Most successful investor raises in DefiLlama

Investor Raise Win-Rate Tracker

This dashboard scores every fundraising round in DefiLlama's event data (7,453 rounds since 2014, $155.5B tracked) against a simple proxy for success: is the recipient a listed DefiLlama protocol with active TVL today? Rounds are bucketed into unlisted/off-platform (81.2%), listed but no active TVL (10.4%), and listed & active (8.4%). Win-rate below is computed only among the 1,403 rounds whose recipient IS a tracked DefiLlama protocol — for that cohort, 44.8% still have live TVL. Read this as a DefiLlama-listing survival proxy, not a true VC-returns metric — most raise recipients (CEXs, L1s, private companies, pre-launch teams) sit outside DefiLlama's protocol universe entirely and are excluded from the win-rate math, only shown in the outcome mix.

Total Capital Tracked

$155.5B

across 7,453 rounds since 2014

Win Rate (listed protocols only)

44.8%

629 of 1,403 protocol-linked raises are still active with TVL > 0

Off-Platform Share

81.2%

of all raises go to recipients never listed as a DefiLlama protocol (CEXs, L1s, private cos, pre-launch)

Overall Active Rate

8.4%

of ALL tracked raises (any recipient type) currently have active TVL — the strict, unfiltered denominator

The Trend: Boom, Bust, and a 2025 Rebound

DeFi-linked fundraising peaked in 2021 ($37.2B across 1,343 rounds) then cratered through the 2022-2023 bear ($23.6B → $7.6B). 2024-2025 marked a strong recovery ($10.7B → $31.6B), and 2026 YTD already shows $12.7B across 409 rounds. Per recent reporting, May 2026 saw a 408% month-over-month funding jump driven by mega-rounds like Kalshi's Series F and a large Dunamu strategic round [1], while June cooled to a one-year low even as DeFi's share of deal flow rose [2]. Sector focus is also shifting: a mid-2026 survey found RWA/tokenization now draws 29% of builder attention vs 23% for DeFi, and 83% of new raises want equity exposure rather than token-only deals [3].

Which Investors Pick Winners?

Ranking lead investors by the % of their DefiLlama-listed portfolio companies still active with TVL today (min. 5 tracked deals). Small sample sizes (5-9 deals) can produce 100% win rates that won't hold at scale — treat the top of this list as directional, and weigh it against the high-volume investors below, who've backed 15-34 protocol-linked deals each.

High-Volume Investor Win Rates

Among investors with the most tracked deals: Pantera Capital leads volume (33 deals, 48.5% win rate, $626M deployed), Binance Labs (33 deals, 42.4%), Polychain Capital (34 deals, 32.4%), Paradigm (29 deals, 27.6%, $3.29B deployed — the highest capital deployment of the group), and Dragonfly Capital (25 deals, 36.0%). Note the pattern: the biggest checks (Paradigm, a16z crypto) don't necessarily correlate with the highest listing-survival rates — capital concentration and win rate are separate axes here.