Crypto startup projects didn’t manage to publish a single line of code for this year according to the GitHub reports where it says that more than 640 projects didn’t manage to do so as we are about to read in the latest cryptocurrency news below.
More than 31 percent of all crypto projects failed to publish a single line of code in 2019 and based on the research where 2,000 were questioned by Coincodecap project, 640 were completely inactive. The numbers come as no surprise since only a small number of projects reach the top spots when it comes to GitHub but the sign is really worrying because the former ICO startups are also starting to crash and burn or simply fail. The Coincodecap project commented:
“Crypto landscape is full of lies and empty promises. To make this ecosystem better we need to weed out projects which are not fulfilling their promises made to investors.’’
The analysis of Coincodecap which only links exchanges rates success with the code commits shows that the assets that belong to those project that are now inactive have a market cap of $415 million. The most dramatic example was the Proton Token project which has not published a single code since 2018. One of the reasons for this slow and weak activity is because of the process of creating a new blockchain project. This process can be very simple and easy especially if it is built on the Ethereum network. This way, many of the projects promised to launch their own blockchains but very few did create a new network during the bear market for altcoins. Even the projects that actively publish new codes have slowed down their activity. The major coins such as Bitcoin Cash and Monero slowed down their pace of commits.
The highly inactive projects also show that only a handful of exchanges have a reputation of listing relatively obscure projects. YoBit is the leading exchange which hosts more than 62 tokens or coins with not a single line of code written in 2019. The slowing down of the pace coincided with the loss of runway for most of the crypto startup projects and especially those who raised funds at the peak of the market. Ethereum dropped to $200 and many other projects didn’t manage to meet their development requirements. It is not new for the projects to start dying as we already read in the previous altcoin news but for new, the most inactive startups see at least some trading
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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