Blockchain venture capital funding was cut in half in October, according to recent research.

Blockchain companies are seeing significant less capital inflow compared to previous months, according to a report released on Wednesday by Cointelegraph. The number of deals also dropped from 93 in a single month to 69 monthly in October.

According to Cointelegraph’s research team, October’s venture capital inflows plummeted 48.6% with $843.5 million in venture capital investment, down from $1.64 billion worth of financing in September. Despite this, there is still a significant degree of activity in the crypto venture capital space.

Uniswap Labs — the team behind the largest decentralized exchange (DEX), Uniswap — closed a $165 million Series B funding round in October. Blockchain development platform Tatum also received a $41.5 million capital injection in October while crypto custodian Copper raised $196 million in its ongoing Series C round.

Of all capital raised, 42% was propelling forward the Web 3.0 sector — with over $350 million raised in October. It was followed by 21.7% spent on infrastructure, 14.6% on decentralized finance, 13% on non-fungible tokens, 8.7% on centralized finance.