The discounts are getting smaller and smaller as the valuations go up. A new chain, Aptos, is raising at 2B valuation. Optimism, an ETH Layer2 raised at 1B valuation. Until like last week, it had a circulating marketcap of 100m.

Lots of smaller projects are priced below VC prices. For example, CowSwap is at like 12c when private rounds were at 15c.