Halfway through 2025 and 56 VC-backed tokens have been listed:
• 45 launched at $50m-$1b FDV (80% of the projects)
• 8 are below $50m
• 3 are above $1b (@KaitoAI, @StoryProtocol and @WalrusProtocol)
Crazy if you consider
• VCs usually invest at seed stage, typically at a valuation of $20-$100m FDV
• They are locked for ~3 years upon TGE, by the time the cliff + vesting period is over, the val may tank further
• Some of the projects are already trading below their last fundraise round (i.e. investors are underwater)