Key takeaways on Web3 secondary market in January 2024 by SecondLane

- 35% drop in deal volume to $440M in Asks and Bids
- $2.8M avg offered amount
- top projects: LayerZero, EigenLayer, Celestia, Nil Foundation, Monad, Circle, Manta, Blockdaemon, StabilityAi, OpenAI, SpaceX, Flashbots

- $200k median Buy Ask at an $2.5B average valuation
- half of Buy Asks come with discount (40%-50% avg discount to last round)
- $3.7M avg Sell Offer ($1.5M median) at $5.8B avg valuation
- 40% of Sell Offers came at discount (45%-50%): 1/3 asked for a premium (250%-260% to last round)

⁃ Largest discounts to last funding round were offered for projects in: wallets, social and tech development
⁃ Largest premiums: DEXes, CeFi, and L2s
⁃ Largest discounts: Round A deals (75%); 40% Pre-Seed rounds came with premiums or at par

- 60% SAFT and 40% equity deals
- 78% (Pre-)Seed, 22% Rounds A-D
- 5 industries dominate the Web3 secondary market with 67% of offers on blockchain services and infrastructure, DeFi, L1, tech development

- Average deal maturity grew to 2.1 months on Buy Asks and 3.1 months on Sell offers until expiration or transaction
⁃ 15% of deals circulate in private without public exposure, with a lower valuation ($1.5B FDV vs $5.9B FDV on public offers)

Reach out to us for the full January 2024 secondary market report at @Ask100500

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