VCs said “$1B is fair.”

Markets said “let’s talk.”

Several VC-backed launches in 2025 are trading far below their private valuations:

• Fuel Network ( $FUEL): $1B vs $11M

• Camp Network ( $CAMP): $400M vs $15M

• Plasma ( $XPL): $500M vs $224M

• Humanity Protocol ( $H): $1B vs $285M

Reset or opportunity? 🤯