercer competition for startup funding.