Ten VC-backed crypto projects trade up to 99.5% below valuations

Ten crypto projects that previously held billion-dollar private valuations now trade between 88% and 99.54% below their last venture-capital valuations, according to CryptoRank. Four of the ten projects operate in the Layer 2 or zero-knowledge proof sectors. Reported market capitalizations for the group range from roughly $7 million to $294 million.

Scroll (SCR) is at the top of CryptoRank’s list, with a 99.54% decline. Scroll raised about $80 million across two rounds led by Polychain Capital, Variant and Bain Capital Crypto and was last valued at $1.8 billion. Its market capitalization is near $8.25 million.

Boba Network and Fuel registered declines of 99.26% and 99.25%, respectively. Fuel’s last reported private valuation was $1 billion. Starknet recorded the largest absolute loss on the list: the project raised $282.5 million from investors including Paradigm, Sequoia Capital and Greenoaks Capital at a reported $8 billion valuation; its current market capitalization is around $199 million, a decline of about 95% from that reported private valuation.

Other projects named by CryptoRank and their reported declines include Polyhedra (-99.05%), Wormhole (-96.99%), Magic Eden (-96.70%), HashKey Group (-96.46%), Mocaverse (-90.23%) and Immutable (-88.23%).

CryptoRank wrote, “These projects have fallen from billion-dollar valuations to nearly zero — a striking example of near-total value destruction. Even backing from Tier-1 VCs like Paradigm, Sequoia, Cbventures, and Multicoin wasn’t enough to protect post-TGE performance.”

CryptoRank’s data also shows renewed venture activity in March 2026. That month recorded roughly 100 funding rounds totaling about $2.59 billion, the highest monthly total since October 2025. Coinbase Ventures and Animoca Brands led deal activity in March. Reported round counts by sector include 39 rounds for blockchain services, 20 for decentralized finance and 15 for centralized finance.

CryptoRank’s comparison is between last-round private valuations and current token market capitalizations. The reported valuation gaps across the ten projects range from 88% to more than 99%.