在領先的第2層（L2）項目中獲得的籌款及其當前的市場估值之間正在擴大差距

現在，一些資金最高的L2網絡現在正在以下交易，或者僅超過其最初籌集的數量。

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.

在領先的第2層（L2）項目獲得的籌款及其當前的市場估值，區塊鏈情報公司Tokenomist的新見解之間，明顯的差距正在擴大。

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

現在，一些資金最高的L2網絡現在正在以下交易，或者僅超過其最初收集的數量。

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.

Tokenomist的分析在標題為“錯誤定價的第2層：深度潛入蓋帽比率”的條形圖中詳細介紹，將市值與9個傑出的L2協議的籌款總計對比。

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.

值得注意的是，以速度和吞吐量而聞名的ZK-Rollup連鎖店Zksync設法籌集了高達4.5億美元。但是現在，儘管早期承諾，Zksync的代幣價格已經過了更好的日子，而市值僅為2.6億美元。鑑於圍繞ZKSYNC作為領先的以太坊縮放解決方案的炒作，這種鮮明的差異令人驚訝。

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.

相比之下，另一位主要的ZK滾動競爭者Starknet顯示了相反的模式：儘管收取了約2.8億美元，但其市值徘徊在接近4.9億美元。

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.

此外，L2S燃料，滾動和Boba都在籌集的資本與當前的市場價值之間幾乎顯示出幾乎完美的奇偶校驗。這種仔細的跟踪表明，儘管這些L2可能尚未被大量採用，但市場與他們獲得的資金相對於市場非常重視。

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:

L2項目籌集大量資金回合的項目目前的市值低於他們籌集的數量，它講述了一個有趣的故事：

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.

Zksync以速度和吞吐量而聞名，他設法籌集了高達4.5億美元的價格，但其市值僅為2.6億美元。考慮到圍繞ZKSYNC作為領先的以太量表縮放解決方案的炒作，這種鮮明的差異令人驚訝。相比之下，另一個主要的ZK滾動競爭者Starknet顯示了相反的模式：儘管收取了約2.8億美元，但其市值徘徊在接近4.9億美元。

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.

此外，L2S燃料，滾動和Boba都在籌集的資本與當前的市場價值之間幾乎顯示出均等。這種仔細的跟踪表明，儘管這些L2可能尚未被大量採用，但市場與他們獲得的資金相對於市場非常重視。

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.

但是，市場似乎並不樂觀。在過去24小時內，ZKSYNC（ZK）代幣的價格為0.06284美元，下降了3％以上。技術指標仍然很弱：代幣的交易低於其20天EMA（0.0651美元）和50天EMA（0.0655美元），顯示出看跌勢頭。

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.

同樣，Starknet（Strk）的交易價格相同的價格為0.06284美元，但性能記錄差得多：它的年度高度跌幅近90％。儘管RSI位於51.01（表明中性動量），但功率平衡（BOP）的讀數為0.24，表明賣家仍處於稍微控制。

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.

儘管早期L2通常需要時間來證明其可擴展性並吸引有意義的用戶活動，但當前的定價方案發送了一個明確的信號：估值敘述可能超過了實際採用。

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.

一些分析師認為，經過數月的積極代價發行和不同的解鎖時間表，市場仍在重新校準，導致今年加密貨幣市場的表現不同。

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.

象徵主義者的視覺數據支持這一理論。曼塔（Manta），泰科（Taiko）和網絡（Cyber​​）等項目在上限和總籌款金額之間也表現出嚴格的聚集，這表明投資者被謹慎（如果不是懷疑）對他們的重視。

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.

然而，對於容忍風險的投資者來說，這些壓縮估值可能會帶來罕見的積累機會，尤其是在新項目經常努力獲得立足點的時代。