PvP

The article argues that the "PvP" (player vs. player) dynamic in the current crypto cycle is driven by venture capital firms and centralized exchanges, not retail buyers, and that tokens launched in 2024 have generally fallen after listing. Using a sample of 103 projects listed in 2024 across major exchanges, it reports that the median token was up 31% over the last private round's fully diluted valuation, and that tokens bought at or around listing underperformed Bitcoin, Ether and Solana. It cites Binance listing fees of up to 8% of total token supply, deposits of up to $5,000,000 in BNB, and most other exchanges charging $250,000 to $500,000 in stablecoins. The article uses Auki Labs, a Maelstrom portfolio project that listed first on a DEX, as an example of an alternative launch.