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Dead Crypto Projects in 2023: $940 Million in Value Lost! The crypto world is a rapidly changing landscape, and these changes can sometimes lead to the collapse of projects. 2023 saw the collapse of many cryptocurrency projects. According to an analysis by RootData, 117 projects became completely worthless this year, resulting in a total loss of $940 million.
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RootData Analysis: Dead Crypto Projects and Value Loss
RootData’s report provides a detailed look at the collapses that occurred in the cryptocurrency industry in 2023. Leading names were among the projects that collapsed. Prime Trust, Gomu, GRO Protocol, Stelo, and Yield Protocol were once valuable and important projects, but they are now defunct.
Project Value Loss and Projects That Collapsed
In addition to projects like Gro Protocol (GRO), which is one of the key players in the DeFi world, and meme-themed projects like SafeMoon (SAFEMOON), many projects offering NFTs, cryptocurrency wallets, and DAO solutions were also added to the trash list. A total of $940 million in value was lost.
Similar Situations and Lessons from the Past
Similar collapses have occurred in previous years. It is known that large projects such as Terra (LUNA) and FTX have also faced similar situations. The volatility and rapidly changing nature of the cryptocurrency world is a warning that similar collapses could happen again.
Key Lessons: Sustainability and Functionality for Crypto
These collapses once again highlighted the importance of functional and sustainable projects in the cryptocurrency world. The importance of a solid business model and a long-term vision was emphasized, in addition to technological innovations.
Suggestions for Successful Projects
In order to be successful in the future, projects need to prioritize their ability to adapt to user needs, their reliability, and their long-term vision. A solid business model, in addition to technological innovations, is also emerging as one of the basic elements for success.
Investment Strategies and Risks in the Crypto World
The cryptocurrency world offers potential gains for investors, but it also carries high risks. With the lessons to be learned from past collapses, investors should pay attention to the sustainability, technological infrastructure, and financial status of projects.
Conclusion:
The future of the crypto world is focused on how projects will shape it with sustainability, user focus, and technological innovations. These collapses could also be a sign of a period in which the sector will learn from its mistakes and take more solid steps.