A brand new evaluation from Tokenomist launched at the moment, June 6, has recognized final 12 months’s main token launches that identifies a pointy divide between their huge fundraising and precise investor returns.
The report, which covers ten main 2024 tasks like ZK, ATH, and Swell that collectively raised over $1 billion, reveals that a number of of essentially the most profitable investments got here from tasks with the least preliminary funding, whereas the biggest raises left traders deep underwater.
Over $1B was raised throughout these 10 main launches. Though not all traders are sitting in revenue
💰 Who Really Made Cash? When do you have to be careful for his or her unlocks?
Some early traders are sitting on 10x+ returns, whereas others are nonetheless deep underwater
Let’s break… pic.twitter.com/aZmPnc27UY
— Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) June 6, 2025
The spectacular side of ATH is that it attracted simply $9 million in investments, but its Investor absolutely diluted valuation now stands at $221 million, equal to a 24.51x return. Swell, which has simply raised $3.75 million, now has an Investor FDV of $24.22 million, offering a 6.45x return. IO and Blast likewise managed to get no less than a 4x return with an funding of $30 million or much less.
Excessive Funding, Low Returns: Some Initiatives Fail to Ship
On the different finish of the spectrum, among the tasks with the best funding have delivered poor returns to this point. ZK, for instance, acquired a large $458 million in funding, however its Investor FDV is now priced at lower than half its preliminary worth. Equally, SCROLL and AVAIL are additionally struggling to satisfy expectations, with present returns sitting at simply 0.61x for SCROLL and 0.65x for AVAIL.
These tasks raised some huge cash earlier than launching, but they nonetheless haven’t met the expectations of their traders. The truth that their efficiency suffers regardless of investments proves that raises don’t all the time end in stronger returns.
Small Investments, Massive Returns: How Restricted Capital Drives Success
The Tokenomist evaluation clearly highlights that tasks can obtain vital success with extra restricted preliminary capital. The spectacular returns from ATH and Swell, as an illustration, got here from comparatively small raises.
Likewise, the report notes that IO, Blast, and Cloud additionally delivered robust outcomes for his or her early traders from fundraising rounds of lower than $30 million every. These examples exhibit that smaller, focused capital raises can nonetheless yield substantial rewards for tasks and their backers.
Upcoming Token Unlocks
Traders are additionally now watching a collection of upcoming token unlocks, scheduled between June and November 2025. These occasions typically introduce new market volatility as a big new provide of tokens turns into obtainable to be traded.
Associated: June Token Unlocks Prime $3.2 Billion: Altcoins SUI, APT, ZRO Brace For Volatility
A number of of the analyzed tasks have unlocks scheduled quickly. ZK, ZRO, Blast, and ATH are scheduled for unlocks in June, adopted by Avail, Cloud, and IO in July. Later within the 12 months, Eigen, Scroll, and Swell are scheduled to unlock tokens between October and November.
These approaching dates will doubtless have traders reevaluating their portfolio methods in anticipation of elevated provide and potential value shifts.
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