Ten Blockchain Projects Raised $1.2 Billion and Are Now Down 96% to 100% From Their Peaks

A new CryptoRank dataset published March 5 tracks ten blockchain projects that collectively raised over $1.2 billion in funding, reached a combined all-time high market cap of approximately $25 billion, and have since lost between 96% and 100% of their peak value.

The data raises hard questions about capital allocation in crypto infrastructure.

The Full Picture

Flow leads the raise column at $746.50 million, peaked at $5.02 billion, and now trades at $0.0349 against an all-time high of $43.35, a 99.9% decline. Boba Network raised $115 million, Celo raised $104.50 million, and Scroll raised $80 million. All three are down above 96% from peak.

The declines are consistent regardless of funding size. Evmos raised $27 million and lost 99.9%. Blast raised $20 million and lost 98.2%. Radix raised $14.1 million, somehow reached $4.72 billion in market cap, and trades at $0.00101 today. Manta Network raised $60.31 million and sits 98.4% below its high.

Two cases stand out operationally. Kadena raised $35.15 million, peaked at $4.40 billion, and has shut down entirely. Moonbeam raised $31.95 million, peaked at $3.85 billion, and now operates with approximately 200 daily active wallets. Scroll raised $80 million and currently generates $498 in daily protocol revenue.

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What the Data Actually Shows

The raise size did not determine survival. Neither did peak market cap. The projects that failed did so because they could not retain developers, users, or economic activity against networks that had stronger product-market fit and deeper ecosystem effects.

The 2021 to 2022 layer-one and layer-two expansion was premised on the idea that multiple competing networks would each capture meaningful on-chain activity. That did not happen. Activity consolidated around Ethereum, Solana, and a small number of others. Everything else competed for the remainder.

Capital allocation in crypto infrastructure has historically rewarded narratives as much as fundamentals. The $1.2 billion raised by these ten projects moved on the strength of whitepapers, team credentials, and cycle timing rather than demonstrated user demand. The current market cycle, with institutional capital flowing through regulated ETFs and real payment volume data from firms like Messari and Token Terminal, suggests the basis for allocation decisions is shifting toward fundamentals. Whether that shift is durable is the open question the graveyard data cannot answer.

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