ETC takes over ETHPOW? The current ecological status of 38 projects on the established public chain ETC
Under the wave of Ethereum's merge and forks, the old chain Ethereum Classic has been reignited, and ETC has become one of the top-performing tokens in the past two months, even outperforming ETH.Author: Liu Quankai, Wu Says
As the ETH POS merge date approaches, discussions about ETHPOW have never ceased. A faction represented by Bao Er Ye believes that a new ETHW should be forked, with the new ETHW market cap expected to exceed that of ETC, potentially reaching 1/3 to 1/10 of Ethereum's market cap. Some large miners, such as Bitmain, are willing to invest in migrating to ETC, with their mining pool AntPool investing $10 million to support the ETC ecosystem. Additionally, mainstream exchanges have not formed a unified opinion on any potential ETHW forks, mostly adopting a wait-and-see strategy, continuously tracking to assess whether to support ETHW. However, for retail investors, it seems inconsequential, as making money is the primary goal, and where there is hype, there is room for speculation.
Amidst the wave of Ethereum merges and forks, the old chain Ethereum Classic has been reignited, becoming one of the top-performing tokens over the past two months, even outperforming ETH. The ETC chain ecosystem is gradually attracting more POW miners and large institutions with a development attitude towards ETHPOW, with its total network hash rate recently approaching 50 TH/s, setting a historical high. However, concerns about underlying technology, 51% attacks, and disharmony among miners have historically slowed the development of the ETC ecosystem. With the recent increase in interest, some developers have also entered the ETC ecosystem to build. Below, let's explore the projects currently being developed on ETC with the author.
In the verifiable project ecosystem published on the official website, there are a total of 38 on-chain apps/protocols, categorized into six major types: NFT, Games, Identity, Interoperability (cross-chain, ETC-wETC), DeFi, and Others. Among these, the dAPPs related to NFTs are the most numerous, totaling 12, followed by DeFi with 10.
NFTs: Mostly Ethereum chain blue-chip imitations, lacking innovation; native projects are relatively poor, and many are still in an unminted state, with several suspected of being Rug Pulls.
MonkeyDoo
Not fully minted; Twitter followers: 718, Discord members: 237, TG members: 713
A native NFT on the ETC chain, added to the ETC official ecosystem collection on August 26, 2022. The total supply of MonkeyDoo NFTs is 3000, with a minting price of 1 ETH, and about 50% have been minted so far. Additionally, MonkeyDoo has released a 3D MonkeyDoo on the ETH mainnet, with profits from sales shared with ETC MonkeyDoo holders. The total supply is also 3000, but as of today, only 2 have been minted, with a minting price of 0.05 ETH. According to the roadmap, there are plans to launch MonkeyDoo Mutants on ETC and develop a merchandise store, with profits from merchandise sales shared with ETC MonkeyDoo holders.
Classic Rewards
Not fully minted (565/10000); Twitter followers: 646, TG members: 250, Instagram followers: 49
Classic Rewards is a web 3 cross-chain (BNB, ETC, ETH) driven, free-to-play/play-to-earn strategy trading card game, added to the ETC official ecosystem collection on May 2, 2022. Currently, 403/6000 BNB NFTs have been minted at a price of 0.2 BNB, and 565/10000 ETC NFTs have been minted at a price of 2 ETC. For the ETC chain, the first 1000 NFT holders will receive an airdrop of 100% of the profits from the last 1000 NFTs sold; for the BNB chain, the first 500 NFT holders will receive an airdrop of a total of 15 million Classic Rewards Tokens (CRT), and the next 500 NFT holders will receive an airdrop of a total of 6 million CRT. Currently, CRT has not been released, and the game has not yet launched.
Lazy Lions
Not fully minted (380/1250); Twitter followers: 567
Added to the ETC official ecosystem collection on February 25, 2022. The project is suspected to have abandoned development and operations, with no updates on Twitter since July 26.
ETC Bit Pixel
Not fully minted (9480/10000); Twitter followers: 892, TG members: 298
EtcBitPixel claims to be the first P2E DAO metaverse game on ETC, with a demo already released, added to the ETC official ecosystem collection on February 23, 2022. The EtcBitPixel ecosystem will include NFTs (minting price 3 ETC), governance tokens, and P2E tokens, and will allow for the sale, rental, and staking of NFTs, although many functions, including tokens, are still not online. In an interview, the founder mentioned that EtcBitPixel has a community of crypto investors in Asian countries, especially in the Middle East and the Persian Gulf, with team members consisting of programmers and game developers who have four years of experience in crypto and blockchain. Notably, the team's marketing head has over 10,000 followers on Twitter, while other members such as the CEO, co-founder, and artists have either inactive accounts or have been silent for a long time.
MoonLama
Not fully minted (1202/2000); Twitter followers: 336
Added to the ETC official ecosystem collection on February 23, 2022. Suspected to have abandoned development and operations, with the last Twitter update on August 27.
NFTCreed
NFT trading market, added to the ETC official ecosystem collection on January 4, 2022. Confirmed to have exited, abandoning development and updates.
Classic Savages
Claims to be the first NFT project on ETC, added to the ETC official ecosystem collection on December 25, 2021. No updates on Twitter since August 3, suspected to have abandoned development and operations, but founder @SavageProfits remains active.
Ethereum Imitations: ETCZunks, ETCBayc, ETCBits, ETPunks.
Games: Desert
The Man Who Sold The World Metaverse
Twitter followers: 3913, Discord members: 276, added to the ETC official ecosystem collection on May 17, 2022.
An MMORPG metaverse game built on a simulated Earth, consisting of 10k LAND plots. Currently, TMWSTW LAND is sold out and has been listed on OpenSea, held by 514 holders, with an average of nearly 20 plots per holder, and the current floor price is 0.03 ETH. According to the official statement, LAND is built on the ETH mainnet, but the game economy and assets will be built on ETC. The game is currently in a "text and image mode."
Three No Projects: Commonwealth Tribes, Aqua Bank.
Identity System: ETC Domain Service is taking shape
HENS (HebeBlock)
Twitter followers: 9313, TG members: 4722, Discord members: 509
HENS stands for Ethereum Classic Name Service, added to the ETC official ecosystem collection on February 21, 2022. It is a domain service provider on ETC, with a business model similar to ENS, capturing value through the sale of .etc domain names and domain renewals. It is one of the few protocols in the ETC ecosystem with a reliable source of income. Recently, short numeric domain names on ENS have become extremely popular, while there are still many three- and four-digit domain names available on HENS. If the ETC ecosystem develops in the future, the role of domain names will gradually become apparent. Currently, registering a three-digit domain name costs less than 1 ETC for a year.
Suspected Rug Pulls: OriginalMy, Stampery
Interoperability: Cross-chain, ETC-to-wETC
Multichain
One of the most commonly used cross-chain bridges.
Canonical Wrapped Ether (EthClassicDAO)
Wrapped Ethereum Classic wETC, which will allow direct trading with Altcoins through DEX on ETC.
Other Bridges: ETC-to-wETC, EVM-to-BNC Bridge (EVM chain and BNB chain), Token Bridge
DeFi: Few users, single products mainly focused on Swap functions
Fusion/Nova USD Stablecoin (Nova Network)
Twitter followers: 8544, Discord members: 3460, TG members: 4926, added to the ETC official ecosystem collection on September 1, 2022.
Fusion is a one-stop DeFi fund management platform built by Nova Network, including asset trading, liquidity provision, staking yields, and algorithmic stablecoins. Nova Network is an open-source DAG programmable smart contract platform, compatible and interoperable with Ethereum and other EVM networks, with SNT as its native token. DeFi Llama data shows that the TVL on the Nova Network chain is less than $200,000, mainly provided by Fusion Dex; while the TVL of Fusion Dex on the ETC chain is only about $2000.
CoinRabbit
Twitter followers: 3037, TG members: 190, last Twitter update on August 31! The project was added to the ETC official ecosystem collection on May 19, 2022.
A DeFi lending platform that allows users to obtain crypto loans using 135 options as collateral, including BTC, ETH, ADA, SOL, USDC, USDT; and allows users to deposit using five stablecoins: USDT (TRX, ETH, BSC), USDC, and BUSD, offering an 8% APY.
ETCswap (EthClassicDAO)
A DEX on the ETC chain created by EthClassicDAO, added to the ETC official ecosystem collection on May 15, 2022. ETCswap is the second-largest TVL application on the ETC chain after HebeSwap.
HebeSwap (HebeBlock)
A DEX on the ETC chain created by HebeBlock, with HENS domain sales and DEX trading fees as sources of income, added to the ETC official ecosystem collection on January 1, 2022. DeFi Llama data shows that in the past month, HebeSwap's TVL has grown nearly 200%, exceeding $600,000, accounting for 78% of the TVL on the ETC chain.
Other Financial Services: Celsius Network (allows deposits of ETC to earn interest), Gitcoin (donations), Commonwealth (savings).
Suspected Rug Pulls: SwapCat, ETC HODL Contract (website 504).
Others: DAO, Payments
ClassicDAO
Twitter followers: 451, TG members: 81, added to the ETC official ecosystem collection on August 12, 2022.
Claims to be the first DAO on ETC established in 2016, using the governance token ClassicDAO (CLD) for management. ClassicDAO states that it will fund projects on the ETC chain after community voting and approval, and plans to purchase land for future utility and growth. Additionally, ClassicDAO plans to improve the ETC chain and will launch ETC Staking. Notably, the DAO's official website is very rudimentary. ClassicDAO is conducting a private sale of CLD, with an exchange rate of 1 ETC = 770 CLD, but currently, over 80% of the tokens remain unsold, with a deadline of September 9.
Token Factory (HebeBlock)
Allows users to create ETC ERC 20 Tokens with one click, as well as perform bulk transfers and other operations.
Cryptwerk
Allows payments using ETC, with a website covering companies and stores that accept ETC for real-world payments.
Suspected Rug Pulls: XAR Network, Portal.Network
With the hype around ETHPOW, some developers have indeed entered the construction of the ETC ecosystem, but it can be observed that the overall state of the ETC chain remains desolate, with a total TVL of just over a million dollars. Among the 38 protocols listed by the official, nearly a dozen projects are suspected of being Rug Pulls, and the quality of many operational products/protocols is poor, essentially in a state of being ignored and unused. The products that are still somewhat usable are mainly created by either HebeBlock or EthClassicDAO. If more POW miners enter ETC in the future, in addition to building from scratch, there may also be some funding focused on the products of these two entities. On the other hand, the lack of well-known projects has also hindered the entry of large funds.
(This article is for informational sharing only and does not constitute any investment advice or endorsement.)
