Delphi Digital: Approximately 70% of newly listed tokens since 2020 have traded below their issuance price
According to Delphi Digital research, among the more than 540 tokens listed since 2020, an average of 70% are below their issuance price throughout their lifecycle, often issued at artificially inflated prices with very low circulating supply, with early price increases frequently taken by insiders and Farmers. After each unlock, the average performance of tokens is 7% lower than BTC, with the tenth unlock accumulating a disadvantage of 47%. Additionally, from January 2025, the revenue-weighted return of the top 10 revenue protocols is 30%, while BTC has fallen by 17%.