#代币估值与机制 In 2025, new tokens breaking their peg has become the norm. Looking at this data, it's hard to ignore——out of 118 TGE new tokens, 84.7% of projects' FDV fell below the issue price, meaning 4 out of every 5 tokens broke their peg. The median dropped directly by 71%, with 87 billion dollars of "paper" FDV simply evaporating.
The most absurd part is those projects with declines exceeding 90%. Former hot picks like Berachain and Animecoin now have brutal losses one after another. The entire market went from 139 billion dollars in FDV straight down to 54 billion.
That said, well-performing projects do exist, like Aster which rose 745%, and Yooldo Games which more than quintupled. These projects share a common trait——they were basically launched in the second half of the year with low initial valuations.
So the logic is now crystal clear: early-stage overvalued estimates lead to breaking peg easily, but if a project has a relatively rational valuation and well-designed mechanics, there's actually opportunity later on. This also shows the market is gradually maturing, with inflated projects being eliminated, and only projects with real fundamentals can survive.
#代币估值与机制 In 2025, new tokens breaking their peg has become the norm. Looking at this data, it's hard to ignore——out of 118 TGE new tokens, 84.7% of projects' FDV fell below the issue price, meaning 4 out of every 5 tokens broke their peg. The median dropped directly by 71%, with 87 billion dollars of "paper" FDV simply evaporating.
The most absurd part is those projects with declines exceeding 90%. Former hot picks like Berachain and Animecoin now have brutal losses one after another. The entire market went from 139 billion dollars in FDV straight down to 54 billion.
That said, well-performing projects do exist, like Aster which rose 745%, and Yooldo Games which more than quintupled. These projects share a common trait——they were basically launched in the second half of the year with low initial valuations.
So the logic is now crystal clear: early-stage overvalued estimates lead to breaking peg easily, but if a project has a relatively rational valuation and well-designed mechanics, there's actually opportunity later on. This also shows the market is gradually maturing, with inflated projects being eliminated, and only projects with real fundamentals can survive.