Source: Twitter @Second_Lane; Translated by: Deng Tong, Golden Finance

  • June was the first month of the year where the buyer’s market was clearly active, with requests to purchase assets exceeding the selling price by 75%!

  • The valuation gap between bid and ask quotes for the same asset fell to 36% from 88% last month.

  • The June 2024 order is worth $883 million;

  • The average bid amount was $4.5 million, up sharply from $3.9 million the previous month;

  • 55% premium to the average FDV of the previous round;

  • Popular projects: Circle, Solana, Scroll, Kraken, Celestia, TON, Pyth, Gunzilla, OpenAI.

  • 57% SAFT and 44% equity transactions;

  • 73% (pre)seed round, 27% A-D round;

  • 70% of transactions belong to the same 5 industries: Blockchain Services, DeFi, Infrastructure, Technology Development, and GameFi.

  • The transaction amount is 2% lower than the premium in previous rounds;

  • The transaction amount increased by 10% compared with the previous rounds;

  • In June, 46% of deals were discounted, 25% were at par, and 29% were at a premium to the previous round;

  • All deals in June were discounted by an average of 15% from the previous round;

  • The top 10% of deals were at a premium of 200% or more over the previous round;

  • The bottom 25% of deals are discounted 40% or more from the previous round.

  • LP positions in venture capital funds, CEXs, L1s, wallets, GameFi, blockchain infrastructure, and services have the largest discounts;

  • Blockchain analysis and staking projects have the largest premiums;

  • The A round has the largest premium, and the seed round has the largest discount.

  • 13% of deals were floated undisclosed at lower valuations ($4.1 billion FDV vs. $7.4 billion for public offerings);

  • Most private placements were for SAFTs (76%), were at the (pre)seed stage (83%), and involved DEXs, EVMs, and cross-chain solutions.

  • The average trading period increased to 4 months (buy offers) and 4.4 months (sell offers) until expiration or trade;

  • 60% of transactions have been active for more than 1 month;

  • Maximum duration:

- Early vs. late rounds: Pre-seed 6.4 months;

- Seed and A rounds take about 4 months, B, C, D rounds take 1+ month.

  • CeFi, wallets, CEX projects, VC, NFT, blockchain infrastructure.

  • The average valuation was $9 billion, and the median asking price was $200,000;

  • 2/3 of the buy asks are sold at a discount (40% discount to the previous round or spot on average); 6% are at par; and 25% are at an average premium of more than 80%.

  • The average valuation was $6.5 billion, and the average bid was $2 million;

  • 40% of deals were sold at a discount (average discount of 45%); 32% were sold at par value; and 29% required a premium (average of more than 270%).

#TIA #NFT