The shift in market sentiment has led to a significant shrinkage in the market capitalization of most encryption projects, far below venture capital valuations. Many projects, such as Humanity Protocol and Fuel Network, have market capitalizations significantly lower than their $1 billion valuations, reminding investors to carefully assess risks.

The year 2025 will become the "winter of cryptocurrency token issuance." Data shows that new cryptocurrency tokens issued this year have generally suffered heavy losses, with over 85% of token prices falling below their valuation at the token generation event (TGE), causing significant unrealized losses for many early participants. According to the statistics from Memento Research analyst Ash, a total of 118 projects completed their token generation events (TGE) in 2025, with as many as 100 tokens currently priced below their issuance price, accounting for a staggering 84.7%. From an overall performance perspective, the median fully diluted valuation (FDV) of new tokens has fallen by about 71% compared to the time of TGE, and the median market capitalization has decreased by about 67%. Only about 15% of tokens have truly outperformed their issuance valuations, indicating that "the peak is at launch" has become a common phenomenon.

Gate News bot news, according to the official announcement from Gate on December 23, 2025. Gate will launch Kodiak (KDK) spot trading on December 23, 2025, at 22:00 (UTC+8), with a trading pair of KDK/USDT. Withdrawals are expected to open on December 24, 2025, at 22:00 (UTC+8). Kodiak is a vertically integrated decentralized liquidity platform that supports token issuance, trading, and advanced liquidity management. The platform is incubated by the Berachain ecosystem and has secured over $5.3 million in funding from investment institutions such as Hack VC, Amber Group, dao5, and CitizenX. Kodiak occupies over 90% of the spot and perpetual contract exchange market share on the Berachain network, making it the second largest liquidity management platform in the industry. Its full-stack DeFi suite includes features such as spot and perpetual contract trading, liquidity management, and automated yield vaults.

Foresight News: The co-founder of token sales platform Legion, Matt OConnor, stated at the Solana Breakpoint conference that Legion will launch multiple Solana ICO projects within the next 60 days and plans to introduce compliant rights sale features in the first quarter of next year, providing a compliant path from seed rounds to public token issuance. Matt OConnor pointed out that the traditional dual-capital structure of "equity + tokens" has caused approximately $250 billion in value destruction over the past five years, resulting in VC protections for equity holders while token holders suffer. Legion aims to promote "Tokens as Rights"

Framework Ventures co-founder Vance Spencer stated that multiple venture capital firms have sold Sky tokens, including Paradigm and a16z, which have all sold out. Currently, Framework is the only VC still holding a large amount of Sky tokens.

Golden Finance reported that the Layer 2 shared sequencer project Astria Network based on Celestia has officially ceased operations. After about a year of running its Mainnet, the development team voluntarily terminated the network at Block Height 15,360,577 on Monday, defining it as the end of an "experimental infrastructure project." Astria was launched in 2023, aiming to provide decentralized shared sequencer services for Layer 2 networks. It completed a $5.5 million seed round financing led by Maven 11 and obtained $12.5 million in strategic financing in 2024, led by dba and Placeholder VC. Since the beginning of this year, the project has successively stopped the development of its EVM Rollup product Flame and closed the Celestia validator nodes, ultimately deciding to shut down completely. The team has not made a public statement.

Monad (MON) quickly became the market focus after completing a $269 million ICO at an astonishing speed. However, within just a few days, market sentiment took a sharp turn, and the token price has fallen by 24%, raising sustainability concerns. Maelstrom CIO Arthur Hayes stated in an interview that, apart from BTC, SOL, and ETH, most Layer 1 projects will eventually go to zero, and Monad is no exception. He believes that MON is a typical "high FDV, low circulation VC Token," and the short-term rise cannot hide the risk of a 99% fall in the future. Hayes pointed out that the proportion of insiders locking their holdings is too high, and once the Token is unlocked, a large-scale sell-off may occur.

BlockBeats news, on November 30, former Ark Invest crypto head and current Placeholder VC partner Chris Burniske stated: "Since January 2002, equal-weighting Amazon, Apple, Microsoft, and Nvidia has yielded returns over 100 times. In the coming decades, some high-quality mainstream crypto assets may also encounter similar historic opportunities that are public and liquid. It is reasonable to reduce position appropriately during times of extreme market euphoria, but maintaining a long-term hold on most positions will still be the most critical capability."

BlockBeats news, on November 30, Arthur Hayes and Monad co-founder Keone Hon continued their verbal battle over "Monad as a high FDV low circulation VC coin." Keone Hon pointed out that the project party of the investment portfolio under Arthur Hayes' family office Maelstrom has not unlocked all the tokens either. Arthur responded: "The projects we are currently or have previously invested in or advised also have a large amount of locked-up tokens. My advice to founders has always been that the team's and investors' tokens should be fully unlocked 100% as soon as possible, preferably unlocked all at once immediately." "Then one of the following two situations will happen: the price will drop to zero directly, and if there is no organic demand based on actual usage, it will remain there; or the price will first experience a big dump, and then..."

Arthur Hayes expressed concerns about the Monad Token model, calling it a high FDV and low Circulating Supply, with extremely high risks that could lead to a brief market bubble followed by a rapid sell-off. He is bearish on the project, believing that most emerging L1 projects, including Monad, will struggle to survive.

Indico Capital Partners announced the launch of its sixth venture capital fund, Indico VC Fund III, with a size of 125 million euros, focusing on sustainable economic models such as artificial intelligence and Blockchain. The European investment fund will invest 30 million euros.

Gate News Bot news, on November 19, according to CoinMarketCap data, as of the time of writing, GNO (Gnosis) is currently priced at $143.98, with a rise of 13.41% in the last 24 hours, reaching a high of $159.70 and a low of $114.89, with a 24-hour volume of $19,400. The current market capitalization is approximately $380 million, an increase of $44,900 compared to yesterday. Gnosis is committed to building the future of finance. The project offers low-risk DeFi products and consumer applications, with an active ecosystem of innovators. Gnosis Chain has over 300,000 validators, with a fee of only $0.0001 per 100,000 gas, and maintains 100% uptime. Gnosis also provides VC support and has funded over 80 of the most promising early-stage projects.

PANews, November 14th news, Josh, the founder of the shared sorting network Astria, announced on the X platform that he has decided to shut down Astria's development company. According to news from July 2024, Astria completed a $12.5 million funding round, led by dba and Placeholder VC.

Gate News Bot news, on October 31, according to CoinMarketCap data, as of the time of writing, 42 (Semantic Layer) is currently priced at $0.14, with a rise of 21.32% in the last 24 hours, reaching a high of $0.31 and a low of $0.11. The current market capitalization is approximately $20.9 million, an increase of $3.66 million compared to yesterday. The Semantic Layer is a project dedicated to bringing better incentive mechanisms to decentralized applications (dApps), aiming to achieve the internalization of MEV and ordering sovereignty. The project has received support from several well-known investment institutions, including Figment Capital, Hack VC, Robot Ventures, and others. Semantic Layer improves user and developer experiences through its programmable MEV supply chain.

Gate News bot message, CryptoRank has introduced a specialized VC Pressure section to monitor token unlocks and their supply changes. The platform tracks VC unlocks data, which plays a critical role in token supply dynamics. The tool specifically addresses how established projects' token distributio

Recently, the insider story behind the ATH big dump has been revealed, divided into two versions: one is that the founder pumped the price and then dumped at a high position, and the other is that internal executives united with VC for shorting to counter the founder's pump strategy. Insiders utilized public sentiment and blogger promotions, ultimately leading to the big dump.

According to Jinse Finance, on the 23rd, the founder of LD Capital posted on X stating that cognition is the best core competitiveness. Everyone in the world wants to win, but often only a very small number of people can succeed. For example, so many new projects go live every day (knowing that most will eventually drop to zero), exchanges/project parties/market makers are the biggest beneficiaries and driving forces, while the market is full of ridicule towards VC. A major short position is shorting during the falling phase, while the market is full of jealousy calling it insider trading. To maintain thinking and progress amidst the noisy and useless information, enhancing cognition and aligning knowledge with action is the path to achieving results. Both CZ and Jack Ma started at 38 years old; there is no need to rush, time is not the issue.

Golden Finance reports that the tokenized stock infrastructure BlockStreet has completed a $11.5 million financing round, led by Hack VC. The team is composed of experienced professionals and plans to launch a transparent dashboard, which will be online on Monad and later expand to platforms such as Ethereum, aiming to improve trading efficiency.

Amber Group was selected for the 2025 "Top 50 VC" list at the Silicon Valley 101 x RootData Annual Summit, becoming an influential investment institution in the Web3 field, providing comprehensive digital asset services. This list aims to evaluate the key forces that continue to drive industry advancement.

PANews, October 6th news, according to The Kobeissi Letter, VC has invested a record $192.7 billion in AI startups so far in 2025, making this year likely to be the first in history where over 50% of venture capital funds flow into the AI industry. In the past 12 months, the share of US AI in VC transactions has exceeded 60%, tripling since the beginning of the pandemic in 2020.

Gate News Bot news, September 29, according to CoinMarketCap data, as of the time of writing, BERA (Berachain) is currently priced at $2.91, with an increase of 11.10% in the last 24 hours, reaching a high of $2.91 and a low of $2.37. The current market capitalization is approximately $370 million, an increase of $37 million compared to yesterday. Berachain is an EVM-compatible L1 public chain that adopts an innovative Proof of Liquidity consensus mechanism, aiming to address the centralization problem of staking, systematically build liquidity, and align the interests of the protocol and validators. The project is supported by well-known investment institutions such as Polychain Capital and Hack VC, and is committed to creating a collaborative economy that rewards working capital in the network through incentive mechanisms.

Gate News Bot reported that on September 19, according to CoinMarketCap data, BERA (Berachain) is currently priced at $2.68, with a rise of 11.98% in the last 24 hours, reaching a high of $2.71 and a low of $2.25. The 24-hour volume reached $8.23 million. The current market capitalization is approximately $337 million, an increase of $36.11 million from yesterday. Currently, BERA ranks 163rd in global Crypto Assets market capitalization. Berachain is an EVM-compatible L1 public chain designed to address issues such as staking centralization, systemic liquidity construction, and alignment of interests between protocols and validators through the Proof of Liquidity consensus mechanism. The project has received support from Polychain Capital, Hack VC, and others.

BlockBeats news, on September 16, Nick Tomaino, founder of the crypto VC firm 1confirmation, published a statement evaluating "Base considering issuing coins" stating, "If done correctly, BASE will immediately become one of the top five Crypto Assets by market capitalization. No VC, no insider trading, transparent Airdrop to developers and users based on usage. This is the most successful non-Token chain in history, and the Airdrop will serve as rocket fuel."

According to BlockBeats news on September 10, Chris Burniske, former head of crypto at Ark Invest and now a partner at Placeholder VC, stated that "a rate cut by the Fed next week may trigger a wave of risk appetite in the market, but the market is likely to quickly turn pessimistic after an initial spike, as it will be concerned about 'those not optimistic factors'. Therefore, Bitcoin may initially follow the trend of gold, but if risk assets are dumped in the fourth quarter, I expect Crypto Assets to be significantly impacted."

Golden Finance reports that the encryption infrastructure provider Utila has announced the completion of a $22 million financing round, led by Red Dot Capital Partners, with participation from investors such as Nyca, Wing VC, DCG, and Cerca Partners, increasing its valuation nearly threefold in six months and expanding the total amount of its Series A financing in March to $40 million.

According to ChainCatcher news and NFTgators, the programmable data chain Irys has completed a $10 million Series A financing round, led by CoinFund, with participation from Hypersphere, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group, and W A GMI Ventures. This round of financing brings Irys's total funding to $20 million.

BlockBeats news, on August 14, former Ark Invest crypto head and current Placeholder VC partner Chris Burniske predicted the peak prices of mainstream cryptocurrencies in October as follows: Bitcoin: $142,690; Ethereum: $6,900-8,000; SOL: $420. Chris Burniske also pointed out that the crazier the prices in August, September, and October, the more convinced he is that October will see a peak. If the market can quickly pull back significantly and remain sluggish, perhaps this bull run can last even longer.

BlockBeats news, on July 31, the encryption data company TACEO completed a $5.5 million seed round financing, led by Archetype VC, with participation from a16z CSX, Cyber.Fund, acapital, and Polymorphic Capital. This funding will accelerate TACEO's launch of its innovative data infrastructure product "Private Shared.

Odaily News Japan's Financial Institution SBI allows users to exchange credit card points for BTC, ETH, and XRP, meaning that Japanese credit card users can now convert loyalty points into Crypto Assets through SBI VC Trade and APLUS. It is reported that 2,100 points can be exchanged for Crypto Assets worth more than 2,000 yen. (CoinDesk)

Gate News bot message, Zypher Network announced the completion of $7 million in financing, led jointly by UOB Venture and Signum Capital, with participation from Hong Leong Group (, Cogitent Ventures, Catcher VC, Hydrogenesis Labs, DWF Venture, and others.

Encryption analyst @ahboyash stated that by mid-2025, 56 venture-backed tokens will have been listed. Most of them are valued between 50 million and 1 billion, and some token trading prices have fallen below the valuation of the previous round of financing, which may result in losses for investors.

Odaily News Draper VC founder Tim Draper stated in a recent interview that Bitcoin may replace the US dollar within 10 years. (Bitcoin News) Tim Draper previously believed that Bitcoin could reach $250,000 by 2025, and the main factors driving the development of Bitcoin are: general market optimism following Trump's trade agreement, the anticipated regulatory framework soon to be introduced, and the continuous development of Web3 applications built on the Bitcoin blockchain.

Gate news, the global venture capital community is embracing the digital asset space with unprecedented optimism. Several top venture capital partners have revealed to the media that, driven by the strong influx of Wall Street capital, **the total investment in digital asset startups is expected to soar to between $20 billion and $25 billion by 2025**.

Gate News bot news, DeFi protocol Veda announced a financing of 18 million USD to accelerate the adoption of its vault platform. The platform enables asset issuers to build cross-chain yield products, including yield-generating stablecoins. The company disclosed on Monday that this round of financing was led by CoinFund, with participation from institutions such as Animoca Ventures, BitGo, Mantle EcoFund, GSR, Relayer Capital, PEER VC, Draper Dragon, Credit Neutral, Neartcore, and Maelstrom.

Gate News bot message, TAC has completed $11.5 million in seed and strategic round financing, with $5 million of the strategic round led by Hack VC. TAC is a blockchain built specifically for EVM dApps, designed to connect to the TON and Telegram ecosystem. The TAC Mainnet is set to launch soon and is currently being rolled out in phases. In the current DevMainnet phase, major DeFi protocols such as Curve, Morpho, and Euler have begun deployment, with over 20 major applications preparing for Mainnet integration. TAC enables Ethereum dApps to be seamlessly deployed on TON. The functionality and liquidity of EVM bring the TON ecosystem, allowing developers to focus on consumer use cases.

Gate News bot message, SBI Holdings and SBI Shinsei Bank have jointly invested a total of $50 million in USDC stablecoin issuer Circle, with each party contributing $25 million. SBI has previously reached a comprehensive business cooperation agreement with Circle and established a joint venture, Circle SBI Japan. At the same time, SBI VC Trade has become the first official platform in Japan to offer USDC trading. SBI stated that it will continue to deepen its cooperative relationship with Circle to promote the application of USDC in the Japanese financial system.

Gate News bot message: According to data from DefiLlama, this week has been relatively calm, with venture capitalists and other investors investing $3 million in crypto asset startups, bringing the total funding to over $7.7 billion in 2025 so far. As in previous weeks, investors are focusing on infrastructure projects aimed at expanding Ethereum, quantitative trading, and enhancing Bitcoin functionality.

A new study jointly conducted by Chainplay and Strorible shows that nearly half (45%) of venture (VC)-backed cryptocurrency projects have ceased operations, and 77% of these projects have less than $1,000 in monthly revenue. The study, which looked at 1,181 projects that received financing between January 1, 2023 and December 31, 2024, also found that venture capital firm Polychain Capital had the highest failure rate of investments, with 44% of its projects having died.

The AI intent recognition project Brian, launched at the 2023 ETHPrague Hackathon, has announced its termination due to loss of market advantage and financing issues, criticizing VC for overly focusing on TGE and hype while neglecting actual progress. The team had planned to launch a Web3-specific model and Token, but industry speculation and cost issues led to the project's failure.

BlockBeats news, on May 26, AI trading builder Brian announced in a post that the Brian application is no longer open to users. The Brian API will continue to be available to developers for the next three months, and developers can request access. Brian started at the ETHPrague hackathon in June 2023, aiming to develop a trading builder that allows users to convert text prompts into on-chain trades. The response from sponsors was very enthusiastic, and the project won five first prizes from The Graph, Gnosis, AAVE, Gateway, and Taiko. In the months following the hackathon, Brian went through three stages: closed testing in November 2023, public testing in February 2024, and July 2024.

Hyperdrive completed a $6 million Series A funding round, led by Hack VC and Arrington Capital. The project is built on the Hyperliquid Blockchain and aims to create a decentralized stablecoin market. Other participating institutions include Delphi Digital, SIG DTI, Proof, and others.

Hyperdrive completed a $6 million Series A financing round, led by Hack VC and Arrington Capital. The project is based on the Hyperliquid Blockchain and builds a decentralized stablecoin market. Other participating institutions include Delphi Digital, SIG DTI, Proof, and others.

Hyperdrive completed a $6 million Series A funding round, aiming to build a stablecoin funding market on the Hyperliquid Blockchain, providing features such as stablecoin lending and borrowing, and liquid staking of $HYPE. Hack VC and Arrington Capital led the investment, with follow-on funding from Delphi Ventures, Proof Group, and others. The project's goal is to become a hub for the stablecoin market and yield.