Data: The market value of VC projects launched in 2025 is lower than the valuation

According to CryptoRank data, VC projects that launched this year and have a certain level of recognition generally have a market capitalization that is significantly lower than their valuations. For example, Humanity Protocol (VC valuation of $1 billion, current market cap of about $285 million), Fuel Network (VC valuation of $1 billion, current market cap of about $11 million), and Bubblemaps (VC valuation of $1 billion, current market cap of about $6 million) show discrepancies of several times.

Other projects like Plasmas and DoubleZero also have market caps that are only 10% to 30% of their VC valuations.