[DigitalToday reporter Jinju Hong (홍진주)] Major crypto projects that were valued at more than $1 billion in private investment rounds have seen their market capitalisation plunge after listing, data showed. Some fell by as much as 99 percent or more, effectively wiping out their value, an analysis showed.

BeInCrypto, a blockchain media outlet, reported on April 12, local time, citing CryptoQuant data, that the current market capitalisation of the 10 projects surveyed has shrunk to between $7 million and $294 million. Their declines from the valuations at their last venture funding rounds were estimated at 88 percent to more than 99 percent.

The project with the biggest drop was Ethereum layer-2 Scroll (SCR). Scroll raised $80 million in a funding round joined by Polychain Capital, Variant and Bain Capital Crypto, and was valued at $1.8 billion at the time. Its market capitalisation is now about $8.25 million, down 99.54 percent.

Boba Network and Fuel Network also posted declines of close to 99 percent. CryptoRank said the projects had fallen from valuations of several billion dollars to levels close to zero, calling them cases of "near-total value destruction".

The biggest loss by value was Starknet (STRK). Starknet raised $282.5 million from Paradigm, Sequoia Capital and GreenOaks Capital, among others, and was valued at $8 billion, but its market capitalisation is now about $199 million, down 95 percent.

Other projects in the top-10 list included Polyhedra Network, Wormhole, Magic Eden, HashKey Group, Mocaverse and Immutable.

Four of the projects with steep declines were in the zero-knowledge proof (ZK) and layer-2 sectors. That is seen as an example of how valuations became sharply detached from market prices during periods when funding was concentrated in specific technology areas.

Despite the weak market, venture funding is rising again. CryptoRank said crypto industry fundraising in March 2026 totalled about 100 deals worth $2.59 billion, the highest level since October 2025.

By investor, Coinbase Ventures and Animoca Brands were the most active participants. By sector, blockchain services led with 39 deals, followed by decentralised finance (DeFi) and centralised finance (CeFi).

In the industry, the gap between post-listing market capitalisation and private-stage valuations is emerging as a more important yardstick. The findings reaffirm that participation by major investors alone does not guarantee performance after a token listing, and that liquidity and demand formed in the market remain key variables in a project's value.