Projects in crypto seem to shoot through the horizon like stars – but what happens to the projects that fizzle out?
Left at a Loss
We often hear about decentralized finance (DeFi) projects that are thriving, those you’re told you simply can’t miss out on. But what happens to the projects that endure difficulty or a loss of interest?
The initial signs are fairly recognizable: diminished social media activity, no more regular updates or article posts relating to development, and a clear impact on price activity. Many platforms find it challenging to maintain sustained growth following initial offerings and cannot continue lasting creative innovation.
We can take a closer look at some of the Binance Smart Chain projects that appear to have suffered.
Fry World Finance
The first red flag with Fry World comes in the lack of engagement from ‘Fryoneers.’ This is unsurprising when we look at Twitter engagement and presence. With the most recent tweet coming just over three months ago, you would be forgiven for thinking this project may have been abandoned.
It appears the Fry World Medium page also stopped putting out information around the same time.
And what is perhaps more worrying is that the most recent post indicates that “it’s been a turbulent week out there in markets, and we’ve had a real crypto rollercoaster on Fry.world… but our metrics are as strong as ever..” The last post was on March 5th.
We can take a glance at the aforementioned metrics. At the time of their most recent media posts, FRIES token sat at just over $80. This price is a stark dip from the high of $250 in February 2021.
The current price sits at $6 and is a long cry from the all-time high. Along with the lack of engagement, there seems to be little life from this project in its current state.
Around the same time in March, NyanSwop also endured difficulty. The difference in comparison to Fry World is that NyanSwop was quite decisive in terms of their prospects.
After setting out and highlighting an ambitious roadmap only a month before, it seemed the project met its end.
Just weeks after this graphic was published highlighting the route NyanSwop intended to take, followers were informed that the project had met its end.
In an emotive post highlighting the toxicity prevalent within influencer culture in the crypto sphere, the Nyan Swop team announced that the initial goals they had set out to reach were now obsolete.
After the damage the Nyan Swop team had endured from negative comments, they took the decisive step of informing followers that they had reached an end.
You have to respect the clarity and communication behind that last post, but what about projects that simply go quiet?
With only a few weeks since Kebab Finance’s last social media activity, it is difficult to say the project has been abandoned. But why the sudden hiatus?
There has been sparse activity and communication. After publishing this graphic marking Kebab Finance’s partnership with Astronaut.to––a project that has steadily built an impressive reputation––Kebab has been silent.
There has also been minimal price activity, with the current price of Kebab token at $0.05, moving up a cent or so since their most recent partnership was announced.
The market cap for Kebab has also been in steady decline. From a high of $24 Million in February, the market cap is now a dismal $43,230. The decrease reflects the overall market situation but shows a platform in significant decline.
You have to wonder what it is that sees a project move from announcing an encouraging partnership to simply going quiet. Many will argue that it is merely the nature of DeFi, but who’s to say whether these projects are working behind the scenes or are in fact dead.
The examples mentioned so far are not special cases, we can point to others who have not put out any social media content. Goose Defi has been quiet for over a month, or in the case of Soft Drink Swap, several months.
All this is to say that communication is key. While NyanSwop met difficulty, they were still clear in terms of letting followers know where they were at. Other projects do not seem to offer comparable clarity, and it is for this reason that organizations such as BSC.News are key. We are always looking to investigate and inform.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.