Flipside Daily Mover: ETC

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ETC Successfully Launches ‘Atlantis’

September 19, 2019

ETC FCAS declined -2.84% over the last 10 days, impacted by a 35-point (-4.85%) drop in Developer Behavior. User Activity also fell 6-points (-0.71%) and Market Maturity descended 34-points (-4.32%). Price is down 3.33% over the same time period.

Providing Context

On September 12th, Ethereum Classic successfully conducted its much-anticipated hard fork, Atlantis. The upgrade introduced 10 new Ethereum Improvement Proposals (EIPs), many focused on delivering improved interoperability for DApps with Ethereum. ETC FCAS began declining just before the launch and has continued its downward trajectory.

It is important to provide context around why this dip occurred, to better educate the market on FCAS ratings fluctuations. The Developer Behavior component was the main driver in the decline. This component is designed to evaluate the health of product development cycles across blockchain projects. There was a significant ramp-up of developer activity en route to ETC’s first attempt at hard forking earlier this summer, but while the community sorted out disagreements over EIP 170 through last week, development efforts appeared to stall. The lack of activity ultimately led to a decline in fundamental rating.

🌶️ Hot Take

The Atlantis hard fork positions Ethereum Classic well for further growth by deepening the chain’s alignment with its more powerful sibling. The trend of interoperability continues to mature across the industry, and ETC will greatly benefit from continuing in this direction. The decline in Developer Behavior should not be viewed as a knock on the project, but rather growing pains for a decentralized community governing its protocol. Viewed through this lens, the successful hard fork is a big win for the ETC community on multiple levels.

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