The so-called “VC tokens” with the typical characteristics of “high FDV, low circulation” have become the most dangerous label in the secondary market.
On June 24th, Hitesh.eth, the co-founder of data analysis platform DYθR, posted a set of data on X, listing the top ten “VC tokens” that are typical in the current market. The data shows that even in the face of continuous market decline, major VCs still have tens or even hundreds of times of gains on these tokens. Hitesh.eth specifically marked the unlocking time of these tokens’ funding shares to monitor potential unlocking pressure in the market.
The following image is a secondary graph made by Odaily Star Daily based on the data compiled by DYθR on Dune, aiming to help readers have a more intuitive understanding of the real-time gains and unlocking status of these tokens.
It is important to emphasize a few points:
First, the data from DYθR was last updated yesterday afternoon, coinciding with a major market decline. The data has a certain lag, but it does not affect the overall results.
Second, considering that individual projects may have different valuations in different financing rounds (cheaper in earlier rounds), DYθR uses the algorithm of “current FDV/mean valuation of different financing rounds” to calculate the VC gain multiple. Therefore, the final multiple may differ from the multiples of different rounds, but it can generally represent the overall gain situation of VCs in the project.
Third, DYθR has a total of 28 projects in its statistics (refer to Dune). Due to space and project popularity considerations, the following text will only cover the top 10 projects with the highest gain multiples. Interested readers can refer to DYθR for more information.
