In 2024, the ten most significant launches of crypto tokens amassed over $1 billion.

Although this amount and the average per offering are large and very respectable, even by pre-2022 Bitcoin and Ethereum standards, they do not, in and of themselves, tell us anything about these tokens’ futures or the investors’ amounts of happiness in the future with regard to these tokens.

When those future events do occur, they will speak much more loudly, and much more clearly, than the fundraising figures in what’s sure to be a very confusing future.

With a number of large unlock events on the horizon, investors are focusing on capital efficiency and timing. They want to know if the projects have done a good job of turning their fundraising into value for the investors. And with the next few months promising to be eventful, these questions could be key to understanding what’s going to happen next.

Capital Efficiency: Who Delivered More with Less?

Several projects stand out, not by the amounts they raised, but by the ways in which they effectively transformed that capital into returns for investors. Chief among these is $ATH, which raised a mere $9 million but has since burgeoned into a market valuation of $221 million—an eye-popping 24.5x ROI.

Other high-efficiency projects comprise $Swell, which transformed a $3.75 million raise into $24.22 million in worth (6.45x ROI), and $IO, which has expanded its $30 million raise into $145.5 million in present value (4.85x ROI). Both $Blast and $Eigen also returned over 4x for their early investors, despite raising much larger sums—$20 million and $164.5 million respectively.

In the meantime, $Cloud and $ZRO achieved satisfactory results. $Cloud secured only $6.1 million and is presently valued at $17.3 million, giving an ROI of 2.83 times the investment made. $ZRO, despite its sheer size of $263.3 million, only gave an ROI of 2.8 times the investment made.

The projects emphasize that robust returns are not necessarily the fruit of big initial fundraising efforts. In many instances, it is the smaller funding rounds that have yielded more effective, accelerated growth, probably because of more streamlined resource allocation and a more evident product-market fit.

Underwater Allocations: Large Raises, Low ROI

Conversely, numerous token launches from 2024 have performed very poorly. Their current valuations are far below the total raised during their fundraising endeavors. Just think of the amount of capital that was raised across these many projects. And then consider the investors who have participated in these various projects across several months now.

This group is led by $ZK, which has garnered $458 million in funding but is now worth only $194 million, giving it a 0.42x ROI. Next in line is $Scroll, which has a parallel tale—$80 million in its coffers yet only a $48.76 million market value (0.61x ROI). Finally, we touch on $Avail, which has brought in $70 million but is now estimated to be worth only $45.17 million (0.65x ROI).

These undertakings now stand as a present reminder to early investors of the unrealized losses they’ve sustained. They also serve as a reminder to all of us that just pulling in a big pile of bucks doesn’t guarantee that you’re going to be a hit in the marketplace. If the fundamentals of your business fall short of the mark, or if the vibe of the marketplace shifts on you, those high hopes that you set with your big capital raise can translate into a big letdown.

As market development continues, these tokens may regain their value or might still underperform. If they choose the latter path, they will probably reinforce the identities of their respective projects as ‘pump and dump’ schemes.

Unlocks on the Horizon: June to November 2025

An important aspect primed to affect price movement in the next few months is when tokens will be unlocked. A lot of the new launches from 2024 have this cliff vesting structure. In other words, they have a holding period during which they don’t release any tokens. And at the end of that holding period, a huge amount of tokens get released all at once. So, if you’re trying to figure out where prices might be headed, you might want to take a look at when these unlock events are scheduled.

The unlocking timetable is as stated below:

In June: $ZK, $ZRO, $Blast, $ATH
In July: $Avail, $Cloud, $IO
In October and November: $Eigen, $Scroll, $Swell

These unlocks could become turning points for each token. If investor sentiment is cautious, the influx of new supply could lead to selling pressure and further price declines. However, if projects are performing well and the macro environment is favorable, the unlocks could be absorbed without much disruption.

Whether the dates are watched with pleasure or pain, they’re still watched. They represent key moments when investors, particularly those who got in early, regain liquidity and can reallocate capital—reinvesting it in newer opportunities or taking it and running.

Final Takeaway

The 2024 cycle has yielded a broad array of investor results, with ROIs stretching from 0.42x all the way to 24.5x. What comes through crystal clear, however, is that the success of a fundraising round isn’t just about how big it is. Capital efficiency and sound execution are still very much in the mix.

The market will probably become much more volatile right around the underperforming assets as token unlocks start to happen in great numbers. If you want to make it through the coming months without too many bruises, it’s imperative to keep a close eye on how many tokens are set to be unlocked when. And an even better practice is to factor in the unlock data and use it to assess the risk and opportunity in this immature asset class.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

The post 2024 Token Launches Reveal Wide ROI Gap as Investors Eye Upcoming Unlocks appeared first on The Merkle News.

---

Filed under: Bitcoin - @ June 10, 2025 4:26 am