在领先的第2层（L2）项目中获得的筹款及其当前的市场估值之间正在扩大差距

现在，一些资金最高的L2网络现在正在以下交易，或者仅超过其最初筹集的数量。

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.

在领先的第2层（L2）项目获得的筹款及其当前的市场估值，区块链情报公司Tokenomist的新见解之间，明显的差距正在扩大。

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

现在，一些资金最高的L2网络现在正在以下交易，或者仅超过其最初收集的数量。

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的分析在标题为“错误定价的第2层：深度潜入盖帽比率”的条形图中详细介绍，将市值与9个杰出的L2协议的筹款总计对比。

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，以速度和吞吐量而闻名的ZK-Rollup连锁店Zksync设法筹集了高达4.5亿美元。但是现在，尽管早期承诺，Zksync的代币价格已经过了更好的日子，而市值仅为2.6亿美元。鉴于围绕ZKSYNC作为领先的以太坊缩放解决方案的炒作，这种鲜明的差异令人惊讶。

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滚动竞争者Starknet显示了相反的模式：尽管收取了约2.8亿美元，但其市值徘徊在接近4.9亿美元。

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，滚动和Boba都在筹集的资本与当前的市场价值之间几乎显示出几乎完美的奇偶校验。这种仔细的跟踪表明，尽管这些L2可能尚未被大量采用，但市场与他们获得的资金相对于市场非常重视。

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项目筹集大量资金回合的项目目前的市值低于他们筹集的数量，它讲述了一个有趣的故事：

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以速度和吞吐量而闻名，他设法筹集了高达4.5亿美元的价格，但其市值仅为2.6亿美元。考虑到围绕ZKSYNC作为领先的以太量表缩放解决方案的炒作，这种鲜明的差异令人惊讶。相比之下，另一个主要的ZK滚动竞争者Starknet显示了相反的模式：尽管收取了约2.8亿美元，但其市值徘徊在接近4.9亿美元。

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，滚动和Boba都在筹集的资本与当前的市场价值之间几乎显示出均等。这种仔细的跟踪表明，尽管这些L2可能尚未被大量采用，但市场与他们获得的资金相对于市场非常重视。

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，市场似乎并不乐观。在过去24小时内，ZKSYNC（ZK）代币的价格为0.06284美元，下降了3％以上。技术指标仍然很弱：代币的交易低于其20天EMA（0.0651美元）和50天EMA（0.0655美元），显示出看跌势头。

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.

同样，Starknet（Strk）的交易价格相同的价格为0.06284美元，但性能记录差得多：它的年度高度跌幅近90％。尽管RSI位于51.01（表明中性动量），但功率平衡（BOP）的读数为0.24，表明卖家仍处于稍微控制。

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.

尽管早期L2通常需要时间来证明其可扩展性并吸引有意义的用户活动，但当前的定价方案发送了一个明确的信号：估值叙述可能超过了实际采用。

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.

一些分析师认为，经过数月的积极代价发行和不同的解锁时间表，市场仍在重新校准，导致今年加密货币市场的表现不同。

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.

象征主义者的视觉数据支持这一理论。曼塔（Manta），泰科（Taiko）和网络（Cyber​​）等项目在上限和总筹款金额之间也表现出严格的聚集，这表明投资者被谨慎（如果不是怀疑）对他们的重视。

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，对于容忍风险的投资者来说，这些压缩估值可能会带来罕见的积累机会，尤其是在新项目经常努力获得立足点的时代。