Shit coins need not apply
Everyone in the space is familiar with the term “shit coin.” If you are not familiar, Meltem Demirors validates it here and also does a comical podcast episode with Jill Carlson where they dive deep into the “shit coin waterfall” theory, which I totally agree with. Charlie Shrem recently tweeted about how this is part of the market maturity process, which I also agree with.
But I wanted to do my own research, so I peeled the onion back a little bit. For someone that believes in the space as a whole and appreciates all of the hard work that people are putting into this emerging industry, my recent research has really grounded my perception. I have not lost hope.
Of the 300+ projects that I researched, I have found a handful of projects that have shipped a product. Roughly 4% of the projects I researched have shipped a product and utilize a native token in their ecosystem, making the token useful. This 4% metric is lower than the predictions of 10% of the cryptoasset market still being around when the market reaches maturity.
Research Formula
- Baseline: Going through Coin Market Cap 1–300+ projects based on volume. Volume was my easiest starting point. I also did not do this in one go, so I know projects moved around because of how (especially) volatile the market is right now. I also know that there are some badass projects that have shipped that probably have low volume. Please let me know about a project I missed and I will add it if it meets the below criteria.
- Criteria: Projects that were picked focus on having a working product. Projects that focus on enterprise solutions and/or have no way for me to verify the use of the native coin was not selected. I also did not include a lot of the payment projects that sent crypto wallet to wallet or exchanges. A payment project would need to have differentiated themselves from others in this vertical. An example of said project is PundiX.
- Focus: I was specifically looking for projects that have been built on Ethereum. If I did miss your favorite project, let me know and I will be happy to include it if the native token can be tested and deemed useful.
- Your Favorite ERC20 Project: If you have a project that fits the above criteria, we at Ethex.market would be interested in possibly listing their token. Feel free to fill out this form and we will get back to as soon as we can.
Useful Tokens that might get listed on Ethex.
- 0xBitcoin (0xBTC) is the first PoW pure mined ERC20 cryptocurrency. Token Address, Subreddit,
- iExec (RLC) is used to buy and sell blockchain Based distributed cloud computing resources. Token Address, Subreddit, Slack, Twitter
- SingularDTV (SNGLS) are multi-faceted in the sense they represent 4 primary things; property, utility, income/rewards and fungibility. More description here. Token Address, Subreddit, Telegram, Twitter
- Salt Lending (SALT) is used for payments for their membership which enables a person to secure a loan against their cryptoassets. Token Address, Subreddit, Telegram, Twitter
- Dadi (DADI) staking reference, purchasing Dapps and getting rewarded for building DApps. Token Address, Subreddit, Telegram, Twitter
- Unikoin Gold (UKG) For betting, incentives for teams/players, people that engage with the marketplace to complete certain tasks. Token Address, Subreddit, Telegram, Twitter
- Sonm (SNM) Sonm provides cloud services based on distributed customer level hardware including PCs, mining equipment, and servers. You can either rent out your hardware or use someone’s computing power for your needs. Token Address, Subreddit, Telegram, Twitter
- Nexo (NEXO) Instant crypto back loans. Token Address, Subreddit, Telegram, Twitter
- Bela (BELA) Belacam is a social media site that pays users in Bela when their photos get ‘likes’. Token Address, Subreddit, Telegram, Twitter
- PundiX (NPXS) Empowering blockchain developers and token holders to sell cryptocurrency and services at any physical store in the world. Making cryptocurrency accessible to everyone. Token Address, Subreddit, Telegram, Twitter
Upcoming Releases
- Internext (INXT) is used as a means of payment to hosts who participate in the X Core program. At X Core, hosts can earn money by hosting small pieces of encrypted files. Token Address, Subreddit, Telegram, Twitter
- Quantstamp (QSP) Use QSP tokens to verify your smart contract code, with off-chain computation from auditor nodes. Get a permanent, publicly verifiable security record that lives forever on Ethereum. Token Address, Subreddit, Telegram, Twitter
- Crypterium (CRPT) Online Shopping, Pay Bills, International Money Transfers, Recieve Payments. Token Address, Subreddit, Telegram, Twitter
Ethex.market, is happy to say that the list of useful tokens is going to grow in the near future. Currently we list and support Storj (STORJ), Fund Request (FND), Brave (BAT), Maker Dai (DAI), Augur (REP), Request Network (REQ), Storm (STORM), Oyster Pearl (PRL), Dent (DENT), Kyber Network (KNC), and 0x (ZRX).
I hope this article shed some light on the current crypto market. As always, I welcome thoughts, suggestions, and banter. I would be happy to research any projects that you think should be added to this list. If you enjoyed the article it would be great to get a few claps in the top left. Cheers to the future!
