PANews reported on July 2 that crypto analyst @ahboyash posted on the X platform that as of mid-2025, 56 venture-backed tokens have been listed. Among them, 45 tokens have a fully diluted valuation (FDV) of US$50 million to US$1 billion when they are listed (accounting for 80% of the total number of projects), 8 tokens have an FDV of less than US$50 million, and 3 tokens have an FDV of more than US$1 billion (Kaito, Story Protocol, and Walrus). It is worth noting that venture capital institutions usually invest in the seed round, when the project valuation is generally US$20 million to US$100 million FDV; after the token generation event (TGE), the venture capital tokens will be locked for about 3 years, and after the restricted sale period + vesting period ends, the valuation may further plummet; the token trading price of some projects is already lower than the valuation of the previous round of financing (that is, investors have already suffered losses).