Cardano: One of the Top Ecosystems with Dead Coins
A recent report by AlphaQuest Research has identified Cardano as one of the leading ecosystems with a high number of failed cryptocurrency projects. The report highlights that 74% of Cardanoโs ecosystem projects have become defunct, putting it in the same league as Terra Luna. AlphaQuest defines ecosystems with more than 50% failed projects as โdead.โ Since 2023, there has been a significant decrease in the overall market value, resulting in the death of over 65% of potentially innovative projects. Inactive coins have vanished, with almost 60% disappearing between the 2020 and 2023 cycle. This includes delisted coins, those with low liquidity and trading volume, and ones with inactive Twitter accounts and websites.
Other Blockchain Networks with Dead Coins
Aside from Cardano, AlphaQuestโs report also highlights other blockchain networks that have a substantial number of dead coins. These include Harmony ONE, NEAR Protocol, Zilliqa, Celo, and Moonriver.
Promising Future for the Crypto Industry
Despite the failures of numerous crypto projects, AlphaQuest emphasizes that the cryptocurrency industry still holds promise for the future. While scams have tarnished the industryโs reputation and caused financial losses, new crypto initiatives continue to emerge every month. The research firm believes in the resilience and adaptability of the crypto market and predicts a positive long-term impact on the financial landscape.
Hot Take: Crypto Industry Survives Despite Dead Coins
Despite the prevalence of dead coins and failed crypto projects, the crypto industry remains resilient. The AlphaQuest report sheds light on the failures within the industry, such as the Terra Luna crash and the FTX debacle. However, it also highlights that innovation continues to thrive, with new crypto initiatives constantly emerging. While caution is necessary to avoid scams and protect investments, the crypto marketโs adaptability and potential for long-term growth make it an exciting space for enthusiasts and investors alike.
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