Throughout 2017-18, Hedera Hashgraph was one of the most hyped DLT projects in the space. Touted as a replacement for existing blockchain technology, Hedera was seen by many as the next best thing since Bitcoin.
The project is quite unique in comparison to the rest of the market. Like no other project in the space, it was able to attract large multinational enterprises as Boeing and IBM, to its Council, which should help drive adoption of the project in the long term.
Since going live in September of this year, it has seen some meaningful adoption. The project already has 26 live dApps and over 500 companies that are building applications on its platform.
However the project has just launched, and its core technology is not yet ready for the mass adoption of applications due to limitations concerning smart contracts. Moreover, with a circulating supply of just 1.27% and high token inflation in the coming years, token holders will likely suffer from depressed prices as supply-side sell pressure remains high.
Although fundamentally the project has good long-term potential, medium-term limitations, and a poorly designed token economy introduce risk to token holders.
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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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