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.

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