April 2025 Token Launch & Valuation Insights

Every month, Open World's analytics team scans and compiles key data points from launches across major exchanges and listings, and provides an in-depth analysis report. We are excited to share Open World’s April 2025 token capital markets update which covers TGE metrics that are relevant to the token launch and issuance market, and notable TGE benchmarks. 

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We hope that these insights shed some light into the rather opaque listings process and give our clients and partners a unique view on token issuances.

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Individual TGE Metrics: FDV @ Launch

The average launch FDV for April was $563M, while the median was $367M. Of the 8 launches we tracked, this represented $4.5B in market value created at TGE.

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Individual TGE Metrics: Airdrop Allocation

The average airdrop allocation was 11.79%, while the median was 11.67%. KernelDAO is a stand out example of a very large airdrop for the month of April.

Note: Wayfinder did not disclose their allocations to the public.

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Individual TGE Metrics: Day 1 Optical Float

The average day 1 optical float was 20.11%, while the median was 18.19%. Every token launch in April posted double digit day 1 optical floats.

Note: Wayfinder did not disclose their allocations to the public.

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Individual TGE Metrics: Day 1 Composition

In April 2025, the airdrop and liquidity composition played a significant role in the day 1 optical float for the majority of tokens that listed this month.

Note: Wayfinder did not disclose their allocations to the public.

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Individual TGE Metrics: Community vs. Insider Breakdown

All benchmarked projects allocated more than 50% to the community, reflecting a strong community-focused model. 

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Individual TGE Metrics: 12 Month Cliff Unlock

Of the 8 benchmarked tokens, only 4 tokens had substantial, non linear 12-month cliff unlocks, with an average of 8.86% and a median of 8.39%. These unlock mechanisms are often times detrimental to token performance as the cliff period approaches.

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About Open World

Open World is a bespoke launch advisor for prominent blockchain networks. We have advised on numerous cross chain mandates across DeFi, Layer 1, Layer 2, marketplaces, gaming, and infrastructure. To date, our team has helped generate >$50 billion in network value.