Rollup startup token plunges after $100 million VC backing, Evan Van Ness says

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Hanna Syniavska

11.03.2026

Rollup startup token plunges after $100 million VC backing, Evan Van Ness says — Rollup token drops after VC funding

A rollup company that previously raised approximately $100 million in cash from venture capital firms critical of Ethereum is now experiencing its token value dropping to zero.

Evan Van Ness noted that, despite initial interest in the company's alternative virtual machine (alt-VM), the project failed to gain developer traction and maintained a problematic cap table. Van Ness also mentioned pitching his media outlet to the company for alt-VM coverage when they were in a pre-token phase, which was declined.

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