Several projects with live tokens announced fresh funding rounds over the past two weeks, signaling that venture capital appetite for crypto infrastructure remains strong even after token launches. Canton Network (CC) topped the list with a $335 million raise backed by a16z Crypto, Coinbase Ventures, and Polychain Capital, among others.
Why it matters
The conventional wisdom has been that VC rounds dry up once a token is live — the fundraise is the exit. This batch of deals pushes back on that narrative. Morpho (MORPHO) closed a $175 million round, Taiji (TAIJI) pulled in $3.5 million, and both Ethena (ENA) and Helium Mobile (MOBILE) announced undisclosed rounds. When top-tier funds like a16z Crypto and Polychain continue writing large checks into projects that already have circulating tokens, it signals conviction in the underlying protocol's long-term roadmap rather than a pure token-price play.
Market impact
Canton Network's $335 million haul is the standout number — one of the larger single raises in the current cycle for a project with a live token. The participation of Coinbase Ventures alongside a16z Crypto and Polychain gives the round institutional credibility that typically translates into exchange listing support and ecosystem integrations. For MORPHO holders, a $175 million raise at this stage suggests the DeFi lending protocol has runway to expand well beyond its current footprint. Watch for protocol upgrade announcements and TVL growth as the capital is deployed.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAI5u2or4lyrIBEe0qeYQ8VDT44wuBQIAAKKGWsb3eRgSavfnntFw-bzAQADAgADeQADPAQ)
Frequently asked questions
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Who backed Canton Network's $335M funding round?
Canton Network's round was backed by a16z Crypto, Coinbase Ventures, and Polychain Capital, among other investors — a lineup that typically signals strong institutional support for exchange listings and ecosystem integrations.
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Why are VCs still funding projects that already have live tokens?
Post-launch rounds suggest investors are betting on long-term protocol development rather than a pre-token liquidity event, with Morpho's $175M raise and Canton's $335M being the clearest examples from this two-week window.
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Which projects in this funding batch disclosed specific raise amounts?
Canton Network disclosed $335M, Morpho disclosed $175M, and Taiji disclosed $3.5M. Ethena and Helium Mobile announced rounds but did not disclose the amounts raised.
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