Delphi Digital Report: 82% Median Drop in New Token Listings Since 2025

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Delphi Digital’s latest daily market report shows a sharp decline in new token listings, with the median value dropping 82% since January 2025. Only 12% of tokens now trade above their listing price. Poor revenue distribution and token unlock schedules are key causes. Major DeFi protocols are using fee switches to boost holder value through buybacks and burns. These baskets have outperformed BTC, ETH, and SOL this year. The digital asset market remains under pressure as protocols adjust to shifting investor expectations.

ChainCatcher reports that, according to Delphi Digital’s latest report, since January 2025, investing $1,000 in every new token listed on major CEXs has declined to approximately $500, with a median decline of 82% and only 12% of tokens trading above their listing price. Key drag factors in this cycle include: internal allocations unlocking on fixed schedules rather than performance (averaging a ~7% loss in relative BTC outperformance per unlock), difficulty in channeling protocol revenues to holders, and airdrops becoming tools for liquidity exit. Currently, major DeFi protocols such as Hyperliquid, Uniswap, Jupiter, and Aave are activating “fee switches,” returning revenues to holders through mechanisms like buybacks and burns. The weighted return basket of these tokens has significantly outperformed BTC, ETH, and SOL this year. Delphi Digital believes that tokens worth holding in the future must combine revenue redistribution to holders with performance-linked supply mechanisms—potentially forming the strongest long-term allocation thesis this asset class has ever seen.

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