#代币估值与机制 As of 2025, new tokens breaking their peg has become the norm. Looking at these numbers is hard to stomach—out of 118 TGE new tokens, 84.7% of projects' FDVs have fallen below their issuance price, meaning 4 out of every 5 tokens have broken their peg. The median has dropped 71%, with $87 billion in "paper" FDV evaporating.

The most absurd part is projects with drops exceeding 90%, like the once-popular Berachain and Animecoin, each taking increasingly severe hits. The entire market has crashed hard from a $139 billion FDV down to $54 billion.

That said, well-performing projects do exist. Take Aster, which surged 745%, and Yooldo Games, which more than quintupled. These projects share a common trait—they were mostly launched in the second half of the year with relatively low initial valuations.

So the logic is now crystal clear: projects with inflated early valuations tend to break their peg, but if a project has a relatively rational valuation and well-designed token mechanics, it actually has opportunities later on. This demonstrates that the market is gradually maturing, overvalued projects are being eliminated, and only projects with solid fundamentals can survive.