PANews reported on March 30 that according to Cryptoslate, according to a recent report by research firm Decentralised, amid a surge in the number of tokens, stagnation in new capital inflows has left many crypto projects underfunded. The average stablecoin liquidity per token has dropped by 99.7% from $1.8 million in 2021 to just $5,500 in March 2025. The decline suggests that increasing token issuance (currently more than 40 million assets) has diluted available capital without a corresponding increase in demand or user retention. The inflow of new tokens has outstripped the expansion of the capital pool, resulting in lower liquidity, a weaker community, and lower participation. Without a lasting source of income, user interest typically dissipates after short-term incentives such as airdrops. Without a sustainable economic structure, attention becomes a liability rather than an asset.
Report: Average stablecoin liquidity per token drops 99% between March 2021 and 2025
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