Most tokens launched via launchpads in 2025 have struggled to hold value, leaving investors down 46% on average, data shows.
Retail traders who bought into every token sale across platforms like CoinList, Legion, MetaDAO, and BuidlPad since 2025 would now be looking at steep losses.
In a Friday post on X, April 3, Messari research analyst @AvgJoesCrypto revealed that a basket of tokens launched across those platforms is now down roughly 46%.
The analyst added that only six of the 41 sales in the sample were still above their issue price as of March 31, 2026. According to the chart, FRAG (launched via MetaDAO), ALMANAK (via Legion), and SKATE (via BuidlPad) were among the worst performers, now down about 98% and 97%, respectively.
Which Launchpad Tokens Are Still in Profit
Founded in 2017, CoinList is the oldest launchpad in the group and grew out of early token sales like Filecoin. The platform says it ran 21 token sales in 2025, raising more than $95 million, with most launches tied to ecosystems like Ethereum and other EVM-compatible chains.
- Legion, a newer entrant positioning itself as MiCA-compliant, also supports multi-chain launches, typically across Ethereum and similar networks.
- BuidlPad, which also markets itself as a compliant public-sale platform focused on community ownership, takes a multi-chain approach depending on the project.
- Unlike its rivals, MetaDAO operates exclusively on Solana and focuses on a “futarchy” model, a governance concept tied to Robin Hanson, where market signals guide decisions.
The few tokens still trading above their sale price were mostly MetaDAO launches, the analyst said. The winners include OMFG, AVICI, UMBRA and RNGR, along with BuidlPad’s FF and CoinList’s 2Z, meaning four of the six profitable launches came from Paradigm-backed MetaDAO.
