Tokenomist Reveals Layer 2 Crisis: zkSync Cap Trails $450M Raise, Starknet Diverges

• Tokenomist data shows major Layer 2 projects like zkSync trade below their fundraising totals.
• zkSync (ZK) raised $450M but has a $260M market cap; Starknet (STRK) shows higher cap to raise.
• Current L2 market valuations may reflect a recalibration or offer accumulation opportunities.

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

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 raised a jaw-dropping $450 million, but now holds a market cap of only $260 million, a massive disconnect for a project once heralded as Ethereum’s scaling solution.

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 raised nearly $450m, yet…

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