The Web3 industry experienced a significant surge in mergers and acquisitions (M&A) in the fourth quarter of 2025, according to the "RootData 2025 Web3 Industry Annual Report." This trend follows a pattern of concentrated IPOs in the third quarter, as companies first went public to raise capital before engaging in M&A to integrate and expand. In November alone, M&A activity represented 59% of the year's total, highlighted by major deals such as Naver's acquisition of Dunamu. The report anticipates that this consolidation trend will persist into the first half of 2026. Industry leaders are leveraging capital operations to build competitive moats, while smaller projects face the challenge of either being acquired or potentially being phased out.