PANews July 2 news, crypto analyst @ahboyash posted on the X platform that by mid-2025, 56 venture capital-backed tokens will have been listed. Among them, 45 tokens have a fully diluted valuation (FDV) of between $50 million and $1 billion (accounting for 80% of the total projects), 8 tokens have an FDV of less than $50 million, and 3 tokens have an FDV exceeding $1 billion (specifically Kaito, Story Protocol, and Walrus). It is worth noting that venture capital firms usually invest during the seed round, at which point the project's valuation is generally between $20 million and $100 million FDV; after the token generation event (TGE), the venture capital firm's tokens will be locked for about 3 years, and after the lock-up period + vesting period ends, the valuation may further plummet; the trading prices of some projects' tokens have already fallen below the previous round of financing valuations (indicating that investors have incurred losses).