Dormant Ethereum-Based Project Status Surges as Third-Most Actively Developed Crypto App
Summary:
The Ethereum-based project, Status, has become the third most actively developed project in the crypto ecosystem, with over 434 GitHub commits in the past month, according to Santiment. Portraying itself as a rival to Discord and Telegram, Status is an open-source crypto messaging app that allows users to sign up using crypto wallet addresses. Despite earlier criticisms regarding its slow market delivery and a class-action lawsuit, Status has announced the forthcoming launch of its app’s alpha and beta versions. The app has bounced back in terms of development activity and its native SNT token price, which saw increments after the bull market in late 2022.
Once overlooked during the inception of the initial coin offering (ICO), an Ethereum-based project named Status is suddenly a hot development and is being touted as potentially the third most actively developed project in the world of cryptocurrency, as per Santiment, a Crypto intelligence platform's post dated March 21st. In the past month, Status accounted for over 434 GitHub commits, a hair's breadth behind Cardano (ADA) and Chainlink (LINK). The yet-to-be-launched communication app aims to rival platforms like Discord and Telegram, boasting community-centric features, and even promises its users the ability to exchange cryptocurrencies. Unlike most of its counterparts that require phone numbers for registration, Status provides the option to sign up using crypto wallet addresses.
The project, which debuted amid the ICO boom in July 2017, amassed $100 million for its native SNT token within a day. Nonetheless, it was later criticized due to its slow rate of product delivery into the market. This led to legal troubles for Status’s leaders, CEO Jarrad Hope and chief communications officer, Carl Bennetts, who stood as individual defendants in a class-action lawsuit, accusing the SNT token sale of being an unregistered securities offering.
Fast forward to November 8, 2023, the team at Status announced the approaching launch of alpha and beta versions of the app. The team admitted in a blog post the same day that their original plan to create a 'super app' was “overly optimistic”. Contributing to these obstacles were scalability issues and being compelled to downsize after the crypto market crash in 2018. However, reemergence in development action and a rise in crypto prices since late 2022 helped the firm stabilize. As the Status team explained, “The 2022 bull market furnished us with the financial resources vital for carrying out Status' renewed strategy, so the subsequent stage was to scale the organization back up to the resource level necessary for achieving our ambitious vision.”
The project's native SNT token currently stands at $0.04, demonstrating an increase of 2.4% in the last 24 hours and roughly a 50% rise over the past year. However, the SNT token value still remains 93.4% below its all-time high of $0.68 back on January 3, 2018, according to CoinGecko data.
Published At
3/22/2024 4:06:55 AM
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