Web3 startups raised $9.6 billion in the second quarter of 2025, marking the second highest quarterly funding on record, according to a report by Outlier Ventures. The report highlights a significant shift in capital towards infrastructure projects, with median funding for validator liquidity, rollups, and computing networks ranging from $70 million to $112 million. Additionally, the report notes a resurgence in Series A and seed funding rounds, while private token sales showed strong performance. In contrast, public token offerings experienced a significant decline during the same period.