May 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 May 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 May 2025 was $799M, while the median was $623M. Of the 6 launches we tracked, this represented $4.8B in market value created at TGE.

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Individual TGE Metrics: Airdrop Allocation

In May 2025, the average airdrop allocation was 12.30%, while the median was 8.25%. Doodles is a stand out example of a very large airdrop.

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Individual TGE Metrics: Day 1 Optical Float

The average day 1 optical float was 29.97%, while the median was 19.80% in May 2025. While every token launch in May posted double digit day 1 optical floats, the average is skewed due to Doodles extremely high day 1 optical float.

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Individual TGE Metrics: Day 1 Composition

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

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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 6 benchmarked tokens, only 3 tokens had non linear 12-month cliff unlocks, with an average of 4.49% and a median of 4.20%. 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.