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Delphi Digital: Approximately 70% of newly listed tokens since 2020 have traded below their issuance price

WuSaidBlockchainW
robot
Abstract generation in progress
Wu said that according to research by Delphi Digital, over 540 tokens have been listed since 2020, and on average, each token spends 70% of its lifecycle below its issuance price. These tokens are issued at artificially inflated final issuance prices with very limited circulating supply, leading to initial price surges being captured by insiders and farmers; after each unlock, the average performance of the tokens is 7% worse than BTC; by the tenth unlock, this performance disadvantage has accumulated to -47%. Notably, since January 2025, the income-weighted portfolio of the top 10 protocols by revenue has returned 30%, while BTC has fallen 17%.
BTC-1.73%
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GateUser-88d5d071
· 1h ago
So revenue agreements are the true love? 30% vs -17% feels so real.
View OriginalReply0
AirdropMileCounter
· 5h ago
Unlocking immediately causes a dump, the iron law
View OriginalReply0
QuantumLittleTomato
· 10h ago
Farmers made a killing, I lost everything
View OriginalReply0
FiveMinutesBeforeLiquidation
· 10h ago
BTC drops 17%, but it can still rise 30%, the fundamentalists are finally gaining momentum.
View OriginalReply0
LittleSunOfStainedGlass
· 10h ago
Since 2020, 540 coins, survivor bias has been understood clearly.
View OriginalReply0
GateUser-eccf92a1
· 11h ago
Top 10 earning protocols: silently making money; new tokens: silently becoming worthless
View OriginalReply0
GateUser-4bd1cc87
· 11h ago
Overinflated issuance price + low circulation, a classic recipe for harvesting retail investors
View OriginalReply0
MarketMakingForMoonlitDeepPool
· 11h ago
Research suggests being cautious: don't rush into new coins.
View OriginalReply0
0XsundayCook
· 11h ago
Insiders left early, leaving us to stare blankly at the candlestick chart.
View OriginalReply0
GateUser-4590f4c6
· 11h ago
This report from Delphi should be framed and reviewed once a day.
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