Wu Says has learned that, according to research by Delphi Digital, more than 540 tokens listed since 2020 spend 70% of their lifecycle on average below their issuance price. These tokens are issued at artificially inflated final issuance prices with very limited circulating supply, causing the initial rally to be captured by insiders and Farmers. After each unlock, the tokens’ average performance is 7% worse than BTC; by the tenth unlock, this performance disadvantage has accumulated to -47%. Notably, since January 2025, the return on a revenue-weighted portfolio of the top 10 protocols by income has been 30%, while BTC has fallen by 17%.