Polygon (MATIC) has plunged 71% since the start of the year, despite the breakout success of betting website Polymarket, which is hosted on the blockchain. Cosmos (ATOM), polkadot (DOT) and avalanche (AVAX) — smart contract platforms that rose to prominence in 2021 — also performed badly, down 64%, 55%, and 41% each. Ether, of course, has disappointed expectations despite gaining its own spot exchange-traded funds, but at least the coin is up 6%.