Delphi Digital: Since 2025, the median of newly listed tokens has dropped by 82%, with token unlocking and income distribution mechanisms being the main drag
Delphi Digital pointed out in its latest report that since January 2025, if one had bought every mainstream CEX newly listed token, the $1,000 investment has shrunk to about $500, with a median drop of 82%, and only 12% of tokens are above their listing price.
The main factors dragging down this cycle include: internal allocations unlocking on a fixed schedule rather than performance (with each unlock on average leading to a relative BTC excess return loss of about 7%), difficulty in protocol revenue flowing to holders, and airdrops becoming a means of exiting liquidity.
Currently, major DeFi protocols are turning on the "rate switch," such as Hyperliquid, Uniswap, Jupiter, Aave, etc., by using buybacks, burns, and other methods to return income to holders. The related yield-weighted basket has significantly outperformed BTC, ETH, and SOL this year.
Delphi Digital believes that tokens worth holding in the future must have both income returning to holders and a supply mechanism linked to performance, which may be the strongest long-term allocation foundation for this asset class in history.
You may also like

The second half of the computing power battle: Intel CEO Pat Gelsinger reveals how AI is reshaping the global semiconductor supply chain

WEEX Live mode: Monitor 20 trading pairs at once and trade like a pro

Morning Report | Secret Network loses $4.67 million due to cross-chain vulnerability; Michael Saylor releases Bitcoin Tracker information again, may disclose increased holdings data next week

Kalshi's biggest competitor is not Polymarket

WEEX Makes Affiliate Access Easier on the Web and in the App

Customize Your Spot Trading Page: Drag Modules and Move the Order Panel Where You Want It

Perp DEX: The Next Generation Exchange "War"

10 Counterintuitive Insights on Latin American Payments

The AI gamble of mining companies: Valuations enter a phase of differentiation, and it's hard to turn the tide

A letter from Alliance to entrepreneurs: Written on the occasion of Cursor selling for 60 billion dollars

Stablecoins Finally Find Real Returns: On-Chain Reinsurance Re Explained | Interview with Re Founder Karan Saroya

The impossible triangle is simply a pseudo problem

Will MicroStrategy fall into a death spiral? What will the macro trend be in the second half of the year?

Blockchain Capital Partner: The Core Secret of Arbitrage

STRC unanchored by 11%, can the perpetual motion machine of Strategy still operate?

Bitcoin Market Analysis 2026: Can BTC Reach $150K by Year-End?

Bitcoin ETF Outflows Hit a Record $4.4 Billion: What Are Traders Doing With Their Cash?




