SecondLane
Web 3 secondary market report, May 2024
$668M in order book value in May 2024
$3.9M avg offered amount
60% average premium to last round FDVs
top projects: FTX claims, Circle, TON, Sui, Celestia, EigenLayer, Solana, Athena, Aleo, Manta, Figma
56% SAFT and 44% equity deals
79% (Pre-)Seed, 21% Rounds A-D
73% of deals attributed to 5 sectors: blockchain services, infrastructure, DeFi, tech development, GameFi
1% increase in deals with premiums to previous rounds
same amount of discounted offers: 54% of deals in May came with discount, 15% at par, and 31% with premium to previous round
15% median discount to previous round on all deals in May
larger premiums on hot deals: top 10% of deals offered at 200% premium or higher to previous round (vs 185% last month)
largest discounts for NFT, wallets, L1, GameFi, Blockchain services and infrastructure projects
largest premiums for projects in blockchain analytics, and staking
largest premiums for Round A, largest discounts for Seed Round
buying offers continue to stay at +88% premiums to Sell opportunities
at the same time average minimum Buy/Sell bid size spread grew from -80% in April to -25% in May
13% of deals circulate without public exposure, with a lower valuation ($3.9B FDV vs $6.9B 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 3.6 months on Buy Asks and 4.2 months on Sell offers until expiration or transaction
62% of deals are active for over 1 month
longest maturity among: - earlier vs later rounds: 6.1 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 $3.6B average valuation
2/3 of Buy Asks come at discount (40% avg discount to last round or spot); 16% at par; 16% with average premium of 100%+)
$2.3M median Sell Offer at $7B avg valuation
49% of deals offered at discount (45%-50%); 18% at par; and 33% asked for a premium (avg 250%+)
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2024-06-08 15:38