The sector of Layer 2 (L2), which was once regarded as the next frontier of blockchain scalability and investor fervor, is experiencing a revaluation that can only be viewed as sobering. Many of the most heavily funded L2 projects now trade at market capitalizations that are appreciably below the amounts they raised during their early-stage funding rounds. This trend, revealed by data from Tokenomist, paints a rather stark picture of changing market sentiment, capital efficiency concerns, and the tribulations that several L2 projects seem to be having in converting technological promise into consistent and investor-friendly actualities. From Sky-High Raises to
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