GSR: Over 2300 tokens listed with a median price falling below the issue price within 3 days

Cryptocurrency trading and market-making company GSR released a research report stating that it has compiled over 2,300 token listings from major exchanges since 2013, with the dataset including delisted tokens. The report's authors are Chief Legal and Strategy Officer Josh Riezman and Research Analyst Slater Santer.

The data shows that the median circulating supply at the time of listing dropped from 38% in 2017 to 13% in 2020, with most years thereafter only partially recovering to the teens to just over twenty. The median circulating supply decreases as the issuance FDV increases: below $10 million is 97%, $10 million to $100 million is 28%, $500 million to $1 billion is 16%, and above $1 billion is 13%.

Tokens with an issuance FDV exceeding $1 billion had a median return of -81% after one year. Tokens with a circulating supply below 20% lost about 75% after one year, while those with a circulating supply of 30%-50% lost about 45%. After one year, the median funds for the group with over $1 billion FDV was about $0.19; those with a circulating supply below 20% retained about $0.23-$0.26, and those with a 30%-50% circulating supply retained about $0.55.