Wu Shuo learned that Delphi Digital has released a report on the current state of the token market, stating that the performance of newly listed tokens in this cycle is weak. Since January 2025, buying all major CEX newly listed tokens will shrink from $1000 to about $500; The median price of new coins has dropped by 82% compared to the listing price, with only 12% higher than the listing price. The report suggests that timed unlocking, low revenue from agreements returning to holders, and airdrops becoming exit liquidity are the main drag factors. With Uniswap, Aave, and other companies turning on expense switches and repurchases, the top tier agreement asset portfolio weighted by revenue increased by 30% during the same period. Delphi believes that in the future, more noteworthy tokens will have both protocol revenue return and supply release mechanisms linked to protocol performance. https://(wublock123.com)/news/delphi-digital-2025-cex-new-listings-median-down-82-percent-62466