PANews reported on February 28th that, according to DefiLlama data, crypto startups raised approximately $883 million in February, a 13% decrease compared to the same period last year. A partner at DWF Labs stated that VCs are shifting from simply "storytelling + PowerPoint presentations" to requiring projects to have revenue, users, and the ability to weather bear markets. Current investment focuses on three main areas: stablecoins and payment infrastructure, AI agents, and institutional tools such as compliance and fund management. Notable single funding rounds include: Flying Tulip, a DeFi platform founded by Andre Cronje, raising $206 million through a token sale; Whop, a digital goods social e-commerce platform, receiving a $200 million strategic investment from Tether; and Anchorage Digital, a US-compliant digital asset bank, receiving a $100 million equity investment from Tether.