These Crypto Projects Had Billion-Dollar Valuations, Now They Trade 90% Lower

Ten crypto projects that had billion-dollar private valuations now trade at market caps ranging from $7 million to $294 million, according to CryptoRank data. The gap between last-round venture capital valuations and current market caps ranges from 88% to over 99%. Four of the 10 hardest-hit projects belong to the zero-knowledge proof and Layer 2 sector. Scroll, and Boba Network Lead the List Scroll (SCR) tops the ranking with a 99.54% decline. The Ethereum Layer 2 raised $80 million across two rounds led by Polychain Capital, Variant Bain Capital Crypto, and more. Its last-round valuation stood at $1.8 billion. It now trades at roughly $8.25 million in market cap. Boba Network follows at -99.26%, while Fuel Network registered a 99.25% drop from a $1 billion valuation. 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 wasnt enough to protect post-TGE performance, the post read. Crypto VC Valuation Decline. Source: X/CryptoRank VCs Starknet (STRK) recorded the largest absolute loss on the list. It raised $282.5 million from Paradigm, Sequoia Capital, and Greenoaks Capital at a valuation of $8 billion. Its current market cap sits near $199 million, a 95% decline. Rounding out the top 10 are Polyhedra (-99.05%), Wormhole (-96.99%), Magic Eden (-96.70%), HashKey Group (-96.46%), Mocaverse (-90.23%), and Immutable (-88.23%). Despite these losses, venture capital activity has picked up again. CryptoRank data shows that March 2026 recorded around 100 funding rounds totaling $2.59 billion in raises, the highest level since October 2025. Crypto VC Funding Over the Past Year. Source: CryptoRank Coinbase Ventures and Animoca Brands led the most rounds during the month. Moreover, blockchain services accounted for 39 rounds, followed by decentralized finance (DeFi) with 20 rounds, and centralized finance (CeFi) with 15 rounds.