Science
Metamask, Puffpaw and Extended missed high FDV targets
Metamask stayed below $1 billion and Puffpaw remained under $300 million.
On Friday 1 January, three newly launched crypto projects were evaluated one day after their debut. Metamask, Puffpaw and Extended each had a fully diluted valuation measured against high benchmarks. None of the three surpassed the benchmarks, with Metamask staying below $1 billion, Puffpaw below $300 million and Extended below $800 million.
Metamask's valuation was calculated one day after the platform's launch. The fully diluted valuation remained under the $1 billion threshold.
Puffpaw's valuation was calculated one day after the platform's launch. The fully diluted valuation remained under the $300 million threshold.
Extended's valuation was calculated one day after the platform's launch.
Analysis
Investors appear to be applying more stringent criteria when pricing nascent crypto offerings, limiting the size of initial valuations.
Puffpaw's modest valuation reflects similar restraint for newer entrants, while Extended's sub-$800 million figure shows that even projects aiming at higher benchmarks encounter cautious pricing.
The pattern points to a broader environment where new crypto initiatives must demonstrate clear utility or differentiated value propositions to attract larger funding.
What this was built from
Each claim above traces to a market below, at the price it was trading when this edition went to press.