Cardano blockchain, a great graveyard for dead digital currencies!

According to a recent report by the AlphaQuest platform, at least 74% of the projects in the Cardano ecosystem are dead. According to statistics, this blockchain is among the 10 largest chains in terms of the largest number of “dead coins”.

The analyst of the news agency Altcoin Buzz analyzed the AlphaQuest report and found that 72% of all cryptocurrency projects created in the bullish trend of 2021-2021 died.

This analyst further added that the Cardano and Terra ecosystems are among the top 10 categories in terms of the most dead coins, and the average life of most of these dead projects was only three years.

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Beginning

AlphaQuest reviewed and categorized cryptocurrency projects using four criteria: low trading volume or liquidity, inactive or deleted X (Twitter) accounts, defunct websites, and removal from the CoinMarketCap platform. Further details of the report show that most of the projects under review are dead by 2023.

Last year was a critical year for digital currency projects with almost 60% of coins dead. During this period, 93% of the projects had low transaction volume and liquidity, and 58% of them had deleted or inactive accounts or websites.

Further examination of the report reveals that 75% of the dead projects were in the video game and music sectors. Also, 75% of asset-backed stablecoins have also failed.

In addition, 51% of Metaverse projects are considered dead. Despite the many failed projects in the Cardano ecosystem, AlphaQuest pointed out that several other projects, such as WanChain, a decentralized inter-blockchain collaboration solution, have performed well and gained considerable notoriety.