Post #604

Key takeaways on Web3 secondary market inJune by SecondLane - June is the first month in the year showing a clear sign of the Buyer’s market with buying requests exceeding selling offers on the assets by 75%! - Valuation spread between Buy and Sell offers on the same assets dropped from 88% last month to 36% - $883M in order book value in June 2024 - $4.5M avg offered amount; a sharp rise from $3.9M last month - 55% average premium to last round FDVs - top projects: Circle, Solana, Scroll, Kraken, Celestia, TON, Pyth, Gunzilla, OpenAI - $200k median Buy Ask at an $9B average valuation - 2/3 of Buy Asks come at discount (40% avg discount to last round or spot); 6% at par; 25% with average premium of 80%+) - $2M median Sell Offer at $6.5B avg valuation - 40% of deals offered at discount (45% avg discount); 32% at par; and 29% asked for a premium (avg 270%+) - 2% drop in deals with premiums to previous rounds - 10% growth in deals at par to previous rounds - 46% of deals in June came with discount, 25% at par, and 29% with premium to previous round - 15% median discount to previous round on all deals in June - top 10% of deals offered at 200% premium or higher to previous round - bottom 25% were offered at 40% or greater discount to last round - largest discounts for LP positions in VC funds, CEX, L1s, Wallets, GameFi, blockchain infrastructure and and services - largest premiums for projects in blockchain analytics, and staking - largest premiums for Round A, largest discounts for Seed Round - 57% SAFT and 44% equity deals - 73% (Pre-)Seed, 27% Rounds A-D - 70% of deals attributed to the same 5 sectors: blockchain services, DeFi, infrastructure, tech development, GameFi - Average deal maturity grew to 4 months on Buy Asks and 4.4 months on Sell offers until expiration or transaction - 60% of deals are active for over 1 month - Longest maturity among: - earlier vs later rounds: 6.4 months for Pre-Seed; ~4 months for Seed & Round A vs 1+ months for Rounds B, C, D - CeFi, Wallet, CEX projects, VC, NFT, Blockchain infra - 13% of deals continue to circulate without public exposure, with a lower valuation ($4.1B FDV vs $7.4B FDV on public offers) - Most private deals came for SAFT (76%) at (Pre-)Seed stage (83%) deals for DEXes, EVM, and cross-chain solutions Reach out to us for the full June 2024 secondary market report