Fragmetric (FRAG)

With TVL down to just $10M and users stuck in the fragBTC unstaking queue for 50+ days, it's getting harder and harder to see Fragmetric as anything but a rug.

The 10k Topu NFT mint at 1 SOL each was the warning sign ☠️

(Image from Discord) https://t.co/9luYD9qu3C

This chart runs through March 31, 2026, so marked to current prices.

95% being underwater in this environment isn't surprising, the whole market is there.

But the FDV collapse on the worst performers is brutal:
→ ALMANAK launched at $90M FDV, now at ~$2.2M, 97.5% drawdown
→ FRAG launched at $125M FDV, now under $2M, 98%+ gone

Retail wasn't getting early access, they were buying exit liquidity.

The valuation was never justified to begin with, weak product-market fit priced as if it had already won.

MetaDAO being the standout makes sense.
High float, fair entry, governance that actually meant something to holders. The structure was just different.

Ignas's conclusion is the right one, lower launch valuations and real token ownership rights. Until that becomes the baseline, this chart just repeats with different ticker names.

I invested in the worst performing tokens sales of 2025:

- $FRAG via Echo (but was also available on Legion)
- $ALMANAK via Legion

MetaDAO sales performed the best, while Legion, the worst.

No easy solutions but we need 1) lower valuations and 2) token ownership rights. https://t.co/RtBvWgBj1T