In the review of TGE in 2025, what have tokens that have not yet been \"returned to their original

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2025年的TGE市场几乎形成了固定套路：项目上线前声量拉满，开盘当周成交量和关注度冲到峰值，随后流动性迅速降温，价格一路阴跌。据多家数据平台统计，年内新发行代币中，超过七成在上线一个月后跌破发行价，空投抛压、早期投资者解锁和市场风险偏好下降叠加发酵，让“首日即巅峰”成了常态。TGE不再是造富神话的起点，而更像一次对项目基本面、代币设计和市场情绪的集中考试。

大多数新上线的代币不仅表现不佳，甚至直接崩盘，因为市场终于开始将代币经济模型(Tokenomics)和流动性视为基本面，而不是可有可无的附注。

尽管如此，仍有少数代币在2025年末相较于TGE价格实现了显著增长。这些代币的上涨并非昙花一现，也不是因为在极端低点买入才能获利，而是表明它们确实有真实的市场需求。

以下是我总结出的2025年表现较强的代币：$ASTER、$FOLKS、$AVICI、$RAIN、$TAKE 和 $SENTIS(还有一些“勉强维持水面以上”的代币，如 $IRYS、$FHE 和 $CORN)。虽然它们的表现各有不同，但却有相似之处。

2025年的赢家

@Aster_DEX($ASTER) 是最典型的成功案例之一，它在首日就实现了所有项目梦寐以求的目标：广泛的交易平台覆盖、深厚的流动性，以及一个交易者真正理解并认可的“DeFi永续合约”叙事。贯穿全年的核心故事可以概括为：“由币安支持的带有隐私特性的永续合约交易平台”。

虽然$ASTER的价格走势引发了不少争议(你可以将其归因于零知识证明相关题材、CZ的幕后操作，或者只是“更好的执行力”)，但无论如何，它是少数几个在TGE后不适合“立即抛售”的代币之一。

@FolksFinance($FOLKS)：“无聊”也能成为赢家

$FOLKS 是一个与众不同的借贷代币，在这一年中，它用“无聊”证明了自己的价值，而“无聊”恰恰成为了制胜法宝。成功公式是：“首日上线币安和Kraken、不断扩大的跨链资金池、没有明显的解锁断崖”。特别是最后一点——“无解锁断崖”——比大多数人愿意承认的更为重要。

一切看似顺风顺水……直到12月15日解锁期到来。

@AviciMoney($AVICI)：用“简单叙事”打破规则

$AVICI 是一个颇具特殊性的案例，它的成功并非源于最复杂的技术，而是因为它为加密推特(CT)提供了最清晰的叙事：“一个公平启动且有真实产品的项目”。

最常被提及的并不是代币经济模型，而是实际使用场景：“一个真正运行的新型数字银行应用、支持Visa卡、真实消费场景”。在一个充斥着内生“效用”的市场中，$AVICI 的卖点令人耳目一新，脱离链上的虚拟叙事，带来了切实的现实应用。

毫无疑问，这可能是今年最优秀的TGE之一。

当代币因为“有理由”上涨时，它更能稳步前行

在2025年的后周期表现中，最强劲的反身性赢家是@Sentism_ai($SENTIS)。它的布局十分简单明了：AI智能代理的叙事 + 持续的激励分发 + 广泛的交易所支持。在加密推特上，主流观点始终如一：“AI智能代理是下一代DeFi自动化层”。这种清晰的叙事为交易者提供了一个简单的心理模型。

从机制上看，$SENTIS并未依赖一次性的上线热潮。其代币的持续分发机制(任务奖励/回溯空投/参与激励)保持了用户的活跃度。这种动态往往能够转化为持续的现货需求，因为参与者会为未来的分配和生态里程碑进行布局。这种机制甚至能够在链上实际使用尚未显现之前，就为价格提供支撑。

@overtake_world($TAKE)：游戏市场的“Web2分发 + Web3基础设施”

$TAKE continues a similar success template, but packages it into the form of a game exchange market. The narrative throughout is \"Web2\'s distribution capabilities combined with Web3\'s technical support.\"

Its advantage lies in clear logic-players trade assets,$TAKE is a toll token, while pledge and revenue sharing mechanisms provide incentives for holders. When people talk about \"Real Yield\", it usually refers to a token issuance dressed in the guise of APY, while the logic of $TAKE is closer to \"fee → repurchase → pledge\". Even if some people question this model, the market still recognizes its development direction.

@Rain__Protocol($RAIN): A paradigm for event-driven repricing

$RAIN is a more typical case of event-driven repricing rather than a \"fundamental victory.\"

The main rise in the token came from a simple and clear message: a company is listed on Nasdaq and plans to allocate nine-figure funds into a treasury strategy based on $RAIN. This kind of news can quickly change market positioning behavior-liquidity providers adjust spreads, trend traders flock to it, and funds on the sidelines quickly flow back because the story is simple enough.

Although this does not directly prove $RAIN\'s long-term product-market fit or eliminate execution risks, it does explain why $RAIN\'s trading does not behave like typical small-cap TGE tokens: its buying was not based solely on the reflexivity of retail investors, but a narrative that seemed \"institutional\" enough to attract continued attention and larger funding.

Tokens worthy of respect but not reaching the top

@irys_xyz ($IRYS) and @mindnetwork_xyz ($FHE): These two projects belong to the \"AI Infrastructure and Privacy Arbitrage\" track, both benefiting from the AI-related boom, prices remain above the initial range, and maintain sufficient liquidity to avoid becoming a \"dead figure.\" If they can transform hot words into practical use on the chain, they can be successful, because narrative alone cannot last long.

@use_corn ($CORN): Although $CORN has no explosive performance, it is more like a \"structured product\" than its peers \'stable performance. In a market that punishes overexpansion in 2025, stability itself is a signal.

@LoadedLions_CDC ($LION):$LION proves the importance of distribution and ecological appeal. Although it did not dominate the popular narratives of 2025 (AI, perpetual contracts, points, etc.), it did not completely collapse. The risk is that if GameFi token usage cannot exceed its core community, it may fall into a \"permanent discount\" dilemma.

Common qualities of winners

After stripping narrative and emotion, some structural patterns gradually emerge.

1. Distribution is more important than hype

The strongest performing tokens avoided a lot of internal liquidity selling pressure during TGE.

For example: $AVICI(0% team holds),$SENTIS(activity-based token release),$TAKE(community and user incentives).

Revelation: The holder structure of the token at the time of issuance is more important than the background of the private equity investor.

2. A reasonable initial valuation is better than a perfect timing

Many high-performing tokens were not issued during the peak of the market, but instead chose a reasonable initial valuation, allowing the market to reassess their value at a later stage.

For example: $AVICI is issued at an FDV(fully diluted valuation) of approximately US$3.5 million and has an available product, with asymmetric growth space.

Revelation: Tokens that can \"earn\" high valuations often perform better than those that are highly valued in the first place.

3. Actual use (or short-term visible use) drives price increases

ASTER\'s perpetual contract transaction volume, FOLKS\'s lending business expansion,$AVICI\'s credit card consumption, and $TAKE\'s market transaction traffic are not just promises in the white paper, but actual signals that can be observed.

Even $SENTIS, which is still in its early stages, links token issuance to on-chain activity, maintaining market interest through a feedback loop between usage and price.

Revelation: Today\'s market has no patience to wait for the vision to come true. Practical use of a good vision.

4. Unlocking structure unlocking scale

RAIN has a large supply of tokens, but its unlocking is linear and transparent, so the dilution effect has been priced by the market. SENTIS gradually releases tokens through participation in activities, while $TAKE links token issuance to growth.

In other projects, what really destroys market confidence is not dilution itself, but dilution models that are full of uncertainty and have unlocking cliffs.

Revelation: Predictable dilution is affordable, but sudden dilution is not acceptable to the market.

5. The launch of the exchange is a necessary condition, but it is not a decisive factor.

Almost all outstanding tokens have good exchange channels, but relying solely on the launch of the exchange cannot determine the outcome.

The role of launching an exchange is to amplify the results: it can help strong tokens accelerate their rise, while also making weak tokens fall faster. Even without online Binance, it failed to prevent the success of $AVICI.

Revelation: Mobility is an accelerator, not a foundation.