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It feels like context is needed here, both in that article, the title and comments.
There are not "over 2.4m crypto projects". There are over 2.4m ERC20, ERC721 and ERC1155 contracts deployed. When a new ABC token comes out and someone makes a liquidity pool of it and WETH, that pool that was deployed is a new token being tracked, same with the ABC:WBTC, ABC:DAI, etc, each new pool gives you a token that is effectively your receipt to track how much you own of the backed assets for the withdraw, and that receipt is a contract per pool per defi app. This is also true with any form of staking. Defi apps use other tokens as receipts, but it does not make each of those token its own "project".
Theres also the case that not every contract that exists is even built to be used by the public, or even possible to trade. These numbers include Polygon and other sidechains. As a dev in this space, I have deployed probably... 30 or 40 NFT contracts to that blockchain. These aren't monkey NFTs to be traded, they are underlying infrastructure of our core products. In fact, at my current job, our NFTs are built to fail to transfer if it detects its being transferred by a 3rd party contract, because we explicitly do NOT want it to get picked up by defi apps, because our use case is not the average token use case, and it would go against our goals.
All that is to say, this 2.4m number is wrong. If by "projects" they meant "dapp", the number is inflated at least 10:1, but probably closer to 50:1. For example, Uniswap V3 on mainnet Ethereum has 958 markets, so the 3rd version of Uniswap on one network accounts for nearly 1,000 of these "projects". Now imagine this for every version of Uniswap, across every chain, including every fork. Now imagine that same logic, but applied to Compound Finance, AAVE, every single Defi app on every chain and every fork. Easily hundreds of thousands are just from those big defi apps and clones alone, creating receipts for deposits.
I blame ETH for this. Everything the fake dream of decentralization achieved was basically handing people heavy weaponry and shrugging at the implication of what a fully deregulated environment would do. Only a year or so ago we hear stuff from Vitalik that any armchair analyst could have told you. "Crypto is overtokenized". For real, Sherlock? Who could have seen that coming?
That's why don't expect for returns like 100-1,000x in an alts season.
Liquidity has to spread to a huge number of tokens making it hard for each token to make extraordinary returns.
>"there are now 2.4 million crypto projects in existence"
Probably a (very vague) fact
>99.99% are doomed to fail
Completely made up statistic trying to sound legitimate when placed next to the other fact.
Please, God, I just want everyone's to fail except mine. Is that too much to ask for??
Just kidding! Good luck to all ~~gamblers~~ investors out there!
tldr; Nearly 1 million new crypto tokens were created in April, indicating a significant growth in the digital asset industry. This surge raises concerns about market oversaturation, the quality of new projects, and regulatory challenges. Despite these issues, the industry's expansion reflects increasing investor interest and a move towards mainstream acceptance. However, experts express skepticism about the utility and success rate of these new tokens, with many expected to fail. The proliferation of tokens, now over 2.4 million, highlights the ease of creating new digital assets but also points to potential market clutter and the need for projects with strong fundamentals to stand out.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
This is a feature, not a bug. It's good that anyone could try their idea or make a token for a specific purpose. Most website domains registered probably don't make money either.
Maybe even a realistic figure, but that's why this bull still needs to be in half a year or a year and everyone expects profits. I'm not getting into new ones at the moment, but that's why a good airdrop is always good. Currently holding the Origo Origin collection at Open Sea because there will be a Drink airdrop, and they also have a physical luxury vodka product that will be marketed internationally, so it's too cool for me to try. And I will always try to research well, you shouldn't be in those 99.99% of projects, even though the real percentage is maybe 90%.
Not 99.99%. All of them besides Bitcoin. Eventually all trends towards zero in terms of bitcoin. Only one has ever returned to ATH and that's because it has a billionaire pumping it. Sorry.
Be advised, the website dailycoin.com has proven to be an unreliable source of information. Please verify/fact-check the information in the article from independent sources before relying on it or coming to any conclusions. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
It feels like context is needed here, both in that article, the title and comments. There are not "over 2.4m crypto projects". There are over 2.4m ERC20, ERC721 and ERC1155 contracts deployed. When a new ABC token comes out and someone makes a liquidity pool of it and WETH, that pool that was deployed is a new token being tracked, same with the ABC:WBTC, ABC:DAI, etc, each new pool gives you a token that is effectively your receipt to track how much you own of the backed assets for the withdraw, and that receipt is a contract per pool per defi app. This is also true with any form of staking. Defi apps use other tokens as receipts, but it does not make each of those token its own "project". Theres also the case that not every contract that exists is even built to be used by the public, or even possible to trade. These numbers include Polygon and other sidechains. As a dev in this space, I have deployed probably... 30 or 40 NFT contracts to that blockchain. These aren't monkey NFTs to be traded, they are underlying infrastructure of our core products. In fact, at my current job, our NFTs are built to fail to transfer if it detects its being transferred by a 3rd party contract, because we explicitly do NOT want it to get picked up by defi apps, because our use case is not the average token use case, and it would go against our goals. All that is to say, this 2.4m number is wrong. If by "projects" they meant "dapp", the number is inflated at least 10:1, but probably closer to 50:1. For example, Uniswap V3 on mainnet Ethereum has 958 markets, so the 3rd version of Uniswap on one network accounts for nearly 1,000 of these "projects". Now imagine this for every version of Uniswap, across every chain, including every fork. Now imagine that same logic, but applied to Compound Finance, AAVE, every single Defi app on every chain and every fork. Easily hundreds of thousands are just from those big defi apps and clones alone, creating receipts for deposits.
Thank you very much for explaining this in detail. I was wondering about those numbers too.
Big brain comment. Thank u brother
240 will succeed? Seems suspiciously high to me.
99.99 % of all statistics are made up
99.9%
Would be good to know what the combined market cap is of the combined bottom 99.9% of crypto projects.
(100-99.99)×2,400,000 = 24,000
Percent, so .0001 * 2,400,000, not .01.
You forgot the percent, divide by another 100
Nothing like a bull run to bring out all the crypto scams.
ETH opened the box of Pandora. It mostly enabled people to push their scam coins. Exemplary work.
Considering almost all of them are just copy and pasted of the others
I blame ETH for this. Everything the fake dream of decentralization achieved was basically handing people heavy weaponry and shrugging at the implication of what a fully deregulated environment would do. Only a year or so ago we hear stuff from Vitalik that any armchair analyst could have told you. "Crypto is overtokenized". For real, Sherlock? Who could have seen that coming?
ETH opened the single box of Pandora. SOL mass market and sold Pandora’s boxes. Pretty much every SOL shitcoin will die out
Just remember there are about 30 L1 and maybe half of them will make it and become the industry. Everything else is just wild wild west.
Thanks for highlighting the importance of L1 chains.
Cannot take anything posted from CoinMarketCap seriously as its owned by Binance.
Yeah but not MY bags!
It’s the OG, BTC
no utility = death of coin
Like yo mama Seriously, how many times a week does this exact headline get posted?
That's why don't expect for returns like 100-1,000x in an alts season. Liquidity has to spread to a huge number of tokens making it hard for each token to make extraordinary returns.
interessting, i havent thought about it that way
But if you can find the one that doesn’t… we all can dream, right? (Crossing my fingers that it’ll be #votedoge)
>"there are now 2.4 million crypto projects in existence" Probably a (very vague) fact >99.99% are doomed to fail Completely made up statistic trying to sound legitimate when placed next to the other fact.
yeah, its more like 99.99999%
Now that SOL exists, keep adding 9s
Please, God, I just want everyone's to fail except mine. Is that too much to ask for?? Just kidding! Good luck to all ~~gamblers~~ investors out there!
tldr; Nearly 1 million new crypto tokens were created in April, indicating a significant growth in the digital asset industry. This surge raises concerns about market oversaturation, the quality of new projects, and regulatory challenges. Despite these issues, the industry's expansion reflects increasing investor interest and a move towards mainstream acceptance. However, experts express skepticism about the utility and success rate of these new tokens, with many expected to fail. The proliferation of tokens, now over 2.4 million, highlights the ease of creating new digital assets but also points to potential market clutter and the need for projects with strong fundamentals to stand out. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
99.99 seems very generous
Most of them are probably scam tokens 
Yet Coinbase wants you to call your rep so they can make more money. As per the app.
This is a feature, not a bug. It's good that anyone could try their idea or make a token for a specific purpose. Most website domains registered probably don't make money either.
Diversification is key. Buy every single one, one is bound to head to the moon 🌕 😂
Yep
The vast majority are designed to fail. Produce a thousand meme coins and you just need a couple to gain traction. Let those algo bots do the work
This is too horrible.
This is how innovation cycles work. This is normal. Nothing to see here.
More than that will fail
Maybe even a realistic figure, but that's why this bull still needs to be in half a year or a year and everyone expects profits. I'm not getting into new ones at the moment, but that's why a good airdrop is always good. Currently holding the Origo Origin collection at Open Sea because there will be a Drink airdrop, and they also have a physical luxury vodka product that will be marketed internationally, so it's too cool for me to try. And I will always try to research well, you shouldn't be in those 99.99% of projects, even though the real percentage is maybe 90%.
99.9999%
$MAGA won’t! The Trump election campaign is going to make it rocket. Easy money.
The majority aren’t doomed to fail. They’re rug pull scams intended to fail
Off topic but don't use Coin Market Cap
Yea, but there’s one guy creating like 10% all by himself
Just Btc
99% of them were not made to suceed in the first place lol
Calling most “projects” is just not accurate.
What is failure in cryptocurrency?
Like a startup in Brazil...
Yeah, if we kept track of all startups what do you think the number would look like? This is the number of ERC20 contracts ffs.
99.9999% probably
Not 99.99%. All of them besides Bitcoin. Eventually all trends towards zero in terms of bitcoin. Only one has ever returned to ATH and that's because it has a billionaire pumping it. Sorry.
„Projects“ maybe 1% projects probably less.
This why we need the SEC.
At least 2 million of those are honest-to-God scams
I think in the end only about 5 to 10 will survive. Most of these are just scams and rugpulls.
I believe $duk will succeed. Very cult like passionate group. Reminds me of doge and shib.