Locked tokens holders experienced an average reduction of almost 50% for their positioned positions compared to over -the -counter assessments (OTC) in May 2024.
According to data Published by the founder of Stix, Taran Sabharwal, on April 22, the incumbents could have left their positions at the double of the current cash prices the previous year.
Sabharwal shared data comparing fully diluted evaluation estimates (FDV) from May 2024 with current FDVs in April 2025 for major tokens, including Jito, Bera, Zro, WLD, TIA, IO, W, ZK, EIGEN, SCR and Blast.
Generalized devaluations on upper tokens
Among the projects followed, almost all have shown considerable evaluation reductions. SCR and Blast recorded the biggest titles from one year to the next at -85% and -88%, respectively.
Eigen followed closely with a drop of -75%. Other tokens, such as ZK (-64%), W (-50%), IO (-48%) and TIA (-44%), have also displayed substantial declines compared to their over-the-counter evaluations of the previous year.
Only Jito displayed an increase, with a gain of + 75% compared to last year’s assessments, standing as an exception in an environment otherwise negative for locking tokens holders.
According to Sabharwal, the disparity between over -the -counter assessments and current cash prices highlights the risks of investing in illiquid and locked positions during cyclists at an early stage.
Although these early investments are generally structured pending long-term increases, market volatility and project-specific factors in the last 12 months have led to a substantial underperformance compared to initial assessments.
During the same period, the 22 sectors of the cryptography market, in addition to Bitcoin (BTC) and Ethereum (ETH), experienced an average correction of 40.7%, based on Artemis data. It is almost 20% better than the performance of locking tokens.
Implications for token markets and the first investors
The data suggests that many tokens investors at an early stage that have engaged in locked positions may have missed better opportunities for the secondary market throughout 2024.
Locked tokens are generally delivered with acquisition hours or transfer restrictions, which prevent immediate liquidity and exhibit holders of market quarters during the locking period.
The data shared by Sabharwal also reflect wider market conditions affecting fully diluted assessments in the cryptography sector. More recent projects are faced with intensified pressure on the secondary markets compared to their initial fund collection rounds.
