According to the latest data, several well-known VC coin projects launched this year have underperformed. These projects, valued at hundreds of millions of dollars in their funding rounds, have generally seen their market caps fall below their funding valuations, with astonishing depegging.

Specifically, Humanity Protocol was valued at up to $1 billion during its Series A funding, but its current market cap is only $285 million, a decrease of nearly 72%. Fuel Network also faced difficulties—initially valued at $1 billion during funding, its current market cap is just $11 million, with a shocking decline. Plasma was not spared either, with a $500 million funding valuation corresponding to a current price of $224 million, a drop of over 55%.

This phenomenon has become almost the norm among more than a dozen mainstream VC coins launched this year. While the funding data shows these are star projects, the market's response after launch has been much more tepid. Whether this is due to inflated valuations or market expectation adjustments is worth paying attention to.