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

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.

In contrast, Starknet, another major ZK-rollup contender, shows the opposite pattern: despite raising around $280 million, its market cap hovers closer to $490 million. Further, Fuel, Scroll, and Boba all show near-parity between capital raised and current market value.

The market doesn’t seem optimistic. The , 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, 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 argue that the market is still recalibrating after months of aggressive token releases and unlock schedules. Tokenomist’s visual data supports this theory. Projects like Manta, Taiko, and Cyber also show tight clustering between cap and raise, suggesting they’re being valued with caution, if not outright skepticism.

Yet, for risk-tolerant investors, these compressed valuations could present a rare accumulation opportunity.