Author: Stacy Muur Compiled by: Tim, PANews How to evaluate a project's TGE performance? For each token, I examined it from three aspects: Compared to the all-time high: What percentage has the price retraced from the peak? Time: How long has it been since the all-time high? (Early-stage projects ≠ completely "tested") Liquidity to market capitalization ratio: Is this a true price discovery, or just market noise due to insufficient liquidity? You can think of it this way: If you buy TGE and don't sell at the highest point, how does your profit and loss compare to other tokens of the same caliber? Note: This article represents the author's views only, not those of PANews, and is not investment advice. S-Class: TGE Winner Avici (AVICI) is in a class of its own, S+ Performance: Highest price $5.6, current price $4.3, only a 20-25% drop. For a new coin, this performance is exemplary: the price is strong, the volatility is small, and although the circulating supply is small, the turnover rate is considerable. Analysis: This is a typical "winner's" story. It experienced a surge, but unlike most new coins in 2025, the price did not completely fall back to its starting point. Even now, early investors are still making substantial profits. YieldBasis (YB) Performance: Highs of $0.82–$0.94, current prices of $0.44–$0.56, a drop of 45–55%. The all-time high occurred in mid-October 2025, so it is a recent peak; the current token price is still more than double the lowest point. Analysis: For yield-generating projects launched in a volatile market, it's remarkable that they can maintain half of their all-time high a month after launch. These tokens fall into the category of "strong performance but beginning to revert to the mean." Sahara Labs AI (SAHARA) Performance: The highest price was $0.16, and the current price is $0.008, representing a drop of more than half, but still a 3-4 times increase from the low point. The project received support from well-known venture capital firms (Pantera, Binance Labs, Polychain, etc.) and completed large-scale financing. Its value discovery is not a meme-style pullback. Analysis: In the current market environment, the fact that prices have fallen by half from their peak while still maintaining strong trading volume is truly remarkable. Prices have not collapsed and liquidity remains good. Limitless (LMTS) Performance: Depending on the data source, the highest price ranged from $0.47 to $0.72, while the current price is $0.23, representing a drop of 50% to 65%. TGE is coming very soon (late October 2025), and even after the initial airdrop unlock, the price is currently still in the middle of the range. Analysis: Although it did not reach the level of AVICI, compared to the 70-90% drop in most new coins, LMTS's stability is enough to barely place it in the bottom of the S-level or the top of the A-level. Grade A: TGE showed strong performance after the initial surge, but the subsequent decline was relatively large. Lombard (BARD) Performance: Highest price $1.5-$1.6, current price $0.72-$0.75, a drop of 50-55%, but still 2-3 times higher than the low. Analysis: After a strong initial surge, the price subsequently halved, but it didn't fall into a death spiral. For the Bitcoin ecosystem narrative, which relies heavily on high leverage, this pullback is a tolerable growing pain. Kaito AI(KAITO) Performance: Highest price $2.89, current price $0.8-$0.9, a drop of 70%-75%. The price is still more than 10 times higher than the early low, liquidity is ample, and it is listed on multiple mainstream exchanges. Analysis: This is exactly the TGE case I mentioned as a "successful but already revalued" one: early buyers made a fortune, while later entrants faced selling pressure. However, compared to most AI tokens in 2025, this can still be considered a relative winner. Omnipair (OMFG) Performance: Highest price $1.83-$1.86, current price $0.45, a drop of 75%. However, it should be noted that the price is trending upwards compared to the earlier lows, and the circulating supply is relatively small. Analysis: After an initial strong surge, there was a significant pullback, but the stock was not abandoned by the community. Performance was good, but not top-tier. Umbra (UMBRA) Performance: Highest price $2.47, current price $0.59-$0.60, a drop of 75%. Analysis: Similar to OMFG: it has undergone excessive hype and value reassessment, but still maintains activity and liquidity in the market, which is considered an upper-middle level performance. Avantis (AVNT) Performance: The highest price was $2.64, and the current price is $0.44-$0.45, a drop of 80%-83%, but it is still more than double the lowest point. Derivative DEX tokens, born from extreme speculative frenzy, are now entering a phase of value regression. Analysis: While the drawdown was painful, it remained within the normal fluctuation range for derivatives DEX tokens. The performance was mediocre but not catastrophic. OG Labs (0G) Performance: Highest price $7-7.3, current price $1.2-1.3, a drop of 80%-83%. Analysis: This is a typical high FDV infrastructure project. Its fully diluted valuation was overvalued, leading to a sharp market reassessment. However, it still maintains a considerable market capitalization and trading volume, and has not yet become an empty chain, placing it in the A- to B+ range. Plasma (XPL) Performance: Highest price $1.69, current price $0.25-$0.27, a drop of up to 85%. High trading volume and large market capitalization Analysis: Similar to 0G, it experienced a dramatic revaluation after its strong launch. However, compared to the many seed-label tokens that plummeted by 98% in 2025, it is still considered a "success story". Grade B: TGE surged and then fell back. Linea.eth(LINEA) Performance: Highest price $0.046 - $0.05, current price $0.01, a drop of 75%-80%. As a Layer2 token with a massive airdrop volume, such a pullback is quite normal. Analysis: Similar to 0G, it performed strongly upon launch, but subsequently experienced a significant revaluation. Likewise, compared to many seed-label tokens that plummeted by 98% in 2025, it is still considered a "success story." Story (IP) Performance: Highest price $14.9, current price $2.9-$3, a drop of 80%. Thanks to strong VC backing and an IP narrative, the token still maintains a respectable fully diluted valuation. Analysis: Initially, the stock experienced unprecedented hype, followed by a sustained decline. While it didn't reach a disastrous level, it clearly falls into the category of "surge and fall" type projects. Falcon Finance (FF) Performance: Highest price $0.667, current price $0.14-$0.15, a drop of 75%-80%. Public data shows that its daily trading volume remains enormous, and its TVL (transaction volume limit) is considerable. Analysis: Judging from the trend, TGE was a success (early participants made a profit), but the token price still experienced a 70-80% plunge. Babylon (BABY) Performance: Highest price $0.165-$0.17, current price $0.023-$0.025, a drop of up to 85%. Analysis: As a highly anticipated Bitcoin restaking token, its performance has fallen short of expectations, but it has not yet fallen into the "CORN/NC-style death spiral". Union(U) Performance: Highest price $0.023-$0.027, current price $0.004, a drop of 80%-85%. Analysis: This is a typical price movement for mid-cap governance tokens, characterized by a strong initial launch followed by a slow, gradual decline due to unlocking and inflation. U is not an exception among these tokens. Grade C: Poor performance after TGE Berachain Foundation (BERA) Performance: Highest price $14.5, current price $1.3, a drop of 90%-91%. For Layer 1, which boasts a top-tier narrative, carries huge expectations, and has a high valuation, such performance can be described as a major failure. Analysis: From the perspective of TGE's performance, this is a typical example of excessive VC hype leading to inflated valuations and eventual value reassessment. Boundless (ZKC) Performance: Highest price $1.79, current price $0.15, a drop of 91%. Analysis: Similar to BERA's trajectory but with weaker brand strength; in terms of price, it was clearly a failed TGE. Mira (MIRA) Performance: Highest price $2.35-$2.61, current price $0.18, a drop of 92%-93%. Analysis: Similar to ZKC, after a sharp rise, it experienced a deep decline, and now the chart has become another mid-cap token curve resembling a ski slope. Solv Protocol (SOLV) Performance: Highest price $0.15-$0.25, current price $0.016, a drop of a staggering 90%. Analysis: Given Solv's experience and the scale of its claimed ecosystem, the price trend after TGE was truly disappointing. Allora (ALLO) Performance: Due to different data sources, the highest price was $0.85-$1.70, and the current price is $0.17-$0.18, representing a short-term drop of 80%-90%. Analysis: This is an accelerated version of the airdrop coin model: after the hype dies down, the price plummets by 80-90% instantly. Class D: TGE Disaster If these tokens generate buzz on Twitter, I'll include them in this list of "headline failures." Corn Performance: Highest price $13.98, current price $0.07, a drop of 99.5%. Analysis: This is a normal value correction. Unless you sell quickly near the peak, this TGE will become a graveyard for investors. Nodepay (NC) Performance: Highest price $0.327, current price $0.0035, a drop of 99%. Analysis: This is a typical pattern of a surge followed by a decline, with prices nearly collapsing after a rapid spike. It is a victim of the "airdrop + points mining" craze. Manta Network (MANTA) Performance: Highest price $4.05-$4.08, current price $0.1-$0.11, a drop of 97%. Analysis: For this project, which carried the L2 narrative and was once a star of Binance Launchpool, its current performance is disastrous. Among the well-known projects on this list, Manta is one of the most striking examples of "excessive FDV". A brief review of mid-tier tokens BABY: A drop of 85% from its all-time high is indeed bad, but it's not an isolated case; I put it in B grade because from a market perspective, it still trades like a legitimate Layer 1, restaking project, rather than becoming a dead mining token. XPL, 0G, and AVNT all experienced price pullbacks of 80-85%, but still maintained high trading volumes and market capitalization. Failure to sell at the peak would have resulted in significant losses, but this is almost "normal" in the token issuance environment of 2025. Omnipair, Umbra, BARD, and KAITO: These are TGE cases in the middle tier that are "decently performing" - they experienced a sharp initial surge followed by a significant correction, but still maintained high market liquidity.Author: Stacy Muur Compiled by: Tim, PANews How to evaluate a project's TGE performance? For each token, I examined it from three aspects: Compared to the all-time high: What percentage has the price retraced from the peak? Time: How long has it been since the all-time high? (Early-stage projects ≠ completely "tested") Liquidity to market capitalization ratio: Is this a true price discovery, or just market noise due to insufficient liquidity? You can think of it this way: If you buy TGE and don't sell at the highest point, how does your profit and loss compare to other tokens of the same caliber? Note: This article represents the author's views only, not those of PANews, and is not investment advice. S-Class: TGE Winner Avici (AVICI) is in a class of its own, S+ Performance: Highest price $5.6, current price $4.3, only a 20-25% drop. For a new coin, this performance is exemplary: the price is strong, the volatility is small, and although the circulating supply is small, the turnover rate is considerable. Analysis: This is a typical "winner's" story. It experienced a surge, but unlike most new coins in 2025, the price did not completely fall back to its starting point. Even now, early investors are still making substantial profits. YieldBasis (YB) Performance: Highs of $0.82–$0.94, current prices of $0.44–$0.56, a drop of 45–55%. The all-time high occurred in mid-October 2025, so it is a recent peak; the current token price is still more than double the lowest point. Analysis: For yield-generating projects launched in a volatile market, it's remarkable that they can maintain half of their all-time high a month after launch. These tokens fall into the category of "strong performance but beginning to revert to the mean." Sahara Labs AI (SAHARA) Performance: The highest price was $0.16, and the current price is $0.008, representing a drop of more than half, but still a 3-4 times increase from the low point. The project received support from well-known venture capital firms (Pantera, Binance Labs, Polychain, etc.) and completed large-scale financing. Its value discovery is not a meme-style pullback. Analysis: In the current market environment, the fact that prices have fallen by half from their peak while still maintaining strong trading volume is truly remarkable. Prices have not collapsed and liquidity remains good. Limitless (LMTS) Performance: Depending on the data source, the highest price ranged from $0.47 to $0.72, while the current price is $0.23, representing a drop of 50% to 65%. TGE is coming very soon (late October 2025), and even after the initial airdrop unlock, the price is currently still in the middle of the range. Analysis: Although it did not reach the level of AVICI, compared to the 70-90% drop in most new coins, LMTS's stability is enough to barely place it in the bottom of the S-level or the top of the A-level. Grade A: TGE showed strong performance after the initial surge, but the subsequent decline was relatively large. Lombard (BARD) Performance: Highest price $1.5-$1.6, current price $0.72-$0.75, a drop of 50-55%, but still 2-3 times higher than the low. Analysis: After a strong initial surge, the price subsequently halved, but it didn't fall into a death spiral. For the Bitcoin ecosystem narrative, which relies heavily on high leverage, this pullback is a tolerable growing pain. Kaito AI(KAITO) Performance: Highest price $2.89, current price $0.8-$0.9, a drop of 70%-75%. The price is still more than 10 times higher than the early low, liquidity is ample, and it is listed on multiple mainstream exchanges. Analysis: This is exactly the TGE case I mentioned as a "successful but already revalued" one: early buyers made a fortune, while later entrants faced selling pressure. However, compared to most AI tokens in 2025, this can still be considered a relative winner. Omnipair (OMFG) Performance: Highest price $1.83-$1.86, current price $0.45, a drop of 75%. However, it should be noted that the price is trending upwards compared to the earlier lows, and the circulating supply is relatively small. Analysis: After an initial strong surge, there was a significant pullback, but the stock was not abandoned by the community. Performance was good, but not top-tier. Umbra (UMBRA) Performance: Highest price $2.47, current price $0.59-$0.60, a drop of 75%. Analysis: Similar to OMFG: it has undergone excessive hype and value reassessment, but still maintains activity and liquidity in the market, which is considered an upper-middle level performance. Avantis (AVNT) Performance: The highest price was $2.64, and the current price is $0.44-$0.45, a drop of 80%-83%, but it is still more than double the lowest point. Derivative DEX tokens, born from extreme speculative frenzy, are now entering a phase of value regression. Analysis: While the drawdown was painful, it remained within the normal fluctuation range for derivatives DEX tokens. The performance was mediocre but not catastrophic. OG Labs (0G) Performance: Highest price $7-7.3, current price $1.2-1.3, a drop of 80%-83%. Analysis: This is a typical high FDV infrastructure project. Its fully diluted valuation was overvalued, leading to a sharp market reassessment. However, it still maintains a considerable market capitalization and trading volume, and has not yet become an empty chain, placing it in the A- to B+ range. Plasma (XPL) Performance: Highest price $1.69, current price $0.25-$0.27, a drop of up to 85%. High trading volume and large market capitalization Analysis: Similar to 0G, it experienced a dramatic revaluation after its strong launch. However, compared to the many seed-label tokens that plummeted by 98% in 2025, it is still considered a "success story". Grade B: TGE surged and then fell back. Linea.eth(LINEA) Performance: Highest price $0.046 - $0.05, current price $0.01, a drop of 75%-80%. As a Layer2 token with a massive airdrop volume, such a pullback is quite normal. Analysis: Similar to 0G, it performed strongly upon launch, but subsequently experienced a significant revaluation. Likewise, compared to many seed-label tokens that plummeted by 98% in 2025, it is still considered a "success story." Story (IP) Performance: Highest price $14.9, current price $2.9-$3, a drop of 80%. Thanks to strong VC backing and an IP narrative, the token still maintains a respectable fully diluted valuation. Analysis: Initially, the stock experienced unprecedented hype, followed by a sustained decline. While it didn't reach a disastrous level, it clearly falls into the category of "surge and fall" type projects. Falcon Finance (FF) Performance: Highest price $0.667, current price $0.14-$0.15, a drop of 75%-80%. Public data shows that its daily trading volume remains enormous, and its TVL (transaction volume limit) is considerable. Analysis: Judging from the trend, TGE was a success (early participants made a profit), but the token price still experienced a 70-80% plunge. Babylon (BABY) Performance: Highest price $0.165-$0.17, current price $0.023-$0.025, a drop of up to 85%. Analysis: As a highly anticipated Bitcoin restaking token, its performance has fallen short of expectations, but it has not yet fallen into the "CORN/NC-style death spiral". Union(U) Performance: Highest price $0.023-$0.027, current price $0.004, a drop of 80%-85%. Analysis: This is a typical price movement for mid-cap governance tokens, characterized by a strong initial launch followed by a slow, gradual decline due to unlocking and inflation. U is not an exception among these tokens. Grade C: Poor performance after TGE Berachain Foundation (BERA) Performance: Highest price $14.5, current price $1.3, a drop of 90%-91%. For Layer 1, which boasts a top-tier narrative, carries huge expectations, and has a high valuation, such performance can be described as a major failure. Analysis: From the perspective of TGE's performance, this is a typical example of excessive VC hype leading to inflated valuations and eventual value reassessment. Boundless (ZKC) Performance: Highest price $1.79, current price $0.15, a drop of 91%. Analysis: Similar to BERA's trajectory but with weaker brand strength; in terms of price, it was clearly a failed TGE. Mira (MIRA) Performance: Highest price $2.35-$2.61, current price $0.18, a drop of 92%-93%. Analysis: Similar to ZKC, after a sharp rise, it experienced a deep decline, and now the chart has become another mid-cap token curve resembling a ski slope. Solv Protocol (SOLV) Performance: Highest price $0.15-$0.25, current price $0.016, a drop of a staggering 90%. Analysis: Given Solv's experience and the scale of its claimed ecosystem, the price trend after TGE was truly disappointing. Allora (ALLO) Performance: Due to different data sources, the highest price was $0.85-$1.70, and the current price is $0.17-$0.18, representing a short-term drop of 80%-90%. Analysis: This is an accelerated version of the airdrop coin model: after the hype dies down, the price plummets by 80-90% instantly. Class D: TGE Disaster If these tokens generate buzz on Twitter, I'll include them in this list of "headline failures." Corn Performance: Highest price $13.98, current price $0.07, a drop of 99.5%. Analysis: This is a normal value correction. Unless you sell quickly near the peak, this TGE will become a graveyard for investors. Nodepay (NC) Performance: Highest price $0.327, current price $0.0035, a drop of 99%. Analysis: This is a typical pattern of a surge followed by a decline, with prices nearly collapsing after a rapid spike. It is a victim of the "airdrop + points mining" craze. Manta Network (MANTA) Performance: Highest price $4.05-$4.08, current price $0.1-$0.11, a drop of 97%. Analysis: For this project, which carried the L2 narrative and was once a star of Binance Launchpool, its current performance is disastrous. Among the well-known projects on this list, Manta is one of the most striking examples of "excessive FDV". A brief review of mid-tier tokens BABY: A drop of 85% from its all-time high is indeed bad, but it's not an isolated case; I put it in B grade because from a market perspective, it still trades like a legitimate Layer 1, restaking project, rather than becoming a dead mining token. XPL, 0G, and AVNT all experienced price pullbacks of 80-85%, but still maintained high trading volumes and market capitalization. Failure to sell at the peak would have resulted in significant losses, but this is almost "normal" in the token issuance environment of 2025. Omnipair, Umbra, BARD, and KAITO: These are TGE cases in the middle tier that are "decently performing" - they experienced a sharp initial surge followed by a significant correction, but still maintained high market liquidity.