Original｜Odaily Planet Daily
Author: Azuma
The so-called “VC tokens” with the typical characteristics of “high FDV and low circulation” have become the most dangerous label in the secondary market.
On June 24, hitesh.eth, co-founder of the data analysis platform DYθR, posted a set of data on X, taking stock of the top ten typical "VC tokens" on the market. The data shows that even in the case of a continuous decline in the market, major VCs still have tens or even hundreds of times of floating profits on their investments in these tokens. hitesh.eth specifically marked the unlocking time of the investor shares of these tokens so that the market can monitor potential unlocking selling pressure.
The figure below is a secondary map made by Odaily Planet Daily based on the data compiled by DYθR on Dune. The purpose is to help readers understand the real-time floating profit and unlocking status of these tokens more intuitively.
A few points need to be emphasized:
First, the most recent update of DYθR data was yesterday afternoon, which coincided with the market crash. The data has a certain lag, but it does not affect the overall results.
Second, considering that individual projects will have different valuations in different financing rounds (the earlier the cheaper), DYθR uses the algorithm of "current FDV/average valuation of different financing rounds" to calculate the VC floating profit ratio, so the final ratio will actually be somewhat different from the ratios of different rounds, but it can basically represent the overall floating profit of VC on the project;
Third, DYθR has counted 28 projects in total (see Dune). Considering the length and popularity of the projects, the following article will only cover the top 10 projects with the highest floating profit multiples. Interested readers can check more content through DYθR.
