640 Crypto Projects Out of 2,000 Haven’t Published a SIngle Line of Code in 2019: Report
- Combined market cap of these cryptos is $415 million
- Ethereum, EOS, Cardano, Lisk Leads the Github Activity
- Exchanges prioritizing their own interest
“Crypto landscape is full of lies and empty promises,”
states the report analyzing cryptocurrencies’ Github activity, by CoinCodeCap, a code analysis, reporting, and API services for cryptocurrencies technology provider.
On analyzing the development activity of more than 2000 cryptocurrencies, the report found that more than 640 cryptocurrencies did not publish any code in 2019.
Tracing codebase activity is very important because these assets are manifested in their codebase. As such, regular codebase activity shows a project’s commitment and is further necessary to gain investor’s trust in the project.
$415 Million Market Cap not Really Worth Anything
While analyzing over 16,000 repositories, it found that these 640 crypto projects haven’t commit a single line of code in 2019, despite having millions of dollars in market capitalization and listed on multiple exchanges.
The combined market capitalization of these cryptocurrencies is more than $415 million.
Proton Token is one such crypto asset with over $80 million market cap that didn’t push any code last year. Another one is BQTX that has almost no code on their Github but has over $45 million in market cap.
On combining these with the Scam coins, the overall valuation crosses $1 billion.
Ethereum, EOS, Cardano, & Lisk Leads the Github Activity
As per its website, the top cryptos with Github activity (commit rank) are Insolar, Nuls, Augur, and Ethereum. Other coins in this list are Dai, Chainlink, Cardano, Chainlink, EOS, Golem, Lisk, Stellar, and IOTA among the top 20.
Exchanges Prioritizing their own Interest
Yori (62) and CoinExchange meanwhile, are top in listing these inactive assets.
“Normal investors get exposed to these assets on different Exchanges but these Exchanges prioritizing their own interest and are not performing due diligence.”
Because most of these exchanges aren’t able to generate enough revenue from trading, they charge high fees for listing coins, the report said.
It further points out how a self-regulatory market here will perform its fiduciary duty and further not expose customers to these harmful assets.