In 2024-2025, many projects had excessively high valuations when issuing tokens, which later led to a decline in their value. This can be attributed to the previous bull market from 2021-2022, where there was too much money in the market, leading to inflated valuations. At the same time, the Web3 narrative is difficult to sustain, and the market's response has a lag of 2-3 years.

The process of the bubble being burst is still ongoing, which is a good thing; some crypto funds are dissolving or transitioning to secondary markets.

I saw a piece of data from April indicating that valuations in the primary market are returning to rational levels.