Original Content:
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, co-founder of the data analysis platform DYθR, posted a set of data on X, taking stock of the top ten “VC tokens” on the market. The data shows that even in the face of continuous market downturn, major VCs still have tens or even hundreds of times of floating profits in these tokens. Hitesh.eth specifically marked the unlocking time of these tokens’ capital shares to facilitate market monitoring of potential unlocking pressures. The following figure is a secondary chart drawn by Odaily Star Daily based on the data compiled by DYθR on Dune, aiming to help readers better understand the real-time floating profits and unlocking status of these tokens. It is important to emphasize a few points: First, the latest update of DYθR’s data was yesterday afternoon, coinciding with a major market downturn, so 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 number will actually have some discrepancies with the ratios of different rounds, but it can basically represent the overall floating profit situation of VCs in the project. Third, DYθR has a total of 28 projects (refer to Dune), due to length and project popularity considerations, the following text will only cover the top 10 projects with the highest floating profit ratios. Interested readers can check more content through DYθR.
Rewritten Content:
Original Article:
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, co-founder of the data analysis platform DYθR, posted a set of data on X, taking stock of the top ten “VC tokens” on the market. The data shows that even in the face of continuous market downturn, major VCs still have tens or even hundreds of times of floating profits in these tokens. Hitesh.eth specifically marked the unlocking time of these tokens’ capital shares to facilitate market monitoring of potential unlocking pressures. The following figure is a secondary chart drawn by Odaily Star Daily based on the data compiled by DYθR on Dune, aiming to help readers better understand the real-time floating profits and unlocking status of these tokens. It is important to emphasize a few points: First, the latest update of DYθR’s data was yesterday afternoon, coinciding with a major market downturn, so 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 number will actually have some discrepancies with the ratios of different rounds, but it can basically represent the overall floating profit situation of VCs in the project. Third, DYθR has a total of 28 projects (refer to Dune), due to length and project popularity considerations, the following text will only cover the top 10 projects with the highest floating profit ratios. Interested readers can check more content through DYθR.
