According to Odaily, Web3-based startups secured more than $1 billion in funding from venture capitalists in July. This significant amount was raised through 118 transactions, highlighting the growing interest and investment in the Web3 sector.

The substantial funding indicates a strong confidence in the potential of Web3 technologies and their applications. Venture capitalists are increasingly looking to invest in innovative startups that are leveraging blockchain and decentralized technologies to create new business models and solutions. This trend is expected to continue as more investors recognize the transformative potential of Web3.

The influx of capital into Web3 startups is likely to accelerate the development and adoption of decentralized applications and services. With substantial financial backing, these startups can focus on scaling their operations, enhancing their technologies, and expanding their market reach. This could lead to significant advancements in various industries, including finance, supply chain, and digital identity.

Overall, the $1 billion raised in July underscores the growing momentum in the Web3 space and the increasing interest from venture capitalists in supporting the next generation of decentralized technologies.