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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