Group 1 - 85% of tokens issued in 2025 have fallen below their issuance price, indicating a significant decline in value for many projects [1] - Venture capital (VC) returns have been decreasing, with some projects experiencing severe losses [1] - In Q2 2022, crypto venture capital raised nearly $17 billion in a single quarter, with over 80 new funds established [1] Group 2 - Since 2022, VC investment returns have continued to decline, with the number of new funds dropping to a five-year low [1] - The amount raised in the last quarter was only 12% of what was raised in Q2 2022, despite an 84% quarter-over-quarter increase in VC investment to $8.5 billion [1] - The traditional VC model of "investment - token issuance - retail sell-off" is declining, suggesting a shift in the market dynamics [1] Group 3 - The diminishing influence of VCs indicates that the success of future projects will rely more on real users and actual revenue [1] - This shift is expected to lead to fairer token issuances and a reduction in internal sell-off situations [1]
数据：2025 年发行的代币中，85% 的价格已跌破发行价
Xin Lang Cai Jing·2026-02-17 12:13