毕竟，早期进入加密项目可能不是金票

新数据显示，与一年前的非处方估值相比，锁定的令牌持有人的平均损失近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.

早期进入加密项目的访问听起来可能像是一张金票，但是对于许多锁定的代币投资者来说，这一承诺已成为一个痛苦的教训，新数据揭示了他们的损失程度。

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.

与一年前的锁定令牌（OTC）的估值相比，锁定令牌持有人的平均损失始于2024年最热门的2024年最热门的项目，这是一个有前途的旅程，其平均损失近50％，而Stix创始人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.

许多人有机会以更高的价格退出，但要坚持下去，期望有更多的上升空间。现在他们正在处理辐射。

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.

那些投资于Animoca Brands（AADA），AAVE（AAVE）和Stepn等著名项目的初始硬币产品（ICO）的人熟悉与早期加密项目相关的潜在收益和损失。

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，随着10个最著名项目的每年价格变化，突出了48％的平均损失，甚至考虑了比特币和以太坊对41％更广泛的加密货币市场校正的贡献，损失的真实程度也很明显。

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

在过去的一年中，只有一个项目吉托（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.

这些损失超过了更广泛的加密货币市场，同一时期的平均范围为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）在过去一年中的价格下降了惊人的-73％，现在以3.16美元的价格交易。

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

* AAVE（AAVE）也面临着巨大的损失，变更-64％的变化使价格下降到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）遇到了三位数的损失，过去一年的价格下降-175％，目前的交易价格为0.8美元。

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

数据突出了锁定令牌的关键方面：它们具有固有的风险，这些风险并不总是立即显现出来。

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.

早期交易中的流动性，归属时间表和投机性估值为投资者带来了具有挑战性的格局，尤其是当出口窗口快速关闭时，下行潜力迅速实现。

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

许多进入锁定令牌的投资者这样做是在持续增长的期望，这在迅速上升的市场中是很普遍的情况。

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，随着市场的变化和价格开始下降，这些投资者面临着越来越多的压力，希望能够获得恢复，这将使他们能够以收支平衡甚至利润退出。

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

那些早期出售的人设法逃脱了最糟糕的低迷，并利用了市场的提升。

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

那些坚持太长时间的人面临着巨大的损失，因为代币的价值继续下降。

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.

这些项目交易的深厚折扣引发了有关投资者如何在早期交易中价格风险的疑问，尤其是考虑到涉及的流动性职位和投机性估值。

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，锁定令牌投资者造成的巨大损失表明了风险管理的重要性和具有现实的价格期望，尤其是在加密货币的动荡世界中。

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.

随着新项目进入锁定阶段，预计压力只会增加，投资者将密切关注这些项目在来年的表现。