This is just a value judgment as of today. Maybe someday, for example, ETH will hit its ceiling due to fundamental technical features, while the currently underestimated blockchains will turn out to be much cooler in practice. Or maybe it won’t matter what blockchain Dapp runs on at all.
#Flow
There was a bet on partnerships with big brands, but in 2.5 years no one has built anything on Flow yet. The entire NFT sector has already migrated to other networks. The team is trying, organizing events, but it’s no use. We’ll see how things pan out in the future, but there’s little hope.
#Sui
While other blockchains had to fight for a place in the sun, Sui provided a trampoline in the form of $335M of investment and an exponentially growing community after the Aptos airdrop. Now the blockchain has only $13M in liquidity, and the recent attempt to attract activity to the ecosystem with a few pre-flaw games under the pretext of 0.05% saplay rewards can be called a failure. Of course, it’s too early to draw any categorical conclusions, but I make an assessment of the current state.
#Mina
Is actually a good idea, to make the lightest blockchain possible. And in fact, the Mina node only takes up 22kb, and its size doesn’t grow over time. Instead of storing the entire chain of snapshots (snapshots instead of blocks), they only store the last snapshot, which has snapshots of previous snapshots (it looks like this). And the applications that are built on Mina are off the network, so they don’t overload it either.
But the thing is that MINA coin has been traded on the market for 2 years already, and so far not a single project on Mina has been released, everything is in testnet, that is TVL = 0. When asked in discord “why?”, the answer is “new technology”.
At the same time, it should be said that the last round of investment of $92M (total $136M) took place almost a year after the coin was released to the market, but by whom – FTX Ventures and Three Arrows Capital….
One could assume that Mina could take the role of a kind of Bitcoin, for storage, only to be super lightweight, with a node that fits on a Nokia, and with the ability to create smart contracts. But that’s not the problem, for all its lightness, Mina’s transaction speed is 22 TPS.
In general, it is still difficult to make any categorical statements, because there is no opportunity to evaluate projects that are not in Mainnet.
#InternetComputer (ICP)
Loudly debuted in 2021 blockchain, immediately took the top 10 CM, while the output was accompanied by such slogans from the creators as: “within 10 years to destroy the monopoly of Amazon, Facebook, Google, etc., and lay the foundation for Web 3.0”, “we managed to solve the trilemma of blockchain”, “the project has a serious technological base, it is registered in Switzerland, the developments are cited, there are patents”.
And so when the blockchain came out in Mainnet and everyone saw that there was nothing special in it, after that the price of the coin only fell. From $500 at the start to $4.4 today, which is -99% . And even so, the project is now in the top 30 positions and has 2 lard capa. In ICP invested $167M. The best proof of failure is TVL. Only $1M from one project. Others are either out of business or on the verge, like OpenChat – an alternative to Whatsapp or DSCVR – an analog to Reddit.
In addition, back in 2021, Arkham investigated and pointed out that Treasury and suspected insiders were constantly sending billions of dollars worth of ICPs to the exchanges, totaling 75% of total deposits, which may have caused the ICP prices to collapse.
#Terra
Is a well-deserved leader of the rating. Blockchain needs no introduction. The second half of 2021 was accompanied by a dizzying growth of the ecosystem. At the peak of its popularity, Terra was second only to Ethereum in TVL, which included MakerDAO, Uniswap, Compound, and UST reached a $17.5B cap, leaving BUSD behind. But that all changed in a matter of days. In early May, Terra lowered UST’s staking rate from 20% to 18%, in response to which users began withdrawing assets from the protocol and selling stackablecoin. As a result, UST lost its $ peg and the LUNA token it was backed by went into a death spiral.
It got worse. Instead of saving the project, CEO Do Kwon proposed a fork already without the stablecoin. As a result, the blockchain’s TVL is now just $6M, its creator is being prosecuted, and worst of all, a huge number of investors have lost fortunes.
