Analysis: In 2025, only about 12% of public token sales remain profitable. Out of 533 sales, only 63 tokens are trading above their issuance price. Projects like PUMP have attracted attention but performed poorly, leading investors to shift toward short-term strategies. The MYX project stands out with a return of up to 2103 times. According to Fundraising Digest analysis on December 31, PA News reports that in 2025, only 12% of token sales remain profitable. A total of 533 public token sales events took place in 2025. Some tokens raised millions of dollars within seconds, but currently only 63 tokens are trading above their issuance price. The largest token sale project was PUMP, which raised $600 million. This token achieved a 2.19x return at its all-time high, but its current trading price has fallen below ID0 issuance price, with an investment return of approximately 0.48x. Although PUMP led market narratives and attracted significant attention, its traceability EV performance was weak. The same applies to MON (current ROI of 0.93x) and XPL (0.47x). However, in the early trading phase, 58% of token sale projects achieved steady gains of 3 to 6 times with reasonable token distribution, but these gains were not sustained long-term. In 2025, the most profitable token sale project for investors was MYX, with an all-time high ROI of 2103 times, and the current trading price remains about 385 times higher than the sale price. Overall, the weak market environment and dispersed investor attention in 2025 increased the difficulty of token sale investments, prompting participants to adopt shorter holding periods and faster profit-taking strategies. #2025Gate年度账单