Modern Economic Nonsense — Web3 continues building despite the bear market
The current bear market has been very hard on many projects, especially those that are not meant for a quick success. As a result, many projects have decided to cease development and wait until the market turns back. Some have even gone as far as closing down entirely. However, not all of them have given up or accepted the market conditions. Some projects have continued working despite the bear market by focusing on their user base instead of investors or funds. These include decentralized apps (DApps), which might be an exception in questionable markets but shows what can be done if you focus on users instead of money. Let’s take a look at some more examples of DApps that continue building despite the bear market:
Crypto Identification
Crypto Identification is a decentralized app that allows users to collect and prove ERC-721 non-fungible tokens (NFTs). It is one of the most successful NFT dapps of this kind and the one that will experience the biggest growth in coming years. However, the growth slowed down in 2018, and by January 2019, the number of active users dropped to only about 300,000 through NFT usages. This shows that the popularity of NFTs is not something that can last forever. The number of people interested in collecting and trading unique tokens is still great, but it can’t match the numbers of 2017, when CryptoKitties was one of the top dapps on both iOS and Android. The popularity of this kind of dapps is also impacted by regulations and the current bear market has shown that the craze for unique tokens ends just as quickly as it begins.
0x Protocol
The 0x Protocol is an open-source decentralized exchange that allows users to exchange Ethereum ERC-20 tokens without requiring a central organization or service. In the current bear market, 0x may have been one of the few projects that grew steadily. It is currently ranked 34th on the list of most active tokens on the Ethereum blockchain, with a transaction volume of more than $20 million in the last 30 days. The protocol is powered by off-chain orderbooks, allowing it to avoid high gas prices and improve overall transaction speeds. In its short history, 0x has successfully united major decentralized exchanges (DExs) like Coinbase Pro and Gemini. Combined, these platforms have the liquidity to handle tens of millions of transactions per day.
Decentralized Apps
There are a lot of attempts to create decentralized apps. Among them, there are those that focus on a single service and do not expand their functionality. Several examples of such DApps are 0x Protocol, Augur, and CryptoKitties. Other DApps are more ambitious. Status Network is one of those. It is a decentralized application that implements a peer-to-peer protocol for communication between decentralized applications. Users can use Status to communicate with other decentralized apps and to make decentralized apps communicate with each other. The protocol uses a combination of the Ethereum blockchain and IPFS to store data. This makes it possible to create a decentralized network that is decentralised and secure.
Status Network
Like 0x Protocol and Augur, Status Network has been built to decentralize existing services. It is a decentralized messenger and decentralized app platform that allows users to communicate with each other and access their decentralized apps. The messenger portion of the Status Network is similar to WhatsApp, Google Hangouts, etc. The difference is that it is built on decentralized technologies. The protocol uses Ethereum blockchain and IPFS to store data. This makes it possible to create a decentralized network that is decentralized and secure. The user interface of the messenger is available on both Status Network and other popular mobile apps, including Android, iOS, macOS, Firefox, and Sails. The Status Network is a decentralized application platform for decentralized apps that uses Ethereum and IPFS for data storage. The Status Network is a decentralized application platform for decentralized apps that uses Ethereum and IPFS for data storage.
Conclusion
The current bear market has been hard on many projects, especially those that are not meant for a quick success. However, some continue building despite the bear market by focusing on their users instead of investors or funds. These include decentralized apps (DApps) like CryptoKitties, which might an exception in questionable markets but shows what can be done if you focus on users instead of money.
Reminder: I am not your financial advisor.
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