2025 TGE Year-End Review: What Did Tokens That Haven't "Returned to Their Original Form" Do Right?

2025.12.31

2025 TGE Year-End Review: What Did Tokens That Haven't "Returned to Their Original Form" Do Right?

The market no longer pays for potential, but instead begins to reward structured design.

2025.12.31 - 02:44:44

TGE

Navigating Web3 tides with focused insights

The market no longer pays for potential, but instead begins to reward structured design.

Author: Stacy Muur

Compiled by: TechFlow

If you participated in 2025's Token Generation Event (TGE) trading, you're likely familiar with the default script: a bustling first week, followed by a slow decline, culminating in the reluctant acceptance that "the launch price was the peak."

Most newly launched tokens not only underperform but often crash outright, as the market has finally begun treating tokenomics and liquidity as fundamentals rather than optional footnotes.

Despite this, a handful of tokens have achieved significant growth by late 2025 compared to their TGE price. Their rise isn't a fleeting pump, nor does it require buying at extreme lows to profit; it indicates genuine market demand.

Here are the stronger-performing tokens I've identified for 2025: $ASTER, $FOLKS, $AVICI, $RAIN, $TAKE, and $SENTIS (along with some "barely staying afloat" tokens like $IRYS, $FHE, and $CORN). While their performances vary, they share similarities.

2025's Winners

@Aster_DEX ($ASTER) is one of the quintessential success stories, achieving on day one what all projects dream of: broad exchange listings, deep liquidity, and a "DeFi Perpetuals" narrative that traders genuinely understand and endorse. The core story throughout the year can be summarized as: "A Binance-backed perpetuals exchange with privacy features."

While $ASTER's price action has sparked controversy (attributable to zero-knowledge proof themes, CZ's behind-the-scenes influence, or simply "better execution"), it remains one of the few tokens unsuitable for an "immediate sell" post-TGE.

@FolksFinance ($FOLKS): "Boring" Can Be a Winner

$FOLKS is a different kind of lending token; throughout the year, it proved its worth through "boredom," and that "boredom" became its winning formula. The success formula was: "Day one listings on Binance and Kraken, expanding cross-chain liquidity pools, no obvious unlock cliffs." Especially the last point—"no unlock cliffs"—is more important than most are willing to admit.

Everything seemed smooth sailing... until the unlock period arrived on December 15th.

@AviciMoney ($AVICI): Breaking the Rules with a "Simple Narrative"

$AVICI is a special case. Its success didn't stem from the most complex technology but from offering Crypto Twitter (CT) the clearest narrative: "A fair launch project with a real product."

The most frequently mentioned aspect wasn't tokenomics but actual use cases: "A genuinely operational new digital banking app, Visa card support, real spending scenarios." In a market saturated with endogenous "utility," $AVICI's selling point was refreshing, moving beyond on-chain virtual narratives to tangible real-world applications.

Undoubtedly, this might be one of the best TGEs of the year.

When a Token Rises "For a Reason," It Can Move More Steadily

In the post-cycle performance of 2025, the strongest reflexive winner was @Sentism_ai ($SENTIS). Its setup was straightforward: AI agent narrative + continuous incentive distribution + broad exchange support. On Crypto Twitter, the mainstream view remained consistent: "AI agents are the next generation DeFi automation layer." This clear narrative provided traders with a simple mental model.

Mechanically, $SENTIS didn't rely on a one-time launch hype. Its continuous token distribution mechanism (quest rewards/retroactive airdrops/participation incentives) maintained user engagement. This dynamic often translates into sustained spot demand, as participants position themselves for future allocations and ecosystem milestones. This mechanism can even support the price before significant on-chain usage materializes.

@overtake_world($TAKE): "Web2 Distribution + Web3 Infrastructure" for the Gaming Marketplace

$TAKE follows a similar successful template but packages it as a gaming asset marketplace. The consistent narrative is "Web2 distribution capabilities combined with Web3 technical support."

Its strength lies in clear logic—players trade assets, $TAKE is the fee token, while staking and revenue-sharing mechanisms provide incentives for holders. When people talk about "Real Yield," they often refer to token emissions disguised as APY, but $TAKE's logic is closer to "fees → buybacks → stakers." Even if some question this model, the market recognizes its direction.

@Rain__Protocol ($RAIN): A Paradigm of Event-Driven Repricing

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

The token's primary surge came from a simple, clear message: a company listed on Nasdaq planned to allocate nine-figure funds into treasury strategies based on $RAIN. Such news rapidly changes market positioning behavior—liquidity providers adjust spreads, trend traders flock in, and sidelined capital returns quickly because the story is straightforward enough.

While this doesn't directly prove $RAIN's long-term product-market fit or eliminate execution risk, it explains why $RAIN doesn't trade like a typical small-cap TGE token: its buying pressure isn't solely reliant on retail reflexivity but on a narrative that appears sufficiently "institutional," attracting sustained attention and larger capital flows.

Tokens That Are "Respectable But Not Top-Tier"

@irys_xyz ($IRYS) and @mindnetwork_xyz ($FHE): These projects belong to the "AI Infrastructure & Privacy Arbitrage" sector, both benefiting from AI-related hype, maintaining prices above initial ranges, and retaining sufficient liquidity to avoid becoming "dead charts." Their success hinges on translating buzzwords into tangible on-chain usage, as narratives alone cannot last.
@use_corn ($CORN): $CORN hasn't shown explosive performance but has been stable relative to peers, resembling more of a "structured product." In a 2025 market that penalizes overextension, stability itself is a signal.
@LoadedLions_CDC ($LION): $LION demonstrates the importance of distribution and ecosystem appeal. While it hasn't dominated 2025's hot narratives (like AI, Perps, Points, etc.), it also hasn't completely crashed. The risk is that if GameFi token utility cannot break beyond its core community, it may fall into a "permanent discount" trap.

Common Traits of Winners

Stripping away narratives and sentiment, some structural patterns emerge.

Distribution Trumps Hype

The strongest-performing tokens avoided significant internal liquidity sell pressure at TGE.

Examples: $AVICI (0% team allocation), $SENTIS (activity-based token releases), $TAKE (community & user incentives).

Takeaway: The holder structure at issuance is more important than the background of private investors.

Reasonable Initial Valuation Beats Perfect Timing

Many top performers didn't launch at the market's peak frenzy but chose reasonable initial valuations, allowing the market to re-evaluate them later.
Example: $AVICI launched with an FDV (Fully Diluted Valuation) of around $3.5M and had a usable product, presenting asymmetric upside.

Takeaway: Tokens that can "earn" a high valuation often outperform those that start with one.

Actual Usage (or Near-Term Visible Usage) Drives Price Appreciation

ASTER's perpetuals trading volume, FOLKS' lending business expansion, $AVICI's credit card spending, and $TAKE's marketplace transaction flow—these aren't just whitepaper promises but observable signals.

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

Takeaway: Today's market has no patience for vision. Actual usage > grand vision.

Unlock Structure > Unlock Size

RAIN has a large token supply, but its unlocks are linear and transparent, so dilution is already priced in. SENTIS releases tokens gradually through participation, while $TAKE ties issuance to growth.

In other projects, what truly destroys market confidence isn't dilution itself but dilution patterns filled with uncertainty and unlock cliffs.

Takeaway: Predictable dilution is bearable; sudden dilution is not.

Exchange Listings Are Necessary but Not Sufficient

Almost all strong performers had good exchange access, but listings alone don't determine success.

Listings amplify outcomes: they can accelerate gains for strong tokens and hasten declines for weak ones. Even without a Binance listing, $AVICI succeeded.

Takeaway: Liquidity is an accelerator, not a foundation.