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Ethereum Project Worth $400 Million Dies As Team Leaves Ship

05/09/2020
ethereum project

An Ethereum project worth $400 million bites the dust as the team left the project according to the ETH developer Bruno Skvorc posted on Twitter and we are reading further in the Ethereum latest news.

Bitcoin and Ethereum and some of the other top cryptocurrencies surged in the past two months but not all of the blockcain projects are doing well. One altcoin, according to Crypto Twitter was just branded ‘’dead’’ by the top developer in the space which came just after the project reached a $400 million market cap during 2018’s bull market. The market capitalization of the Loom Network LOOM cryptocurrency had more than $400 million market cap in 2018. However, the cryptocurrency’s market cap is less than $16 million which is a 95% drop from the all-time high.

The drop came as the project was seemed ‘’dead’’ as the Ethereum developer Bruno Skvorc published on Twitter a day ago. The Loom Network social media channels show that the Twitter account of the startup has not posted anything in the past 20 days while the Telegram channel shows messages of the channel getting closed. The Ethereum project and fund Stake Capital wrote that the project is dead and nodted that the CEO and all other key people left LOOM.

The project promised to be a Platform as a Service startup that is mostly focused on helping the developers that build and also launch decentralized applications which involves the ETH project over the course of its lifetime. Loom’s idea was to allow Ethereum-based applications to run on the side chains or other chains according to Paradigm. The Loom Network is one of the project that was pronounced ‘’dead’’ yesterday and outlined the broader trend in crypto.

eth chart

ETH Chart from LightCrypto

Another prominent trader noted that the past week saw a ‘’market decoupling between Bitcoin and altcoins’’ which shows the relative outperformance is a sign that the fiat currencies poured into the market and participants are getting away from altcoins such as Ethereum for Bitcoin. This trend will not change especially since investors like Paul Tudor Jones praised Bitcoin. A crypto researcher from Blockfyre wrote:

 “The reason the alt pumps are unconvincing is because they have followed the same patterns. IEO’s, Interoperability, privacy coins moving together. It’s coordinated as it has been the last 3 years instead of all ships rising together.”

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