Internet Computer price

Written by: Biteye core contributor Viee Edit: Biteye core contributor Denise In the crypto industry, every bull market will give birth to countless "highlight projects": they are popular with leading VCs, appear on mainstream exchanges, and attract countless retail investors. But time is the sharpest litmus test, and the price of some projects has fallen by 90% or even more than 99% compared to the highest point, and the degree of project discussion has declined year by year. This article takes stock of 8 projects invested by star VCs that have had high hopes during the bull market phase. From ICP to DYM, we will focus on analyzing their funding background, market capitalization change path, and the underlying reasons behind the plunge - is the model unsustainable? The ecology has not been launched? Or is the competitor too strong and the market demand is insufficient? Internet Computer（$ICP） Once in the top five, now down 99.5% Internet Computer (ICP) is launched by the Dfinity Foundation and is positioned as a decentralized "Internet Computer" that aims to enable smart contracts to run various Internet services natively. The project began in 2018 and was launched for trading at a bull market high in May 2021, entering the top five cryptocurrency market capitalization on the first day, attracting great attention from the market. Behind ICP are top Silicon Valley venture capitalists, including a16z, Polychain Capital, Multicoin, CoinFund, etc., with a cumulative fundraising of $187 million. ICP initially rose to hundreds of dollars, peaking near $700 at one point, but quickly fell back after launching, falling below $20 within two months. As of 2025, ICP has been hovering around $3 for a long time, down more than 99% from its high. The main reasons for the failure of the project include valuation bubbles, hasty launches, insufficient initial liquidity, and external doubts about project governance and centralization. In addition, the development of the ecosystem has been slow and has not fulfilled its early promise of "reshaping the Internet". Fuel Network（$FUEL） The ambition of the modular executive layer, the reality has not yet been realized Fuel Network is a layer-2 solution for Ethereum scaling, with the core goal of separating the execution layer from consensus and data availability, increasing throughput and reducing costs. The project is backed by institutions including Blockchain Capital, The Spartan Group, CoinFund, and other institutions, and is said to have raised at least $80 million strategically. However, in terms of token performance and ecological landing, Fuel Network has not fulfilled expectations. The current price of FUEL is around $0.003, with a market capitalization of only ten million dollars, and the high is down more than 94%. With Ethereum scaling, various L2, and modular chain solutions emerging one after another, it is questionable whether Fuel's differentiated advantages can be maintained for a long time. Dymension（$DYM） New attempt at RollApps architecture, price drops by more than 97% Dymension is a project focused on "modular blockchain" infrastructure, focusing on L1 networks that allow developers to quickly deploy application-specific blocks ("RollApps"). Its design is to separate consensus from the settlement layer and build RollApps within the ecosystem to optimize scalability and customization. The project was launched in 2022 and launched the token DYM in early 2024. Despite its clear technical positioning and support from multiple investment institutions such as Big Brain Holdings, Stratos, and Cogitent Ventures, the current price of DYM has fallen by more than 97% from its peak in terms of market performance. According to data, its all-time high is close to around $8.50, and its current price is in the $0.10 range. Although the project is still in operation, the ecological progress is slow, and the community and user participation has not met expectations. Flow（$FLOW） The once NFT star chain is now losing attention Flow is a high-performance public chain launched by Dapper Labs, focusing on NFT and gaming applications. In October 2020, the FLOW token was launched on CoinList, and with the NFT boom in 2021, the ecosystem was once active. The financing lineup behind it is strong. Dapper Labs received multiple rounds of investment from a16z, DCG, Coatue and other institutions between 2018 and 2021, with a total financing of more than $18.5 million. The FLOW price reached an all-time high of around $42 in April 2021 and continued to decline as the market retreated. As of 2025, the price has fallen to $0.28, down over 96% from its peak, and its market capitalization has shrunk significantly. Flow's decline is closely related to the cooling of the NFT market. The ecosystem relies on a single popular application, lacks sustained growth momentum, and lacks user retention and real demand support in the long run. Yield Protocol The fixed-rate protocol backed by Paradigm, which was shut down in 2023 Yield Protocol is an Ethereum-based lending protocol that focuses on fixed-term, fixed-interest rate lending and realizes bonded lending products through the issuance of fyToken. The project was launched in 2019 and was once regarded as one of the explorers of the DeFi fixed income track. In June 2021, Yield completed a $10 million Series A funding round led by Paradigm, with participation from well-known institutions such as Framework Ventures and CMS Holdings. However, in October 2023, Yield Protocol officially announced the official closure of the protocol, and the official website was immediately taken offline. The core reason for the failure of the project is that the demand for fixed-rate lending is insufficient, making it difficult to maintain an effective market. At the same time, against the backdrop of the overall downturn in the DeFi market and intensifying regulatory pressure, Yield was unable to form a sustainable product model and eventually chose to voluntarily cease operations, becoming one of the few star VC-backed projects that has officially closed in recent years. Notional Finance（$NOTE） Lending agreements with fixed interest rates are gradually marginalized Notional Finance is a fixed-rate lending protocol deployed on Ethereum, allowing users to borrow assets such as USDC, DAI, ETH, WBTC for a fixed term, in an attempt to fill the gap in "stable income" products in the DeFi market. In May 2021, Notional completed a Series A financing led by Coinbase Ventures, with participants from first-tier institutions such as Polychain Capital and Pantera Capital, raising a total of over $11 million. As of 2025, the market capitalization of the NOTE token is only about $1.66 million, down more than 99% from its high, with a daily trading volume of less than 1,000 yuan, and low community activity and protocol update frequency. The core problem encountered by Notional is similar to that of Yield Protocol: fixed-rate products have always had limited user acceptance in the DeFi market and lack sufficient liquidity support. At the same time, its design is quite different from mainstream lending protocols, resulting in low user willingness to migrate, and eventually gradually marginalized by the market. DerivaDAO（$DDX） From star derivatives DEX to edge clearance DerivaDAO is a decentralized perpetual contract exchange project first proposed in 2020, positioned as a derivatives platform that combines CEX operation experience with DEX security. The project emphasizes community governance, attempting to replace centralized operations in the form of a DAO. In July 2020, DerivaDAO received investment from leading VCs such as Polychain, Coinbase Ventures, and Dragonfly, raising a total of $2.7 million. Although not large, the lineup is considered star-level. After launching in 2021, the price hit about $15, but it quickly declined. As of 2025, DDX has been hovering in the range of $0.01~$0.04 for a long time, with a drop of more than 99% from its high, and the project's market value has almost returned to zero. Due to the delay in product implementation, lack of competitiveness in functions, and the early aggressive mining incentive mechanism, the rapid release of tokens has led to no actual transaction demand. At the same time, the track faces strong competitors like DYDX, making it difficult for DerivaDAO to break through. Eclipse（$ES） Next-generation L2 infrastructure tests the waters, with a drawdown of more than 64% Eclipse is a Layer 2 solution that combines the security of Ethereum with the high performance of Solana. The project launched its mainnet in 2024 and launched its token ES in July 2025. The project has received investment from well-known venture capitalists including Placeholder, Hack VC, Polychain Capital, etc., with a financing scale of approximately US$65 million. However, judging by the market performance, ES token valuations have undergone a significant retracement. According to CoinGecko data, ES, while still trading, has fallen significantly by about 64% from its highs. The Eclipse ecosystem is still in its early stages, with fierce competition for roll-up or modular chain solutions, multiple projects competing for the L2 track, and the path to project market implementation has not yet fully emerged. epilogue This article is not intended to criticize or create emotions, but to provide a sober review of the "plunge samples" in the last round of craze before the next cycle arrives. They once had the most dazzling capital, narrative, and community – but they still couldn't escape the trajectory of unancholar, collapse, stall, and marginalization. In a market where finance and technology are highly superimposed, financing, token prices, and topic buzz alone are not enough. Is the business model valid? Can users be retained? Is the product continuing to advance? These are the core variables that really determine the fate of the project. These stories also remind us not only to look at the venture capital platform, not only to look at short-term surges, but also to learn to identify whether the long-term structure is established. When the tide recedes, what remains is the real value.