GSR said a new research report covering more than 2,300 token listings on major exchanges since 2013 found that the median token falls below its issue price within three days of listing and is down nearly 50% by day 90.

According to GSR, the dataset spans every token listing on major exchanges since 2013 and tracks variables including launch performance, float, fully diluted valuation, and sector. The report frames post-listing underperformance as a median outcome across cycles rather than a pattern limited to a few recent launches.

GSR said the median listing is roughly a fifth to a quarter below its issue price within a month, before approaching a 50% decline by day 90. The firm linked that pattern to launch structures with limited initial circulating supply and high starting valuations, arguing that the combination leaves tokens exposed to later unlock-related selling pressure.

The report said tokens launched with an FDV above $1 billion posted a median one-year return of -81%. It also found that tokens with initial circulation below 20% fell by roughly 75% after one year, compared with about 45% for tokens launched with circulation between 30% and 50%.

GSR also said launch float has declined over time. In its data, the median float at listing fell from 38% in 2017 to 13% in 2020 and has only partly recovered since. The report added that median float falls as launch valuation rises, from 97% for tokens listing below $10 million FDV to 14% for those listing above $1 billion. GSR did not disclose fuller methodology details in the summary, including the exact exchange selection criteria or the issue-price definition used across the sample.

Why It Matters

The report matters because it adds a large-sample market structure argument to a debate that has mostly been driven by anecdotal criticism of recent token launches. If weak post-listing performance is consistently tied to high valuation and thin initial float, that has implications for how exchanges assess listings, how projects design tokenomics, and how market participants interpret early trading strength.

It also sharpens attention on transparency around future token supply. In practice, initial circulation, vesting, unlock schedules, and liquidity support can shape secondary-market behavior as much as the launch price itself, making disclosure quality a more material part of token launch credibility.