According to a report by Deep Tide TechFlow, in the first half of 2025, 56 venture capital-backed tokens completed their TGE and began trading. Among them, 80% of the tokens have a fully diluted valuation (FDV) between 50 million and 1 billion USD, with 8 projects below 50 million USD and only 3 projects exceeding 1 billion USD. Venture capitalists typically invest at a valuation of 20 million to 100 million USD during the seed round, and investors need to lock up their investments for about 3 years after the TGE. Some projects are currently trading below their previous financing valuations, putting investors at a loss.