Web 3 secondary market report, April 2024

  • $641M in order book value in April 2024
  • $3.9M avg offered amount
  • 30% average premium to last round FDVs
  • top projects: Solana, Celestia, Monad, Sui, Aleo, Hyperliquid, Lambda, Hivemapper
  • 53% SAFT and 47% equity deals
  • 78% (Pre-)Seed, 22% Rounds A-D
  • 61% of deals attributed to 4 sectors: blockchain services, DeFi, infrastructure, tech development
  • spreads are expanding: discounts are deeper, premiums are higher
  • more discounted offers: 54% of deals in April came with discount, 16% at par, and 30% with premium to previous round
  • deeper discounts: 1/4 of deals offered at 45% or greater discount (vs 40% last month)
  • larger premiums on hot deals: top 10% of deals offered at 200% premium or higher to previous round (vs 120% last month)
  • largest discounts for NFT, wallet, L1, GameFi, Infrastructure, Blockchain services project
  • largest premiums for projects in blockchain analytics, and staking
  • largest premiums for Round A, largest discounts for Seed Round
  • Buying offers are coming at +88% premiums to Sell opportunities
  • at the same time average minimum Buying bid size is 80% below the Selling asked minimum size
  • 14% of deals circulate without public exposure, with a lower valuation ($3.9B FDV vs $7.5B FDV on public offers)
  • Most private deals came for SAFT (82%) at (Pre-)Seed stage (83%) deals for DEXes, EVM, and L1
  • Average deal maturity grew to 3 months on Buy Asks and 4 months on Sell offers until expiration or transaction
  • 60% of deals are active for over 1 month
  • Longest maturity among: - earlier vs later rounds: 5.9 months for Pre-Seed; 3+ months for Seed & Round A vs 1+ months for Rounds B, C, D - NFT, CeFi, Wallet, CEX projects
  • $200k median Buy Ask at an $4.4B average valuation
  • 2/3 of Buy Asks come at discount (30%-40% avg discount to last round or spot); 19% at par; 15% with average premium of 100%+
  • $2.1M median Sell Offer at $7.5B avg valuation
  • 50% of deals offered at discount (40%-50%); 18% at par; and 32% asked for a premium (avg 200%+)
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