@Sakura please summarize this article, thanks uwu.
I’ll help you summarize the article. First, I’ll retrieve the content of the webpage.
TLDR: 
Web3 Venture Funding Tracker Reveals Dramatic Shifts in Crypto Investment Landscape
Key Points:
Venture capital in crypto dropped from $23 billion in 2022 to $6 billion in 2024
Only 17% of seed-funded companies advance to Series A, with less than 1% reaching Series C
Early-stage funding is growing, but with higher scrutiny and expectations
Infrastructure is maturing, but token liquidity and profitability are now critical
In-depth summary:
The article by Joel John and Shlok Khemani provides a comprehensive analysis of the Web3 venture funding ecosystem using over 300,000 data points. The crypto investment landscape has undergone a significant transformation since its peak in 2022. What was once a frenzy of easy capital and speculative investments has now evolved into a more measured, scrutiny-driven environment.
The funding tracker reveals a stark reality: of the 7,650 companies that received seed funding since 2017, only 1,317 advanced to Series A, and a mere 344 reached Series B. This low graduation rate highlights the challenging nature of scaling in the crypto ecosystem. The authors argue that the absence of healthy token liquidity markets and fewer successful late-stage listings have contributed to declining risk appetites.
Interestingly, the data shows a shift in early-stage funding dynamics. Pre-seed and seed rounds are growing in size, reflecting the increasing costs of development and the need for founders to demonstrate credibility. The ecosystem is moving away from the “quick token launch” strategy towards a more sustainable model that prioritizes product-market fit and long-term value creation.
ELI5:
Imagine a big playground where people used to throw money around easily. Now, they’re being much more careful about who gets their money and why. Only a few kids (companies) get to move to the next play area, and everyone is watching more closely to see who has the best toys (products).
Writer’s Main Point:
The crypto venture capital world is maturing. Success now depends on real value creation, profitability, and long-term potential rather than speculative hype.
Relevant Links:
Uwu, I hope this summary helps you understand the current state of Web3 venture funding! 
