A Cryptorank snapshot of post-funding-round performance lays bare the scale of late-cycle venture markdowns in crypto. Ten tokens that priced private rounds between $100M and $1B now trade at token market caps 96% to 99.999% below those marks.
The Binary Holdings leads the damage at -99.999%, followed by Elixir (-99.97%), Shardeum (-99.82%), Astra (-99.60%), Camp Network (-99.06%), Warden Protocol (-98.10%), Upland (-97.58%), Tree (-97.43%), Stader (-96.98%) and Solv Protocol (-96.75%). Several of these projects raised from prominent crypto-native funds during the 2022-2024 upcycle, with valuations reflecting expected user and revenue trajectories that never materialised on-chain.
Why it matters
The list is a clean stress test of the last-cycle VC thesis: price tokens at a steep premium to circulating float, bet on unlock-driven demand, and exit into a deep secondary market. Most of the names above either shipped below roadmap, saw token unlocks swamp organic demand, or both. For funds marking these positions, the gap between last-round price and current market is now an institutional-grade loss that has to be carried into the next fundraise.
Market impact
The wider read is structural rather than name-specific. Late-stage token entry prices from the 2022-2024 vintage have generally not held, and the secondary market is pricing the survivors at deeply discounted venture marks. That gap matters for any fund looking to raise in 2025-2026 — the comp set just got a lot worse, and LPs will be reading the marks closely. Watch the next round of disclosed fund NAVs and the secondary desks for follow-on selling pressure on the same cohort.
Frequently asked questions
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Which project lost the most from its last-round valuation?
The Binary Holdings tops the Cryptorank list at -99.999% below its last private round, with Elixir (-99.97%) and Shardeum (-99.82%) rounding out the top three.
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What was the original valuation range for these projects?
The ten tokens priced private rounds between $100 million and $1 billion before collapsing to current token market caps that are 96% to 99.999% below those marks.
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Why did these token valuations collapse so sharply?
Most raised during the 2022-2024 upcycle at valuations tied to user and revenue trajectories that never materialised on-chain, with token unlocks often overwhelming organic demand.
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What is the broader market implication of this list?
Late-stage token entry prices from the 2022-2024 vintage have broadly failed to hold, putting pressure on venture funds still marking those positions and on the next cohort of fundraises.
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Where did this data come from?
Cryptorank's funding-rounds tracker, which compares disclosed private-round valuations against current circulating token market caps.
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