# 代币估值与机制

#代币估值与机制 Looking at this 2025 new coin data report, I feel so frustrated. 84.7% of projects have failed to launch successfully, and the median FDV has dropped by 71%. I've seen this scene too many times.
Do you remember how inspiring the project teams sounded last year? Huge fundraising amounts, luxurious teams, grand ecosystems—all of it started to decline right after TGE. Projects like Berachain and Animecoin, which were originally highly regarded, have fallen over 90%. What does that tell us? It indicates that most people simply do not truly understand the valuation mechanism of tokens.
Th

#代币估值与机制 Space project opens $SPACE public sale today. After reviewing the mechanism design, there are indeed some highlights worth analyzing.
First, let's talk about the valuation logic — this time using a variable allocation model. The initial FDV is 50 million, and after raising $2.5 million, it enters a price discovery phase with a linear increase to 99 million. The key point is that all participants ultimately transact at the same clearing price, which avoids early participants being cut out by later ones. From a fairness perspective, this is relatively equitable.
Tokenomics is a major f

#代币估值与机制 A new player has entered the prediction market! Space has launched a public sale of $SPACE on Solana, and this token design approach really caught my eye.
50% of platform revenue is used for buyback and burn — this is the so-called "flywheel" mechanism. In simple terms, the more the platform earns, the more stable and even continuously increasing the token value becomes. Compared to other projects that dilute tokens aggressively, this design shows the project's sincerity.
What’s even more noteworthy is the mechanism design of the public sale: a variable token distribution model + fai

#代币估值与机制 I just saw a set of data that almost scared me... Among the new tokens issued in 2025, 84.7% of their FDV have broken out? What does this mean? It means that out of 5 new coins, 4 have fallen below their issuance price😰
The most heartbreaking part is those projects with over 90% decline, like Berachain, Animecoin—names I’ve heard of are actually among them. Overall, the FDV of these tokens shrank from $139 billion directly down to $54 billion, losing $87 billion just like that?
But after taking a closer look, it’s not all bad news. Aster increased by 745%, Yooldo Games rose by 538%.

#代币估值与机制 Damn, 85% of new coins in 2025 are expected to fail? That data is incredible 😭
Out of 118 TGE projects, 100 have fallen below their issuance price, with the median FDV plummeting 71%... The on-paper FDV of $87 billion has just evaporated. Berachain dropped 93%, Animecoin fell 94%—these once-popular coins have now become lessons in bloodshed.
But the heartbreaking part is, some people really made a killing from this wave—Aster surged 745%, Yooldo Games increased 538%. These are undervalued projects issued in the second half of the year. What does this tell us? It means we shouldn’t b

#代币估值与机制 The new coins launched in 2025 are already becoming the norm for breaking out of their initial prices. Looking at this data, it's hard to ignore—out of 118 TGE new coins, 84.7% of projects have their FDV fall below the issuance price, which means 4 out of every 5 coins are breaking out. The median has dropped by 71%, and the "book value" FDV of $87 billion has evaporated.
The most outrageous are projects that have lost over 90%, like Berachain, Animecoin, and other once-hot contenders. Now, the entire market's FDV has been crushed from $1.39 trillion to just $54 billion.
That said, t

#代币估值与机制 Looking at the public sale mechanism of Space, I paused to think.
There are several details in this project worth noting. First is the token flywheel — 50% of platform revenue used for buybacks and burns, which indeed uses mechanism design to support the token's value. But I want to remind everyone that even the most perfect mechanism still requires genuine platform income to drive it. The liquidity of the prediction market itself is a bottleneck; whether gamification incentives andairdrops can truly attract sustained trading volume depends on market validation.
Regarding valuation,

#代币估值与机制 Seeing BTW's Booster program, with a 165-point threshold and lock-up period, reminds me of the evolution of token distribution models I've seen over the years.
Early project airdrops were often crude and straightforward—claim and sell immediately, which once caused the market to be chaotic. Later, everyone learned to use lock-up periods to filter genuine participants and avoid short-term selling pressure. I can understand Binance's design logic this time—setting a points threshold to block pure profiteers, and the lock-up period to protect the project's initial price stability.
But t

#代币估值与机制 The token flywheel mechanism of Space indeed seems to have been well thought out—50% of platform revenue is used for buyback and burn. I've seen this kind of design logic quite a few times, but few projects can execute it effectively. The key is whether the subsequent real revenue can support this commitment.
Interestingly, regarding the funding background, Echo's oversubscription rate of 1360% is quite significant, indicating a decent community recognition. But I must remain cautious—oversubscription ≠ project quality; it only reflects market sentiment. In their story about the succ