#代币估值与机制 New coin breaches in 2025 have become the norm. Looking at the data, I can't even handle it — among 118 TGE new coins, 84.7% of projects have seen their FDV fall below the issuance price, meaning 4 out of every 5 coins are breaching. The median has plummeted 71%, with 87 billion dollars of "paper" FDV simply evaporating.

The most absurd part is those projects with declines exceeding 90% — names like Berachain and Animecoin, once popular picks, now have increasingly brutal losses. The entire market has been hammered from 139 billion dollars in FDV down to 54 billion.

That said, well-performing projects do exist. Take Aster which surged 745%, or Yooldo Games which more than quintupled. These projects share a common trait — they were basically launched in the second half, with low initial valuations.

So the logic now is crystal clear: inflated valuations in early stages easily lead to breaches, but if a project has relatively rational valuations and well-designed issuance mechanisms, there's actually opportunity down the line. This shows the market is gradually maturing, with overvalued projects being eliminated, and only those with real fundamentals can survive.