The false prosperity of $415 million? Super 30% cryptocurrency item no longer updates code

GitHub and development activities are one of the indicators for measuring the status of cryptocurrency startups. Tracking codebase activity is very important, and regular codebase activities show the promise of the project, and it is necessary to get the investor's trust in the project.

Some code bases are very active, especially around some key activities.

Crypto

But in many cryptocurrency projects, as many as 32% of projects did not release any single line of code in 2019. According to Coincodecap's research on 2,000 startups and 16,000 code bases, 640 completely stopped their activities. Many of these assets are rolled out on multiple exchanges, including centralized and decentralized exchanges, with market capitalization of millions of dollars.

The last update time for these 640 cryptographic currency code bases is as follows:

1

This number is not surprising, with only a few projects taking the top spot on the number of GitHub code submissions. However, this sign is disturbing, and many startups are either obscured or simply fail.

Coincodecap commented:

"The cryptocurrency field is full of lies and bad checks. To make this ecology better, we need to eliminate projects that don't deliver on promises to investors."

According to Coincodecap analysis, the crypto assets of inactive projects have a market capitalization of $415 million. The most striking example is the Proton project, which has not released new code since 2018. There is also a coin BQTX Github with almost no code, but the market value is more than 45 million US dollars.

One of the reasons for the inactivity of these projects is that it is too simple to create a brand new blockchain project, especially based on the tokens of the Ethereum network. In the past, many projects have promised to launch their own main network, but few projects have chosen to create new networks during the competitive bear market.

But even more active projects have slowed their pace. The number of code submissions in mainstream currencies like BCH and Monroe has decreased. The top ranked Komodo and Lisk activity has also decreased.

However, many projects that are not active on GitHub are popular on some exchanges, and some transactions are usually willing to go online with some unknown projects. YoBit is one of them. The 62 tokens on the exchange did not write a single line this year.

Most exchanges such as YoBit are unable to earn enough revenue from the transaction, so they charge a high amount of the currency fee. This behavior is harmful to the entire industry. As more and more investors are victimized, regulators will track these exchanges and assets. Self-regulated markets must consciously maintain integrity and not expose customers to these harmful assets.

At the same time as code output slowed, most cryptocurrency projects also lost their advantage, especially those that raised funds during the market boom. Ethereum has fallen below $200 and many projects are unable to meet its development needs.

In the world of cryptocurrencies, the demise of projects is nothing new. But for now, most inactive startups have at least a bit of trading volume.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Bella Fang: The exchange is at the top of the food chain. How can small and medium-sized projects seize this channel?

On the afternoon of the 9th, at the 2nd Global Blockchain Summit·Wuzhen site hosted by Babbitt, Bella Fang, foun...

Market

Interview with Circle CEO by Fortune What role does stablecoin play in the cryptocurrency market?

This article discusses the differences between the cryptocurrency crash in 2022 and the late 1990s internet bubble, t...

Blockchain

Can the community restart and can the losses be recovered? 8 big events to clarify the way for FCoin to defend your rights

On February 17, 2020, FCoin founder Zhang Jian released the "FCoin Truth" announcement. FCoin was unable to...

DeFi

Postponed Fraud Trial of Mango Markets Exploiter: A Delayed Showdown

Fashion executive, Avraham Eisenberg, accused of a $116 million fraud at Mango Market, will face trial on April 8, 20...

Policy

Jurors buckle up as Sam Bankman-Fried's criminal trial takes off with riveting jury directions

SBF faces seven charges of financial fraud in connection with FTX's downfall in November.

Opinion

Research on the major wallet risks of Binance, KuCoin, and Jump: Are assets stored in large institutions 100% safe?

Undoubtedly, mainstream exchanges and institutions have invested a significant amount of funds and manpower in networ...