Beyond low float and high FDV: The search for better token issuance models

GSR research indicates that the prevailing token issuance model—characterized by low circulating supply and high fully diluted valuation (FDV)—consistently leads to poor long-term performance, with median returns dropping over 80% within a year for high-FDV launches. Data covering over 2,300 token listings since 2013 shows that median circulating supply at launch has halved since the ICO era. The report suggests that this structure, which mirrors trends in modern stock IPOs, creates inevitable sell-side pressure as locked tokens enter the market, and calls for more sustainable issuance strategies.