Since its launch in 2017, ICON has touted itself as a protocol that would “hyper-connect the world”. Its value proposition relied on an interoperability layer that connects siloed blockchains, allowing for seamless transmission of value.
However after 2 years of work, crucial elements are still missing. Despite having a sizeable and well-equipped team, ICON is facing hurdles with respect to low user adoption, missed deadlines, and a small ecosystem – as well as prioritization issues that have stalled progress.
While “reprioritization” is the team’s preferred term for ICON’s state of affairs, it appears that the project is being forced to recalibrate itself in hopes of populating the ecosystem. Despite these changes, the project has met roadblocks attracting node operators to secure the network.
The situation has been worsened by the gap between the project’s public and private chains. With the synergies between the underlying token and ICON’s enterprise solution unclear, the projects growth efforts appear scattered and unsustainable. Meanwhile, the competitive landscape is not static, and rivals continue to one-up each other as they battle for developer and user attention.
ICON’s saving grace could be rolling out interoperability features and successfully transitioning to the proposed node structure. Until then, the project will face an above-average level of risk, and the ecosystem development will likely continue to stagnate.Read full report
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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.Read full report
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