#代币估值与上线 Seeing the data on new coins breaking out in 2025, I have mixed feelings. 84.7% of projects have FDV falling below the issuance price, with a median decline of 71%. This indeed reflects a rational market correction— but isn’t that a good thing?

In the long run, this "shakeout" is filtering out truly valuable projects. Tokens with initially inflated valuations supported only by hype should fall; this is the market’s self-healing process. Conversely, projects with solid technology, genuine communities, and real-world solutions have survived, such as Aster (+745%) and Yooldo Games (+538%). Most of these are reasonably valued and gradually building their fundamentals.

This also gives us an important insight: **The hallmark of a good project is not the TGE price but whether it can continuously create value, attract real users, and drive technological iteration**. Breakouts are not scary; what’s scary is investing without due diligence and being driven by FOMO.

The healthy development of Web3 in the future requires such a "bubble squeezing" process. Builders and investors who truly believe in the decentralization vision will increasingly focus on project fundamentals rather than hype stories. Only then can the market mature step by step, providing room for protocols with practical applications and genuine needs.

The big waves sift out the gold. This winter is actually the best "cold start" for Web3.