Six blockchain projects that collectively raised $500 million in venture capital generated just $360 in total daily fees on a recent day, according to a post by crypto marketer Stacy Muur. The figure underscores how many once-hyped networks have failed to attract meaningful usage after their token launches. Protos examined each project to understand the disconnect between fundraising and real-world adoption.
Berachain: $142M Raised, Token Down 98%
Berachain, a proof-of-liquidity chain spun off from the Bong Bears NFT collection, raised $142 million across two rounds in 2023 and 2024. Its BERA token has fallen 98% since its early 2025 launch, and the network was forced to halt after a Balancer exploit in November. One backer, Brevan Howard's Nova Digital, secured a one-year, risk-free refund right on its $25 million investment.
Celestia and Scroll: Data Availability and L2 Woes
Celestia, a modular data-availability network in the Cosmos ecosystem, raised $151.5 million across three rounds. Its TIA token surged 10x after launch but later crashed 98% to $0.40. Scroll, an Ethereum zkEVM layer 2 that raised $83 million, made just $24 in fees on the day examined. Its TVL peaked at $585 million during airdrop farming but then dropped 75%, leaving only $12 million on the chain.
Eclipse, Sonic, and Manta: From Hype to Ghost Chains
Eclipse, an SVM layer 2 marketed as "Solana on Ethereum," raised $65 million but saw its TVL fall 98% to $1.15 million. The team has pivoted to building an AI agent marketplace. Sonic (formerly Fantom) raised $61 million; its TVL once hit $7.9 billion but now sits at just $16 million, and founder Andre Cronje left last month. Manta, a ZK-focused chain, raised $60 million and saw TVL spike to $650 million during a gamified airdrop, only to collapse to $4 million within months.