Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as "functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having "limited user bases.” According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain. While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization.
In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.” These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others. XRP And Ethereum Classic In The Spotlight Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie.
Crypto Zombie’ Blockchains The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum. Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic. These blockchains, collectively valued at $23 billion, reportedly emerged from "disagreements” among programmers regarding the governance and direction of the original chains. Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors.
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