Post #536

Key takeaways on Web3 secondary market inFebruary 2024 by SecondLane - $769M of February 2024 book value (Asks and Bids) - $5M avg offered amount - top projects: LayerZero, Solana, Fuel, Celestia, Fireblocks, Ronin, Mavia, Dymension, JTO, Pyth - $200k median Buy Ask at an $0.7B average valuation - 75% of Buy Asks come at discount (40%-50% avg discount to last round); 12% at par; 12% with premium of 120%-130% to last round - $1.6M median Sell Offer at $6.2B avg valuation - 45% of deals offered at discount (45%-50%); 27% at par; and 31% asked for a premium (250%-260% to last round) - largest discounts for NFT, staking, social, L2, wallets, GameFi, blockchain infrastructure and services - largest premiums for projects in blockchain analytics, DID, tech development, L1s - largest premiums for pre-seed rounds, largest discounts for Seed and Round A - 54% SAFT and 46% equity deals - 76% (Pre-)Seed, 24% Rounds A-D - 4 industries dominate the Web3 secondary market with 62% of offers: blockchain services and infrastructure, DeFi, tech development - Average deal maturity grew to 2 months on Buy Asks and 3.5 months on Sell offers until expiration or transaction - Longest maturity among earlier vs later rounds: 5.7 months for Pre-Seed; 3+ months for Seed & Round A vs 1 m for Round D - 18% of deals circulate without public exposure, with a lower valuation ($5.1B FDV vs $6.6B FDV on public offers) - Most private deals came for SAFT at (Pre-)Seed stage deals for DEXes, L1s, EVM, DID Subscribe for insights: Twitter | Telegram | YouTube