After the launch of its mainnet at the beginning of 2019, Zilliqa has entered a new development phase, with the team starting to focus its efforts on ecosystem expansion.
Since the launch, the project has made progress. Zilliqa announced several pilot projects, collaborations, and ecosystem investments that have the potential to boost its platform’s adoption in the long run.
However, while the project is making its first steps towards building a healthy ecosystem, there are many obstacles still ahead.
Competition remains a significant challenge for Zilliqa. The project’s ecosystem is still small, while the large rivals, such as Ethereum, EOS, and Tron, are dominating the dApp market.
Zilliqa does not have Ethereum network effects, and in order to remain competitive, it is subsidizing startups to build on its platform. However, such a strategy is unlikely to be sustainable in the long run.
Sooner or later, the money will dry up, and by that time, to survive, the project will have to have an ecosystem of outside developers that bring new applications to the network and help increase usage of its blockchain.
So, in the upcoming years, Zilliqa’s team will have to put a lot of effort into developing workable relationships with potential ecosystem partners to expand its network and remain competitive. Otherwise, it risks becoming irrelevant.
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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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