The Bad Placeyahoo news | These Crypto Projects Had Billion-Dollar Valuations, Now They Trade 90% Lower
Ten crypto projects that once commanded billion‑dollar private valuations have been slashed to market caps as low as $7 million, according to CryptoRank data. The gap between their last‑round venture‑capital valuations and current market caps ranges from roughly 88 % to over 99 %, with four of the hardest‑hit projects coming from the zero‑knowledge proof and Layer 2 sectors.
Scroll (SCR) leads the downturn with a 99.54 % decline, falling from a $1.8 billion valuation after raising $80 million to a market cap of about $8.25 million. Close behind are Boba Network (‑99.26 %) and Fuel Network (‑99.25 % from a $1 billion valuation). Starknet (STRK) suffered the largest absolute loss, dropping 95 % from an $8 billion valuation to roughly $199 million. The remaining projects rounding out the top‑10 list include Polyhedra (‑99.05 %), Wormhole (‑96.99 %), Magic Eden (‑96.70 %), HashKey Group (‑96.46 %), Mocaverse (‑90.23 %) and Immutable (‑88.23 %).
Despite these dramatic collapses, venture‑capital activity in the crypto space has rebounded. In March 2026 there were about 100 funding rounds totaling $2.59 billion—the strongest month since October 2025—led by Coinbase Ventures and Animoca Brands. Blockchain services accounted for 39 of the rounds, followed by DeFi with 20 and CeFi with 15, indicating that capital continues to flow into the sector even as early‑stage valuations have been severely eroded.
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