Where did VC money flow during the bear market? I analyzed financing data from the past three months—filtering out 73 projects with funding over $10 million from rootdata and DefiLlama.



The results were quite surprising.

L1 public chains are basically out of the game; hardly anyone has touched them in the past three months. The only one that received funding is Tempo, but they focus on a dedicated payment chain, which is completely different from those shouting about creating Ethereum killers.

It seems the capital's sentiment has truly shifted. The previous approach of pouring money into underlying infrastructure is no longer favored by institutions. Money is now moving toward more pragmatic directions…
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NftBankruptcyClubvip
· 43m ago
Haha, L1 is really dead, and those public chains are still sleepwalking.
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MoonWaterDropletsvip
· 12-12 00:10
I'm already tired of those L1 hype, they really should go bankrupt.
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rekt_but_vibingvip
· 12-12 00:09
Haha, L1 main chains are really dead. Now everyone is focusing on application layer. Tempo's move to become a dedicated payment chain is the right way, and those killer dreams should wake up already.
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CryptoMomvip
· 12-12 00:09
Haha, someone finally told the truth. The public chain system really should be phased out.
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PumpBeforeRugvip
· 12-11 23:56
VCs have really all moved to the application layer, L1 is completely finished... If a payment chain like Tempo can raise money, it means there are real use cases; just telling stories won't get you anywhere.
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