The Dormant ICO project will be the 3rd most actively developed crypto application.
Born in the initial coin offering (ICO) boom, an almost forgotten crypto “communication” app has become one of the most active projects in the crypto ecosystem.
According to a March 21 post by crypto intelligence platform Santiment, a dormant Ethereum-based project called Status — an open-source crypto messaging app — now ranks as the third most actively developed project in the past thirty days.
As Sentiment shared, it saw ten fewer projects than Cardano (ADA), which had 434 GitHub commits last month, and 17 fewer than the most actively developed project, Chainlink (LINK).
The still-unreleased communications app positions itself as a competitor to Discord and Telegram, with community-oriented features and allowing users to message each other through the platform.
While most other encrypted messaging apps require phone numbers to sign up, Status allows users to sign up to the platform using crypto wallet addresses.
However, it has been at least 6 years in the making since it first started during the Initial Coin Offering (ICO) boom in July 2017, raising $100 million for its native SNT token in less than 24 hours.
The project later drew criticism for being too slow to bring a working product to market.
In April 2020, the project's leadership, CEO Jarrard Hope and Chief Communications Officer Carl Bennetts, were named as individual defendants in a class-action lawsuit — alleging that the SNT token sale was an unregistered securities offering.
Fast forward to November 8, 2023, but the project has announced that it will launch alpha and beta versions of the app in the coming months.
In a blog post on Nov. 8, Status expressed some of the community's concerns about the development — saying that its initial vision of creating a consumer-facing super app was “overly optimistic.”
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Status cited a number of reasons for the development hurdles, including the abandonment of the “whisper” protocol and the transition challenges of being forced to lay off staff during the 2018 crypto market crash.
However, since the end of 2022, the slowdown in growth and the rise in crypto prices have shown that the company has re-established itself.
“The 2022 bull market provided us with the financial support we needed to execute Status' updated strategy, so the next step was to raise Orgin to the level of resources needed to realize our best vision,” the Status team wrote.
The project's native SNT token is currently changing hands at $0.04, up 2.4% in the last 24 hours and roughly 50% over the last year. According to CoinGecko, SNT was It is down 93.4% from its high of $0.68 on January 3, 2018.
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