At first glance, I was honestly shocked. Algorand doesn’t even have 10 projects with over a 1M$ marketcap. (Non-diluted valuation)
Every single other ecosystem has had atleast 1 full page of 1M$ marketcap projects, showing just how big these other ecosystems are in direct comparison. These are their “real” marketcaps.
You might be confused since vestige.fi, algorands’ main place to view projects, shows tons of projects with big marketcaps like these:
But then you realize that all their marketcaps are fully diluted. Meaning that isn’t how much you can actually sell your tokens for — assuming you hold an amount of tokens which are worth anything above 1k$ since “price effect” tends to weigh in on your actual token worth, decreasing your token’s worth by 5%, and sometimes upto 15% or 40% and so fourth.
Algorand is a small fish in a sea of intense competition. Their “CEO” hosts massive sell-offs of the token very regularly and most people in the algorand community knows this.
Proof can be seen below:
Algorand isn’t an ecosystem. All the “ecosystem’s” money is all in the token itself. Very little is spread to the projects in the actual community itself. Apart from the very rare grant, algorand is full of projects that experience regular losses and are forced to dump their tokens in order to get funding, instead of being able to instead take this funding from the sale of NFTs, actual community interaction, and so on. To be fair, a lot of these projects are ran by nobodies and are funded entirely by the algorand foundation, so good on them. WITH the massive expense of algorand holders being forced to hold their tokens as regular freak decreases in price happen every now and then.
It’s almost as if algorand has already had it’s glory days. Everyone’s already forgotten about the project. I’m going to be honest here. A whole department consisting mainly of women is absurd, especially when all you're trying to achieve is PR. It only degrades algorand because we can see they don't care about the women.
Algorand is actively competing with projects that consist of entirely competitive programmers that’re paid by the hour and not by the month. Algorand has been achieving nothing lately and the entire community tries to do something about it only for the foundation team to do nothing in return. The only way to protest is to simply forget about algorand and leave the token. Go onto another ecosystem, one with a more controlled environment and one that is not centralized around a team that can choose to sell as many tokens as they want; whenever they want.
The last mainstream coverage of algorand was here: https://www.khaleejtimes.com/kt-network/partners-for-a-sustainable-future-algorand-foundation-and-canada-sailgp-team
and it was completely forgotten about.
right after a nice little price increase followed by the algorand foundation selling once again at an inflated price to trick over the community and benefit their deep pockets.
Next article will consist of blockchain analysis as a followup. Cheers!
Opinion Article.
Repost of my own article written on July the 15th. It can be found here.
