TechFlow, July 2 – According to data shared by X user @ahboyash, 56 venture-backed tokens have completed their token generation event (TGE) and started trading in the first half of 2025. Among them, 80% (45 projects) had a fully diluted valuation (FDV) between $50 million and $1 billion at TGE, 8 projects were below $50 million, and only 3 projects (@KaitoAI, @StoryProtocol, and @WalrusProtocol) exceeded $1 billion. The data also revealed that VCs typically invest during the seed round at valuations ranging from $20 million to $100 million, with investor allocations usually locked for around three years post-TGE. Some projects are now trading below their last private round valuation, leaving investors in a loss-making position.
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