One of the most turbulent years in crypto with a host of decentralized and centralized assets has been 2022. Even though it was a tough year with bankruptcies and collapses, the ecosystem continued to thrive. However, the process has pushed bad actors and bad practices out of the ecosystem, albeit dramatically. Andrew Keys, venture capitalist and managing partner of DARMA Capital, wrote his blockchain predictions for 2023. One of them was that two big altcoin projects would turn into zombies.
“These two altcoins will turn into ‘zombies’!”
According to Andrew Keys, the remaining ‘vaporware’ blockchains will eventually lose their position as the ‘best’ blockchains. Meanwhile, vaporware is used for software or hardware that has been advertised but cannot yet be purchased because it is only a concept or is still being written or designed. Explaining this, Keys says, “even speculative money is leaving their ecosystem.” Continuing from this point, Keys makes the following statement:
In terms of market cap, vaporware blockchains like EOS and Cardano remained among the ‘best’ blockchains. Currently, Cardano is in the top 10 and EOS is in the top 40. These projects have undergone almost no ecosystem development, despite the breakthrough innovations happening throughout the rest of Web3. So they still stand up to the hyp from their early days.
Analyst said zombie, Hoskinson took it to the ti!
Keys’e compares two altcoin projects with the leading altcoin project. In this respect, she implies that Ethereum is a handful of ears. Based on this, Keys makes the following assessment:
At the current depth of the bear market, Ethereum maintains $1 billion in volume every 24 hours. Compare that with Cardano’s daily volume of around $1 million and EOS around $100,000. The bear market has not been kind to any altcoin projects. However, EOS is in a unique position with a loss of $4.2 billion. Because, compared to the initial funding, it was the altcoin that suffered the most.
According to Andrew Keys, neither altcoin lives up to the promises made to early consumers. That’s why he says that even institutional investors and early retail investors before the first token offering will lose interest in 2023. In this context, he makes the following predictions:
Under the undeniable lack of on-chain adoption, they will finally lose their last mainstream backers. That’s when the death knell will ring for these vaporware altcoin projects.
Cardano inventor Charles Hoskinson did not remain silent to these harsh criticisms. Hoskinson responded to Andrew Keys’ claim by posting on Twitter. The Cardano founder sarcastically said that Cardano is now a zombie blockchain.
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