June secondary market report: Buyers market signs are obvious, asset purchase demand exceeds offer price by 75%

Original author: SecondLane

Original translation: TechFlow

• June was the first month this year that clearly showed a buyer’s market, with buy requests outnumbering sell offers by 75%!

• The valuation gap between bid and ask prices for the same asset fell to 36% from 88% last month

• The total order book value for June 2024 is $883 million

• The average asking price was $4.5 million, up sharply from $3.9 million last month.

• The average premium was 55% of the last fully diluted valuation

• Major projects: Circle, Solana, Scroll, Kraken, Celestia, TON, Pyth, Gunzilla, OpenAI

• 57% of transactions were SAFTs and 44% were equity transactions

• 73% of deals were (early) seed rounds, and 27% were Series A to D rounds

• 70% of transactions are concentrated in five areas: blockchain services, DeFi, infrastructure, technology development, and GameFi

• Deals with a previous round premium decreased by 2%

• The number of transactions was the same as the previous round, an increase of 10%

• 46% of deals in June were at a discount, 25% were flat, and 29% were at a premium to the previous round

• The median discount across all deals in June was 15% of the previous round

• The top 10% of deals offer a 200% or higher premium over the previous round

• The bottom 25% of deals offer discounts of 40% or more from the previous round

• Enjoy the biggest discounts on LP positions in VC funds, CEXs, L1s, wallets, GameFi, blockchain infrastructure and services

  (Note from Shenchao: The term “discount” in this article refers to a discount in a transaction, which means that the transaction price of some assets is lower than its previous round of financing or market price. For example, some transactions are conducted at a price lower than the previous round of financing, which is called a “discount”)

• Blockchain analysis and staking projects enjoy the highest premium

• Series A projects enjoy the highest premium, and seed round projects enjoy the biggest discount

• 13% of deals floated without public exposure and at lower valuations ($4.1 billion fully diluted valuation for private offers vs. $7.4 billion for public offers)

• Most private placements were SAFTs (76%), at (early) seed stage (83%), targeting DEXes, EVM, and cross-chain solutions

• The average time to expiration of trades increased to 4 months for buy requests and 4.4 months for sell offers until expiration or trade completion.

• 60% of transactions are active for more than 1 month

• The maximum expiration time is:

• Early vs. late rounds: 6.4 months for early seed rounds; about 4 months for seed and A rounds, and more than 1 month for B, C, and D rounds

• CeFi, wallets, CEX projects, VC, NFT, blockchain infrastructure

• The median buy request was $200,000 and the average valuation was $9 billion

• 2/3 of buy requests were made at a discount (average discount was 40% of the previous round or spot price); 6% were flat; 25% required an average premium of more than 80%

• The median asking price was $2 million, with an average valuation of $6.5 billion

• 40% of deals were done at a discount (average discount was 45%); 32% were flat; 29% required a premium (average was over 270%)

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On June 10, 2024, UwU Lend was attacked and the project lost approximately US$19.3 million. SharkTeam conducted a technical analysis of the incident and summarized security precautions at the first opportunity. We hope that subsequent projects can learn from this incident and jointly build a security line of defense for the blockchain industry. 1. Analysis of attack transactions Attacker: 0x841dDf093f5188989fA1524e7B893de64B421f47 The attacker initiated a total of 3 attack transactions: Attack Transaction 1: 0x242a0fb4fde9de0dc2fd42e8db743cbc197ffa2bf6a036ba0bba303df296408b Attack Transaction 2: 0xb3f067618ce54bc26a960b660cfc28f9ea0315e2e9a1a855ede1508eb4017376 Attack Transaction 3: 0xca1bbf3b320662c89232006f1ec6624b56242850f07e0f1dadbe4f69ba0d6ac3 Take attack transaction 1 as an example for analysis: Attack contract: 0x21c58d8f816578b1193aef4683e8c64405a4312e Target contract: UwU Lend Treasury contract, including: uSUSDE: 0xf1293141fc6ab23b2a0143acc196e3429e0b67a6 uDAI: 0xb95bd0793bcc5524af358ffaae3e38c3903c7626 uUSDT: 0x24959f75d7bda1884f1ec9861f644821ce233c7d The attack process is as follows: 1. Flash loan multiple tokens from different platforms, including WETH, WBTC, sUSDe, USDe, DAI, FRAX, USDC, GHO The…