Crypto Projects Raise $450M, $350M, and $314M Amid Concerns Over Market Viability and Capital Formation

The cryptocurrency sector continues to attract significant capital, with various projects raising substantial amounts despite criticisms regarding their viability and market competition. Notable fundraising efforts include Polygon, which raised $450 million, NEAR at $350 million, and Solana with $314 million. Other projects such as TON, The Graph, Uniswap, Filecoin, Sky Mavis, and Helium have also secured hundreds of millions in funding. Critics argue that many crypto projects lack proven product-market fit and are engaged in unhealthy competition, with some projects raising large sums while others struggle to gain traction. The overall crypto market valuation is currently comparable to that of Google, highlighting the industry's potential for growth. However, there are concerns about capital formation practices, suggesting a shift from the initially promised democratic and open access model to a more gated environment resembling traditional private markets.