Looking back at the 2025 TGE, what did the tokens that haven't "returned to their original form" do right?

Author: Stacy Muur

Translation: Deep潮TechFlow

If you participated in the 2025 Token Generation Event (TGE) trading, you might already be familiar with this default script: a lively first week, followed by a slow decline, and finally having to accept the fact that “the issuance price is the highest point.”

Most newly launched tokens not only perform poorly but sometimes crash outright because the market finally begins to treat tokenomics and liquidity as fundamentals rather than optional add-ons.

Nevertheless, a few tokens achieved significant growth by the end of 2025 compared to their TGE prices. These tokens’ rises are not fleeting nor solely due to buying at extreme lows, but rather indicate genuine market demand.

Below are the tokens I summarized as performing strongly in 2025: $ASTER, $FOLKS, $AVICI, $RAIN, $TAKE , and $SENTIS (along with some “barely staying afloat” tokens like $IRYS, $FHE , and $CORN). While their performances vary, they share some similarities.

2025 Winners

@Aster_DEX($ASTER) is one of the most typical success stories. It achieved all the dream goals on its first day: extensive exchange coverage, deep liquidity, and a narrative of “DeFi perpetual contracts” that traders truly understand and endorse. The core story throughout the year can be summarized as: “A perpetual contract trading platform supported by Binance with privacy features.”

Although $ASTER’s price movement sparked controversy (which you can attribute to zk-proofs, CZ’s behind-the-scenes maneuvers, or simply “better execution”), it remains one of the few tokens that are not suitable for “immediate sale” after TGE.

@FolksFinance**($FOLKS): “Boredom” Can Also Be a Winner**

$FOLKS is a unique lending token that proved its value through “boredom” this year, and “boredom” became its winning secret. The success formula is: “launched on Binance and Kraken on day one, continuously expanding cross-chain liquidity pools, and no obvious unlock cliff.” Especially the last point—“no unlock cliff”—is more important than most are willing to admit.

Everything seemed smooth sailing… until the unlock period on December 15th arrived.

@AviciMoney**($AVICI): Breaking Rules with “Simple Narrative”**

$AVICI is a rather special case. Its success is not due to the most complex technology but because it provided the clearest narrative for crypto Twitter (CT): “A project with a fair launch and real product.”

The most frequently mentioned aspect isn’t the tokenomics but real-world use cases: “A genuinely operational new digital banking app supporting Visa cards and real consumption scenarios.” In a market filled with intrinsic “utility,” $AVICI ’s selling point is refreshing—detaching from on-chain virtual narratives and bringing tangible real-world applications.

Undoubtedly, this might be one of the best TGEs of the year.

When Tokens Rise for “Good Reasons,” They Can Progress Steadily

In the post-cycle performance of 2025, the strongest reactive winner is @Sentism_ai($SENTIS). Its layout is straightforward: AI smart agents narrative + continuous incentive distribution + broad exchange support. On crypto Twitter, the mainstream view remains consistent: “AI smart agents are the next-generation DeFi automation layer.” This clear narrative provides traders with a simple mental model.

Mechanistically, $SENTIS does not rely on a one-time hype at launch. Its ongoing distribution mechanisms (task rewards, retroactive airdrops, participation incentives) maintain user activity. This dynamic often translates into sustained spot demand, as participants plan for future allocations and ecosystem milestones. This mechanism can even support the price before actual on-chain usage becomes apparent.

@overtake_world**($TAKE): “Web2 Distribution + Web3 Infrastructure” in Gaming Market**

$TAKE continued a similar successful template but packaged it as a gaming trading marketplace. The overarching narrative is “Web2’s distribution capability combined with Web3’s technological support.”

Its advantage lies in clear logic—players trade assets, $TAKE is the fee token, and staking and revenue-sharing mechanisms incentivize holders. When people talk about “Real Yield,” they usually mean tokens issued with an APY wrapper, but $TAKE’s logic is closer to “fees → buyback → stakers.” Even if some question this model, the market still recognizes its development direction.

@Rain__Protocol**($RAIN): A Paradigm of Event-Driven Repricing**

$RAIN is a more typical case of event-driven revaluation rather than “fundamental victory.”

The main rise of this token came from a simple and clear message: a company listed on Nasdaq and plans to allocate nine-figure funds into treasury strategies based on $RAIN . Such news quickly shifts market positioning—liquidity providers adjust spreads, trend traders flock in, and waiting funds rapidly flow back due to the story’s simplicity.

While this does not directly prove $RAIN ’s long-term product-market fit nor eliminate execution risks, it explains why $RAIN ’s trading performance isn’t like typical small-cap TGE tokens: its buy-side isn’t solely driven by retail reflexivity but by a seemingly “institutionalized” narrative that attracts ongoing attention and larger capital.

“Respectable but Not Top-Tier” Tokens

• @irys_xyz ($IRYS) and @mindnetwork_xyz ($FHE): These two projects belong to the “AI infrastructure and privacy arbitrage” track, benefiting from the AI hype. Their prices stay above initial levels and maintain enough liquidity to avoid becoming “dead tokens.” If they can turn hot words into actual on-chain usage, they may succeed, because narratives alone cannot sustain long-term value.
• @use_corn ($CORN): Although not explosive, it performs more stably than peers—more like a “structured product.” In the overly expanded market of 2025, stability itself is a signal.
• @LoadedLions_CDC $CORN $LION(: ) proved the importance of distribution and ecosystem appeal. Although it did not dominate hot narratives of 2025 (such as AI, perpetual contracts, points, etc.), it also did not completely collapse. The risk is that if GameFi tokens’ usage cannot break beyond their core communities, they may fall into a “permanent discount” trap.

$LION Common Traits of Winners

After stripping narratives and emotions, some structural patterns emerge.

1. Distribution is more important than hype

The most successful tokens avoided heavy internal liquidity dumps at TGE.

For example: $AVICI (team holds 0%), $SENTIS (based on activity-driven token release), $TAKE (community and user incentives).

Insight: The holder structure at issuance is more important than the background of private investors.

2. Reasonable initial valuation beats perfect timing

Many high-performing tokens did not launch during the market’s hottest moments but chose reasonable initial valuations, allowing the market to reassess their value later.

For example: ### was issued at about $3.5 million FDV (fully diluted valuation) with a working product, showing asymmetric growth potential.

Insight: Tokens capable of “earning” high valuations tend to perform better than those starting with overestimated valuations.

3. Actual or short-term visible usage drives price increases

ASTER’s perpetual contract trading volume, FOLKS’ lending expansion, $AVICI ’s credit card spending, and $AVICI ’s market trading volume—these are not just whitepaper promises but observable real signals.

Even early-stage $SENTIS connects token issuance with on-chain activity, creating a feedback loop between usage and price that sustains market interest.

Insight: Today’s market has no patience for visions; actual usage > idealistic visions.

4. Unlock structure > Unlock scale

RAIN’s large token supply is accompanied by linear and transparent unlocking, so dilution effects are priced in. SENTIS releases tokens gradually through participation, and $TAKE links issuance to growth.

In other projects, the real damage to market confidence isn’t dilution itself but uncertain, cliff-like unlock patterns that cause doubt.

Insight: Predictable dilution is tolerable; sudden dilution is unacceptable.

5. Exchange listings are necessary but not decisive

Almost all successful tokens have good exchange channels, but listing alone doesn’t determine success or failure.

Listings amplify results: they can accelerate strong tokens’ rise and hasten weaker ones’ decline. Even without Binance listing, $TAKE ’s success was not hindered.

Insight: Liquidity is an accelerator, not the foundation.

$AVICI Core Summary

2025 quietly marks a market shift.

The market no longer pays for potential but begins to reward structured design:

• Reasonable circulating supply
• Fair distribution mechanisms
• Credible real-world use cases
• Controllable unlock patterns

The “heroes” of 2025 are not perfect projects but those capable of surviving under issuance pressure.

If 2024’s focus was on narratives, then 2025’s core is token design under stress testing.

And this is precisely the lesson most new TGE projects have yet to learn.