It is fair to say that this “copy-paste” (from Ethereum) strategy has been quite successful for some projects. Binance Smart Chain (BSC) and Polygon (formerly Matic) have grown large communities by copying products from Ethereum. Moreover, projects like Solana and Polkadot are attempting to expand their ecosystem in exactly the same way.
However, this strategy is unlikely to be successful on Elrond for several reasons. First of all, it will be much harder for developers to copy Ethereum products. Second, we now see massive competition in the market for building a DeFi ecosystem that is faster and less costly than Ethereum’s ecosystem.
In the absence of independent developers, Elrond’s team will have to handle most of the development on its own, which will unlikely lead to rapid progress and significant ecosystem expansion in the near future.
All things considered, Elrond has a great team, strong backers, and solid technology. However, it still needs to find ways to attract independent developers to its project in order to grow the ecosystem of products built on its network. Otherwise, Elrond risks losing momentum as soon as we enter the next bear cycle.
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CONVEX PICK OF THE MONTH REPORT: CVX
Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.
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