畢竟，早期進入加密項目可能不是金票

新數據顯示，與一年前的非處方估值相比，鎖定的令牌持有人的平均損失近50％。

Early access to crypto projects might sound like a golden ticket, but for many locked token investors, that promise has become a painful lesson, with new data revealing the extent of their losses.

早期進入加密項目的訪問聽起來可能像是一張金票，但是對於許多鎖定的代幣投資者來說，這一承諾已成為一個痛苦的教訓，新數據揭示了他們的損失程度。

What began as a promising journey into some of the hottest projects of 2024 has ended with average losses of nearly 50% for locked token holders compared to over-the-counter (OTC) valuations just a year ago, as shared by STIX founder Taran Sabharwal.

與一年前的鎖定令牌（OTC）的估值相比，鎖定令牌持有人的平均損失始於2024年最熱門的2024年最熱門的項目，這是一個有前途的旅程，其平均損失近50％，而Stix創始人Taran Sabharwal共享。

Many had opportunities to exit at much higher prices but held on, expecting more upside. Now they’re dealing with the fallout.

許多人有機會以更高的價格退出，但要堅持下去，期望有更多的上升空間。現在他們正在處理輻射。

Those who invested in the initial coin offerings (ICOs) of prominent projects like Animoca Brands (AADA), Aave (AAVE), and StepN are familiar with the potential gains and losses associated with early-stage crypto projects.

那些投資於Animoca Brands（AADA），AAVE（AAVE）和Stepn等著名項目的初始硬幣產品（ICO）的人熟悉與早期加密項目相關的潛在收益和損失。

However, with yearly price changes for 10 of the most well-known projects highlighting average losses of 48%, even factoring in Bitcoin and Ethereum's contributions to the broader crypto market correction of 41%, the true extent of the losses is evident.

但是，隨著10個最著名項目的每年價格變化，突出了48％的平均損失，甚至考慮了比特幣和以太坊對41％更廣泛的加密貨幣市場校正的貢獻，損失的真實程度也很明顯。

Only one project, JITO, posted a gain over the last year, showcasing a +75% increase.

在過去的一年中，只有一個項目吉托（Jito）的收益率增加了75％。

These losses outpaced the broader crypto market, which saw an average sector-wide correction of 41% over the same period.

這些損失超過了更廣泛的加密貨幣市場，同一時期的平均範圍為41％。

Among the worst performers:

表演者最糟糕的人：

* Animoca Brands (AADA) saw a staggering -73% decrease in price over the past year, now trading at $3.16.

* Animoca Brands（AADA）在過去一年中的價格下降了驚人的-73％，現在以3.16美元的價格交易。

* Aave (AAVE) also faced significant losses, with a -64% change bringing the price down to $73.6.

* AAVE（AAVE）也面臨著巨大的損失，變更-64％的變化使價格下降到73.6美元。

* StepN (STEPN) encountered triple-digit losses, with a -175% decrease in price over the past year, currently trading at $0.8.

* Stepn（Stepn）遇到了三位數的損失，過去一年的價格下降-175％，目前的交易價格為0.8美元。

The data highlights a key aspect of locked token rounds: they carry inherent risks that aren't always immediately apparent.

數據突出了鎖定令牌的關鍵方面：它們具有固有的風險，這些風險並不總是立即顯現出來。

Illiquidity, vesting schedules, and speculative valuations in early-stage deals create a challenging landscape for investors, especially when exit windows close rapidly, and the downside potential materializes quickly.

早期交易中的流動性，歸屬時間表和投機性估值為投資者帶來了具有挑戰性的格局，尤其是當出口窗口快速關閉時，下行潛力迅速實現。

Many investors who entered locked token rounds did so with the expectation of continued gains, which is a common occurrence in rapidly rising markets.

許多進入鎖定令牌的投資者這樣做是在持續增長的期望，這在迅速上升的市場中是很普遍的情況。

However, as the market shifted and prices began to decline, these investors faced increasing pressure to hold on, hoping for a recovery that would allow them to exit at breakeven or even a profit.

但是，隨著市場的變化和價格開始下降，這些投資者面臨著越來越多的壓力，希望能夠獲得恢復，這將使他們能夠以收支平衡甚至利潤退出。

Those who sold early managed to escape the worst of the downturn and capitalize on the market's ascent.

那些早期出售的人設法逃脫了最糟糕的低迷，並利用了市場的提升。

Those who held on for too long faced steeper losses as the tokens continued to decline in value.

那些堅持太長時間的人面臨著巨大的損失，因為代幣的價值繼續下降。

The deep discounts at which these projects are trading raise questions about how investors price risk in early-stage deals, especially considering the illiquid positions and speculative valuations involved.

這些項目交易的深厚折扣引發了有關投資者如何在早期交易中價格風險的疑問，尤其是考慮到涉及的流動性職位和投機性估值。

Moreover, the substantial losses incurred by locked token investors demonstrate the importance of risk management and having realistic price expectations, especially in the volatile world of cryptocurrency.

此外，鎖定令牌投資者造成的巨大損失表明了風險管理的重要性和具有現實的價格期望，尤其是在加密貨幣的動盪世界中。

As newer projects enter the lock-up phase, the pressure is only expected to increase, and investors will be closely watching to see how these projects perform in the coming year.

隨著新項目進入鎖定階段，預計壓力只會增加，投資者將密切關注這些項目在來年的表現。