Data: The market value of VC projects launching in 2025 is almost all below their valuations

According to ChainCatcher, data from CryptoRank shows that this year, VC projects with a certain level of recognition that have been launched almost all have market capitalizations lower than their valuations. For example, Humanity Protocol (VC valuation of $1 billion, current market cap about $285 million), Fuel Network (VC valuation of $1 billion, current market cap about $11 million), and Bubblemaps (VC valuation of $1 billion, current market cap about $6 million), with gaps reaching several dozen times.