2025-12-24 08:50:32

Token Issuance Performance 2025: A Harsh Reality Check

The 2025 token issuance market presents a largely bearish picture, with 84.7% of projects trading below their TGE price.
Notably, 100% of tokens launched with FDVs above $1B are currently underwater, highlighting that high initial valuations are no longer a protective shield.
Key observations:
- Infrastructure projects lead in issuance count, yet they are also among the hardest hit in terms of performance.
- Perp DEX tokens show a slightly positive average return, but this is heavily skewed by a few standout cases and does not represent the broader sector.
- The majority of projects have fallen into a “graveyard zone,” with FDV drawdowns ranging from -70% to -90%.

The era of high-FDV launches designed primarily for liquidity extraction is coming to an end. Going forward, only projects with real utility, sustainable economics, and genuine value capture are likely to survive.

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