Layer 2 scaling solutions, once the bright lights of blockchain innovation, are now rather quiet. The networks that seemed so promising and so full of potential are now looking a little drab and stagnant. Many of the coins associated with these networks have been performing poorly and are not even close to their prior all-time highs. However, underneath this relatively calm surface, something interesting is taking place: several Layer 2 projects that raised tons of capital during the last bull market are now trading at market capitalizations that are lower than the amounts they originally raised. This uncommon occurrence has
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