According to @adriannewman21, investors commonly haircut at least 80 percent on vested token rounds over two to four years when modeling PnL, using a terminal average selling value around 10 to 20 percent of the current trading valuation to target breakeven (source: @adriannewman21, Nov 17, 2025). For a token trading at 1 billion, this framework implies entry pricing must be below 100 to 200 million to breakeven, providing a practical benchmark for private round bids and secondary-market fair value during unlocks and FDV repricing (source: @adriannewman21, Nov 17, 2025).