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5 DeFi Projects That Seemed Promising But Went Under … 

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With over 20,000 cryptocurrencies existing in the world today, there are countless projects out there that don’t survive long-term. These crypto projects are commonly referred to as “dead coins,” which simply refers to coins that no longer have any momentum.

The reason is not necessarily what the media likes to focus on : rug pull, exit scam etc. 

Reality is more complex and here are a few reasons why a project dies, but the most common are:

  • Not enough funds – there have been crypto projects out there that seemed promising and were created with all the right intentions, but they ended up not being able to raise the capital needed to follow through. In fact, most projects have this problem. Investors take note of the profit margins to see if they’re up to par. If not, they look right over these projects. 
  • Community Disengagement – with so many projects emerging in DeFi, it can be difficult to get the interest of enough people to reach escape velocity. Once a project has it, it has to keep it through the storm of other shiny objects competing for its investors’ attention. Sometimes the community gradually slips away, enticed by the promises of the next great thing.
  • Low trading volumes – If a project ends up with less than $1,000 in trading volume for three straight months, it’s considered a dead coin. Low trading volumes generally mean that a project falls short of providing utility and/or interest from traders. It’s a sure-fire path to the dead coin vault. 

Let’s look at a few of the top projects that seemed promising in the beginning but ultimately fell apart for one reason or another. 

1. NanoHealthcare Token (NHCT) 

The NanoHealthcare Token was created in India in an effort to reform the country’s healthcare system through the blockchain. The NHCT creators hoped to improve flaws in the system, reduce high costs and improve data security practices. 

NHCT aimed to take a holistic approach to healthcare and improve it through the concept of “total health.” This involved them focusing on four major parameters – mental, physical, fitness and a well-balanced diet. 

The coin experienced some hype but ultimately failed due to lack of investor interest. In turn, its developers abandoned the project. 

2. Paycoin (PCI)

Paycoin was among the first crypto projects out there. Launched in 2014 by respectable miners Josh Garza and GAW, Paycoin was intended to improve the Bitcoin network. The founders were well versed in the DeFi world. Paycoin saw massive growth in the beginning. With a market capitalization of $115 million in 48 hours, it quickly gained popularity.

Ultimately, the project fell apart due to a lack of security that stemmed from rushing production efforts. The founders were unable to fulfill many of their promises, which led to the downward spiral of Paycoin.  

3. SpaceBIT 

SpaceBIT was on a mission to be known for its uniqueness. The project involved launching nanosatellites into space that made electronic currencies accessible everywhere. The SpaceBIT team hyped up the world and made it seem as if they had all the materials needed for the successful completion of the project. Ultimately, though, they never followed through. Lack of infrastructure was the primary factor that caused SpaceBIT to fall out of the sky.

4. Ring Financial 

Ring Financial aimed to aggregate DeFi protocols, and it was intended to live on the Binance Smart Chain (BSC) to keep fees low for users. The project began with a 5.56% return per day offered in tokens. From November 4, 2021, to November 23, 2021, the project saw promising growth; it went from $1 to $250 in the short timeframe. 

Then came the first strike in December. After the project was verified on BSCScan, it became more visible than ever. This left it more vulnerable to hackers, which is what led to Ring’s contract being exploited in December of 2021. The project survived this hit but faced harsh scrutiny from investors. Ultimately, people began losing confidence in the project despite the teams’ efforts to save it. The project did not recover after this. 

5. GetGems (GEMZ) 

GetGems was launched in 2015 following a similar-named project (that ultimately failed) named Gems. The founder was Daniel Peled, and his vision was to change the social media world as we know it. 

GetGems was created as a social messaging app that allowed users to send and receive bitcoin. The project managed to raise $1 million initially through crowdfunding efforts along with direct investments. 

The project ultimately failed after it did not follow through on promises to change the social media landscape.

Do you have a dead coin in your portfolio? 

With the dawn of the crypto winter, it’s a possibility that you could have a dead coin floating around in your portfolio. Fortunately, there are some things to look out for when determining if a coin is legitimate or not. 

First, put a mental red flag up if you see a coin that guarantees a return on investment. Avoid these at all costs. Also, coins that are worth investing in will generally be listed on a trusted trading platform, such as Binance or Coinbase. 

Always remember to stay informed and make diligent decisions about your investments.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

VPNRanks Report Uncovers User Discontent with Majority of VPN Services

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A groundbreaking report by VPNRanks reveals significant user dissatisfaction with the majority of VPN services, showing that 89% of VPNs globally fail to meet user satisfaction standards. This revelation comes at a critical time when digital security is paramount, and the demand for reliable VPN services continues to rise.

The Importance of User Satisfaction in the VPN industry

According to industry statistics from Global Market Insights, the global VPN market size was valued at USD 45 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of around 20% from 2023 to 2032. Driven by the growing instances of cybercrimes and data thefts, coupled with the increasing proliferation of wireless devices and digital infrastructures across industries, user satisfaction remains a critical challenge for many providers. High user satisfaction is essential for customer retention, brand reputation, and long-term success in the competitive VPN market.

“User satisfaction is the cornerstone of success in the VPN industry. In a market flooded with options, it’s the real user experiences that set the leading providers apart. VPNScore helps users navigate this complex landscape by highlighting services that excel in meeting user expectations,” said Muhammad Saleem Ahrar, COO of webAffinity, the team behind VPNRanks.

VPNRanks is a leading VPN review platform that leverages sentiment analysis to provide comprehensive and unbiased reviews of VPN services. Its VPNScore is based on an AI-driven analysis of publicly available user reviews. The platform aims to simplify the process of identifying the best VPN provider tailored to each user’s unique needs.

VPNRanks Untangles Complex Findings on Key Features

VPNRanks evaluated four key features — ease of use, ease of setup, ability to meet user requirements, and quality of support — to identify the VPN companies that excel at customer satisfaction. To determine a final rank for each metric, VPNRanks combined a popularity score, which contributed 20 percent of the total, with a satisfaction score, which contributed 80 percent.

The study sifted through reviews on 93 paid VPN companies to determine the top providers. The VPNRanks report, issued in June 2024, provides rankings for each key feature and overall customer satisfaction. ExpressVPN achieved the top VPNScore — 6.29 out of 10 — for overall satisfaction globally. The next four top companies in that category, listed in descending order, are PureVPN, NordVPN, PrivateVPN, and Surfshark.

By assessing a variety of categories, the VPNRanks study reveals the challenges users face when trying to identify the best option to meet their needs. For example, NordVPN received a nearly perfect popularity score of 9.46 out of 10 but only a 4.7 satisfaction score. PrivateVPN received a satisfaction score of 6.69 out of 10, which rivaled ExpressVPN’s score in that category, but received a popularity score of only 1.23 out of 10.

The global rankings for ease of use illustrate how challenging identifying a quality provider can be. VeePN received a very high satisfaction score of 7.18 out of 10 while receiving a popularity score of less than 1 out of 10. The findings reveal a gap between user experience and market penetration that can effectively keep the best option hidden from the consumer.

The VPNRanks report gives users insight into satisfaction and popularity while providing a balanced assessment via its VPNScore. “Users should choose based on their priorities, whether it’s user satisfaction, market presence, or a balanced option,” the report states.

VPNRanks Shows Providers How to Become More Competitive

In addition to serving as a guide for consumers, VPNRanks also maps out a pathway for VPN providers seeking greater market share. The VPN providers that consistently appear in the top spots on the VPNRanks charts are those that have achieved a balance between popularity and user satisfaction. Those who neglect one or the other cannot keep pace with market leaders.

The report explains that those with high satisfaction scores but low popularity “might be well-loved by their users but need to increase their market visibility to compete more effectively.” Achieving overall success in the VPN market requires balancing user satisfaction with market presence, it advises.

Conclusion

As the need for VPN services continues to grow, businesses can expect to see more providers enter the market, making the task of identifying the best option more difficult. The insights VPNRanks provides stand as a timely beacon, guiding users to providers who can satisfy their needs and support their operations.

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