According to The DeFi Edge, 85% of tokens issued in 2025 have already dropped below their issuance price. Venture capital-backed projects are seeing declining returns, with some suffering significant losses. In Q2 2022, crypto VC fundraising hit nearly $17 billion in a single quarter, with over 80 new funds established. Since 2022, VC returns have continued to decline, and the number of new funds has dropped to a five-year low, with last quarter's fundraising amounting to only 12% of Q2 2022. Although last quarter's VC investment reached $8.5 billion, up 84% quarter-over-quarter, most of it came from 2022 funds rather than new capital. The report highlights that the traditional "VC entry—token issuance—retail sell-off" model is fading. As VC influence weakens, the key to future project success lies in real users and actual revenue, which is expected to lead to fairer token issuance and reduced insider sell-offs. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=56849