legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Forbes Unveils List of Crypto “Zombies”

In a controversial report, Forbes recently revealed a list of 20 “crypto billion-dollar zombies,” specifically focusing on Layer 1 (L1) tokens. These tokens are described as having significant valuations but limited utility beyond speculative trading, according to the news outlet.

The list includes prominent cryptocurrencies and projects such as Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others.

XRP And Ethereum Classic: Focus on “Zombie” Crypto Projects

Ripple Labs, the entity behind XRP, was singled out as a noteworthy crypto zombie due to XRP’s high daily trading volume of about $2 billion. Despite this, Forbes argues that the token’s main purpose is still speculative and lacks substantial utility.

Notably, Forbes highlights that 50 blockchains, excluding Bitcoin and Ethereum, trade at values exceeding $1 billion. Among them, 20 are classified as “functional zombies” with a combined market value of $116 billion, despite having limited user bases.

Forbes notably mentions Ethereum Classic as an example of a “functional zombie” being the original Ethereum chain. Despite a market value of $4.6 billion, the blockchain’s fee generation raises concerns about its sustainability according to the news organization.

Another project in the report is Tezos, which raised $230 million through an ICO in 2017. Tezos’ XTZ token holds a market capitalization of $1.2 billion, but the blockchain’s fee earnings were relatively low in 2023.

AI legalese decoder for Understanding Crypto legal Jargon

Dealing with legal terms and complexities in the crypto industry can be challenging. However, tools like the AI legalese decoder can help simplify and decode legal jargon, making it easier for individuals to understand complex legal documents, contracts, and regulations related to cryptocurrencies.

By utilizing AI technology, the legalese decoder can provide accurate and simplified explanations of legal terms and concepts in the cryptocurrency space, aiding investors, businesses, and enthusiasts in navigating the legal landscape effectively.

Whether deciphering smart contracts, regulatory frameworks, or terms of service, the AI legalese decoder offers a valuable resource for those seeking clarity and understanding in the complex world of crypto law.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link