The Nano team describes it as “an open source, sustainable digital currency.” The project was launched in 2015 to overcome many of the drawbacks of Bitcoin, such as poor scalability, high latency, and energy inefficiencies.
Using Directed Acyclic Graph (DAG) structure, Nano delivers zero-fee transactions, with high transaction throughput, low latency and relatively small ledger size. This technology helped the project gain a lot of attention and hype during the crypto craze of 2017.
However, just like most other projects Nano was hit hard by the bear market, and the ongoing problems with adoption and awareness have hampered its recovery. This proves again that good technology does not always equal success.
Although lately Nano’s team has been trying to transition from heavy development focus to heavy adoption focus, the right intentions may not be enough. Developing and realizing initiatives may take significant amount of time, which Nano may not have.
The situation is worsened by the growing competition in the space. Large-cap payment projects, such as Litecoin and Dash are getting stronger by the day, while new payment platforms such as Alogorand, with advanced features, are entering the market.
Without a significant adoption push, Nano will continue to slide further down the CoinMarketCap (CMC) rankings, and could become irrelevant in the long run.
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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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