Delphi Digital: The median number of newly listed tokens has fallen by 82% since 2025, and token unlocking and revenue distribution mechanisms are a major drag

Comparing news, Delphi Digital pointed out in its latest report that since January 2025, if you buy every newly listed mainstream CEX token, $1,000 has shrunk to about $500, a median drop of 82%, and only 12% of the tokens are above the listed price.

The main factors dragging down the current cycle include: internal distribution unlocks on a fixed schedule rather than performance (each unlock results in an average loss of about 7% in excess returns compared to BTC), difficulties with agreement revenue flowing to holders, and airdrops being reduced to withdrawal from liquidity.

Currently, major DeFi protocols have turned on “rate switches”, such as Hyperliquid, Uniswap, Jupiter, Aave, etc., to give back revenue to holders through repurchases, destruction, etc., and the related revenue-weighted basket has significantly outperformed BTC, ETH, and SOL this year.

Delphi Digital believes that future tokens worth holding will need to have both revenue feedback to holders and performance-linked supply mechanisms, which is probably the strongest long-term allocation foundation in the asset class's history.