Ghost chains in the cryptocurrency industry refer to popular and high-valued blockchain platforms that have little to no projects built using their technologies. In this article, we will look at the top 3 ghost chains in cryptocurrencies.
Cardano (ADA/USD) is the biggest ghost chain in the cryptocurrency industry. It is valued at over $39 billion, making it the 6th biggest cryptocurrency in the world. At its peak, Cardano was valued at over $90 billion.
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While Cardano is a big blockchain platform, it is difficult to see the projects that have been built using the technology. The reason behind this is that for almost half a decade, Cardano existed without a smart contract feature.
This changed last year when the developers launched the Alonzo hard fork, which introduced the features. Even after that launch, analysts note that there have been no major Defi or dApp that is built using the technology.
While Cardano lacks any project, its well-known brand name could help to propel it higher in 2022. Besides, it has an army of fans that could help it rebound. Also, the price has moved to the oversold level.
The NEAR Protocol (NEAR/USD) has become one of the best blockchain projects in the world. This year alone, the NEAR price has jumped by about 10% even as other cryptocurrencies have retreated. It has a market capitalization of over $8.7 billion, making it the 24th biggest cryptocurrency in the world.
NEAR Protocol was launched in 2020 as a layer 1 alternative to Ethereum. However, it is a bit difficult to find any dAPPs that have been built using the network.
In a recent article, the developers noted that the ecosystem had a total value locked (TVL) of about $200 million. Today, data by DeFi Llama shows that the network has only two apps that have a TVL of over $124 million.
Kadena (KDA/USD) is a relatively new blockchain project that was started by a team of ex-JP Morgan employees. The network claims to have speeds of over 480k transactions per second. Today, Kadena’s KDA token has a total market capitalization of over $1.5 billion and is the 85th biggest cryptocurrency in the world.
On paper, Kadena looks like a winner. Besides, its transactions per second is significantly higher than that of other chains. Also, it was founded by leading experts who helped to build the JPM Coin.
However, a closer look at key platforms like DeFi Llama and Dapp Radar shows no projects that have been built using Kadena’s technology.
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