A Noticeable Gap is Widening Between the Fundraising Achieved by Leading Layer 2 (L2) Projects and Their Current Market Valuations

Some of the most heavily funded L2 networks are now trading below, or just barely above the amount they originally raised.

A noticeable gap is widening between the fundraising achieved by leading Layer 2 (L2) projects and their current market valuations, new insights from blockchain intelligence firm Tokenomist highlight.

Some of the most heavily funded L2 networks are now trading below, or just barely above the amount they originally collected.

Tokenomist’s analysis, detailed in a bar chart titled, “Mispriced Layer 2s: A Deep Dive into Cap-to-Raise Ratios,” contrasts the market cap vs. fundraising totals of nine prominent L2 protocols.

Notably, zkSync, a ZK-rollup chain known for speed and throughput, managed to raise a jaw-dropping $450 million. But now, despite early promise, zkSync's token price has seen better days, leaving it with a market cap of only $260 million. This stark difference is surprising given the hype surrounding zkSync as a leading Ethereum scaling solution.

In contrast, Starknet, another major ZK-rollup contender, shows the opposite pattern: despite collecting around $280 million, its market cap hovers closer to $490 million.

Further, L2s Fuel, Scroll, and Boba all show nearly perfect parity between the capital raised and their current market values. This close tracking suggests that while these L2s might not yet be massively adopted, they're closely valued by the market relative to the funding they secured.

L2 projects that raised massive funding rounds are now trading at market caps lower than the amount they raised and it tells an interesting story:

zkSync, known for speed and throughput, managed to raise a whopping $450M, yet its market cap is only ~$260M. This stark difference is surprising considering the hype surrounding zkSync as a leading Ethereum scaling solution. In contrast, Starknet, another major ZK-rollup contender, shows the opposite pattern: despite collecting around $280M, its market cap hovers closer to $490M.

Moreover, L2s Fuel, Scroll, and Boba all show nearly perfect parity between the capital raised and their current market values. This close tracking suggests that while these L2s might not yet be massively adopted, they're closely valued by the market relative to the funding they secured.

However, the market doesn't seem optimistic. The ZKsync (ZK) token, priced at $0.06284, is down more than 3% in the past 24 hours. Technical indicators remain weak: the token is trading below both its 20-day EMA ($0.0651) and 50-day EMA ($0.0655), showing bearish momentum.

Similarly, Starknet (STRK) trades at the same price point of $0.06284, but with a much worse performance record: it has plunged nearly 90% from its yearly high. While the RSI sits at 51.01, suggesting neutral momentum, the Balance of Power (BoP) reading of 0.24 indicates sellers are still slightly in control.

While early-stage L2s often need time to prove their scalability and attract meaningful user activity, the current pricing scenario sends a clear signal: valuation narratives may have outpaced actual adoption.

Some analysts believe that the market is still recalibrating after months of aggressive token releases and varied unlock schedules, leading to a mixed performance in the crypto market this year.

Tokenomist's visual data supports this theory. Projects like Manta, Taiko, and Cyber also show a tight clustering between their cap and total fundraising amounts, suggesting they're being valued with caution, if not skepticism, by investors.

Yet, for risk-tolerant investors, these compressed valuations could present a rare accumulation opportunity, especially in an era where new projects often struggle to gain a foothold.