PvP or Build for Value

The author argues that the 2024 crypto token launches listed on major exchanges mostly failed to pump, and that venture capital firms were the main winners. Using a sample of 103 projects listed in 2024 across major exchanges, the Maelstrom analysts found the median token was up 31% over its last private round's fully diluted value, which the author calls the VC Extraction Price. The article says tokens have underperformed Bitcoin, Ether and Solana, and that Binance listings did not guarantee rising prices. It also describes CEX listing fees, including up to 8% of total token supply at Binance and deposits of up to $5,000,000 in BNB.