Tokens are trading at massive discounts on secondary markets right now. Good reporting by The Block. - Average discount is 40-50%. - Long vesting schedules (3+ years) trade at 60-70%+ discounts.. - Gaming tokens are the worst at ~80% discounts. Main reason is $500M-$1B in tokens unlocking every week but demand is weak and capital rotating to AI. Plus, equity is replacing tokens. On SecondLane (a marketplace for crypto secondaries), 40% of interest is now equity and it dominates deals above $2M. More investors want real exit paths like M&A and IPOs, not locked tokens that dump on unlock. The only tokens holding value are those with: - clear revenue - short lockups - liquid hedging markets. Basically, HYPE.(Ignas | DeFi)