Announcement:
We are looking for the following parties who would be interested in a pilot project for borrowing against illiquid assets:
- FTX claim holders
- SAFT / SAFE holders
- Locked token holders
If this is you, we would like to speak.
DM @otcnick
We are looking for the following parties who would be interested in a pilot project for borrowing against illiquid assets:
- FTX claim holders
- SAFT / SAFE holders
- Locked token holders
If this is you, we would like to speak.
DM @otcnick
Announcement:
The SecondLane team is at ETHCC this week.
If you'd like to meet up to discuss anything in person, this is the window to do so.
DM @otcnick
The SecondLane team is at ETHCC this week.
If you'd like to meet up to discuss anything in person, this is the window to do so.
DM @otcnick
Selling:
Asset: SpaceX
Size: $10m+
Pricing: Current tender offer price @ $110 PPS
Any questions: DM @otcnick
Asset: SpaceX
Size: $10m+
Pricing: Current tender offer price @ $110 PPS
Any questions: DM @otcnick
Announcement:
The SecondLane team will be in Nashville next week to discuss private markets and the intersection of Bitcoin mining & new-gen energy technologies.
If you'd like to meet up to discuss anything in person, this is the window to do so.
DM @otcnick
The SecondLane team will be in Nashville next week to discuss private markets and the intersection of Bitcoin mining & new-gen energy technologies.
If you'd like to meet up to discuss anything in person, this is the window to do so.
DM @otcnick
Key takeaways on Web3 secondary market in June by SecondLane
- June is the first month in the year showing a clear sign of the Buyer’s market with buying requests exceeding selling offers on the assets by 75%!
- Valuation spread between Buy and Sell offers on the same assets dropped from 88% last month to 36%
- $883M in order book value in June 2024
- $4.5M avg offered amount; a sharp rise from $3.9M last month
- 55% average premium to last round FDVs
- top projects: Circle, Solana, Scroll, Kraken, Celestia, TON, Pyth, Gunzilla, OpenAI
- $200k median Buy Ask at an $9B average valuation
- 2/3 of Buy Asks come at discount (40% avg discount to last round or spot); 6% at par; 25% with average premium of 80%+)
- $2M median Sell Offer at $6.5B avg valuation
- 40% of deals offered at discount (45% avg discount); 32% at par; and 29% asked for a premium (avg 270%+)
- 2% drop in deals with premiums to previous rounds
- 10% growth in deals at par to previous rounds
- 46% of deals in June came with discount, 25% at par, and 29% with premium to previous round
- 15% median discount to previous round on all deals in June
- top 10% of deals offered at 200% premium or higher to previous round
- bottom 25% were offered at 40% or greater discount to last round
- largest discounts for LP positions in VC funds, CEX, L1s, Wallets, GameFi, blockchain infrastructure and and services
- largest premiums for projects in blockchain analytics, and staking
- largest premiums for Round A, largest discounts for Seed Round
- 57% SAFT and 44% equity deals
- 73% (Pre-)Seed, 27% Rounds A-D
- 70% of deals attributed to the same 5 sectors: blockchain services, DeFi, infrastructure, tech development, GameFi
- Average deal maturity grew to 4 months on Buy Asks and 4.4 months on Sell offers until expiration or transaction
- 60% of deals are active for over 1 month
- Longest maturity among:
- earlier vs later rounds: 6.4 months for Pre-Seed; ~4 months for Seed & Round A vs 1+ months for Rounds B, C, D
- CeFi, Wallet, CEX projects, VC, NFT, Blockchain infra
- 13% of deals continue to circulate without public exposure, with a lower valuation ($4.1B FDV vs $7.4B FDV on public offers)
- Most private deals came for SAFT (76%) at (Pre-)Seed stage (83%) deals for DEXes, EVM, and cross-chain solutions
Reach out to us for the full June 2024 secondary market report
- June is the first month in the year showing a clear sign of the Buyer’s market with buying requests exceeding selling offers on the assets by 75%!
- Valuation spread between Buy and Sell offers on the same assets dropped from 88% last month to 36%
- $883M in order book value in June 2024
- $4.5M avg offered amount; a sharp rise from $3.9M last month
- 55% average premium to last round FDVs
- top projects: Circle, Solana, Scroll, Kraken, Celestia, TON, Pyth, Gunzilla, OpenAI
- $200k median Buy Ask at an $9B average valuation
- 2/3 of Buy Asks come at discount (40% avg discount to last round or spot); 6% at par; 25% with average premium of 80%+)
- $2M median Sell Offer at $6.5B avg valuation
- 40% of deals offered at discount (45% avg discount); 32% at par; and 29% asked for a premium (avg 270%+)
- 2% drop in deals with premiums to previous rounds
- 10% growth in deals at par to previous rounds
- 46% of deals in June came with discount, 25% at par, and 29% with premium to previous round
- 15% median discount to previous round on all deals in June
- top 10% of deals offered at 200% premium or higher to previous round
- bottom 25% were offered at 40% or greater discount to last round
- largest discounts for LP positions in VC funds, CEX, L1s, Wallets, GameFi, blockchain infrastructure and and services
- largest premiums for projects in blockchain analytics, and staking
- largest premiums for Round A, largest discounts for Seed Round
- 57% SAFT and 44% equity deals
- 73% (Pre-)Seed, 27% Rounds A-D
- 70% of deals attributed to the same 5 sectors: blockchain services, DeFi, infrastructure, tech development, GameFi
- Average deal maturity grew to 4 months on Buy Asks and 4.4 months on Sell offers until expiration or transaction
- 60% of deals are active for over 1 month
- Longest maturity among:
- earlier vs later rounds: 6.4 months for Pre-Seed; ~4 months for Seed & Round A vs 1+ months for Rounds B, C, D
- CeFi, Wallet, CEX projects, VC, NFT, Blockchain infra
- 13% of deals continue to circulate without public exposure, with a lower valuation ($4.1B FDV vs $7.4B FDV on public offers)
- Most private deals came for SAFT (76%) at (Pre-)Seed stage (83%) deals for DEXes, EVM, and cross-chain solutions
Reach out to us for the full June 2024 secondary market report
X (formerly Twitter)
SecondLane (@Second_Lane) on X
Web 3 secondary market report, June 2024
Buying:
Asset: Starkware (locked tokens)
Size: $1m+
Pricing: Discount to spot
Any questions: DM @otcnick
Asset: Starkware (locked tokens)
Size: $1m+
Pricing: Discount to spot
Any questions: DM @otcnick
Buying:
Asset: Zksync, Wormhole, Farcaster, Monad, Babylon, Scroll, Karak, Risc0, Blast
Size: $250k+
Pricing: Negotiable
Any questions: DM @otcnick
Asset: Zksync, Wormhole, Farcaster, Monad, Babylon, Scroll, Karak, Risc0, Blast
Size: $250k+
Pricing: Negotiable
Any questions: DM @otcnick