Venture capital in the cryptocurrency sector has shifted its focus in 2025 towards prediction markets, payments, and real-world assets (RWAs), according to recent data from DefiLlama. Over the past three months, 73 projects have raised more than $10 million each, with no new Layer 1 or Layer 2 projects among them. Notably, Polymarket and Kalshi have collectively raised over $31.5 billion, while Ripple and Rapyd each secured $5 billion in funding. The trend towards RWAs was underscored by Figure's $787.5 million IPO, marking a significant move in the category. This shift highlights a growing emphasis on practical use cases and infrastructure within the crypto industry, as DeFi projects saw comparatively smaller funding rounds.