The Sigma Perspective of On-Chain Finance in 2026: Reallocating Institutional Capital from Risk Financing to IPOs

From the perspective of investment institutions like Sigma Capital, early 2026 reveals a notable trend in the digital asset financing market: approximately $140 million in capital is accelerating into on-chain infrastructure and financial innovation platforms. This not only reflects a return of venture capital and institutional funds but also marks a shift in the crypto ecosystem from pure token speculation toward more mature, application-driven development.

From Sigma Blick (the investment observation perspective), three new directions in capital allocation stand out in 2026: funding rounds focused on on-chain infrastructure, the IPO market validating the feasibility of enterprise-grade applications, and on-chain lending products opening new pathways for integration between traditional finance and blockchain.

Six Major Financing Cases Reveal a Hot Investment Wave in On-Chain Infrastructure

Bitway’s Breakthrough in Cross-Chain Financial Infrastructure

As an on-chain financial infrastructure provider, Bitway completed over $4.4 million in seed funding under the leadership of TRON DAO. This financing was built on the early investment foundation of YZi Labs’ EASYResidency and supported by multiple strategic investors. The deal highlights investor enthusiasm for cross-chain financial services—these infrastructures can support broader on-chain lending, settlement, and custody ecosystems.

Everything Platform’s Unified Trading Vision

Everything, a builder of digital trading platforms, secured $6.9 million in seed funding led by Humanity Investments, with investors including Animoca Brands, Hex Trust, and well-known crypto figure Jamie Rogozinski. The core appeal of this funding lies in Everything’s platform integration concept—combining perpetual futures, spot markets, and prediction markets within a single account framework, significantly reducing friction for retail traders.

Veera’s Consumer-Friendly On-Chain Finance

Supported by CMCC Titan Fund and Sigma Capital, Veera raised $4 million in seed funding, bringing total funding to $10 million. Veera is building a mobile-first on-chain financial service hub that integrates savings, investment, and payments. Its value proposition is enabling non-technical users to easily access on-chain financial tools.

Prometheum’s Innovation in Regulatory Pathways

Since early 2025, Prometheum has raised $23 million to launch on-chain clearing services (serving US broker-dealers) and expand tokenized securities within traditional custody and settlement ecosystems. This funding signifies an important shift: crypto projects are no longer solely competing with traditional finance but seeking integration with regulated markets.

Solayer’s Support for the Solana Ecosystem

Solayer launched a $35 million ecosystem fund dedicated to supporting early and growth-stage teams building on its infiniSVM network. This move continues the trend of investment in Solana’s infrastructure, indicating ongoing market interest in scalable on-chain products and diversified tech stacks.

Galaxy’s On-Chain Lending Milestone

Most notably, Galaxy completed a $75 million on-chain lending deal on Avalanche, including $50 million allocated to institutional participants. This transaction marks significant progress in on-chain securitization and private credit products, signaling that institutional players are preparing to handle digitized claims on public blockchains.

Why Are Institutions Favoring On-Chain Financial Infrastructure?

A common thread among these financing cases warrants deep analysis. First, investors are increasingly focused on practical application value rather than pure speculation. Projects like Bitway’s cross-chain infrastructure, Everything’s trading aggregation, and Veera’s consumer applications address real pain points—high cross-chain interaction costs, fragmented trading experiences, and complex user operations.

Second, regulatory compliance has become a prerequisite for funding. Prometheum’s integration of securities into traditional broker-dealer ecosystems and Galaxy’s institutional quota-based lending indicate investors are no longer betting on “breaking existing systems” but on “fusing with regulated markets.”

Third, infrastructure projects are gaining institutional support beyond token incentives. The involvement of investors like TRON DAO, Animoca Brands, Sigma Capital, and notable events such as BitGo’s IPO exceeding $200 million on NYSE, Visa-affiliated stablecoin issuers raising $250 million with a valuation of $1.9 billion—all demonstrate that on-chain finance’s “institutional legitimacy” has been established.

The Investment Main Tracks of 2026: Regulatory Integration, Funding Progress, and Application Innovation

Market observations suggest three key investment themes moving forward:

Regulatory Breakthroughs: Prometheum’s push for on-chain securities and broker-dealer infrastructure regulation could set templates for others, lowering barriers for traditional finance players to enter on-chain markets.

Funding Momentum: Next funding rounds for projects like Bitway, Everything, Veera, and strategic collaborations with traditional financial institutions or regulated digital asset issuers will be critical indicators of these projects’ real-world value.

Product Innovation: The supply of tokenized asset products, especially on-chain lending products related to institutional capital allocation, will demonstrate genuine market demand.

From Infrastructure to Consumer Empowerment: The Maturation Path of On-Chain Finance

Summarizing from Sigma’s perspective, the early 2026 financing wave reflects a clear trend: capital is shifting toward on-chain infrastructure capable of reducing friction, complying with regulations, and providing scalable services.

Bitway supports a broader cross-chain financial ecosystem, Everything simplifies retail trading, Veera enables ordinary users to participate in on-chain finance, and Prometheum builds bridges for institutional players into traditional markets. These projects collectively form a more mature infrastructure layer.

Notably, Avalanche’s AVAX token, currently priced at $8.74, plays a crucial foundational role in Galaxy’s $75 million transaction. Such concrete on-chain deals further validate blockchain’s viability as a financial infrastructure.

If this capital allocation trend continues, the maturity of on-chain finance will accelerate. More funding will flow into teams capable of delivering scalable solutions and navigating regulatory environments. The costs for traditional financial players to participate in on-chain markets will decrease, and digital assets will become more deeply integrated into mainstream finance. This shift is not only about the development of the crypto industry but also about a long-term structural adjustment of the entire financial market.