Mar. 2022 | Grace
Data Source: Footprint Analytics
The blockchain space is a vast blue ocean of innovation, yet only a few projects achieve lasting success. Many once-popular projects have faded into obscurity, but their legacies continue to inspire future builders.
This article revisits five promising projects that couldn't withstand the 2018 bear market:
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- NEO
- EOS
- Dfinity / Internet Computer
1. Bitcoin Cash (BCH)
What it was:
A 2017 hard fork of Bitcoin designed to improve transaction speed and reduce fees by increasing block sizes (up to 32MB). Peaked at $3,923 per BCH in December 2017.
Why it struggled:
- Positioning: BCH focused on payments while BTC evolved into "digital gold."
- Macro Factors: Fed rate hikes and stock market declines dampened adoption.
- Missed Timing: Failed to capitalize on BTC's vulnerabilities during key market shifts.
👉 Explore how Bitcoin Cash compares to modern payment coins
2. Ethereum Classic (ETC)
What it was:
The original Ethereum chain preserved after the 2016 DAO hack fork. Ranked #34 by market cap at time of writing.
Why it struggled:
- Community Split: 85% of miners supported the new Ethereum chain.
- Ecosystem Gap: ETH became the DeFi leader; ETC lacked developer activity.
- Leadership: Lost Vitalik and core developers post-fork.
3. NEO ("Chinese Ethereum")
What it was:
A 2014 smart contract platform promising 1,000+ TPS. NEO token surged 2,478% to $198 in 2018 before crashing.
Why it struggled:
- Centralization: Only 7 voting nodes, all NEO-controlled.
- Stagnant Development: Infrequent code updates and weak ecosystem growth.
4. EOS
What it was:
A 2017 "Ethereum Killer" with fee-less transactions and fast throughput via DPoS consensus.
Why it struggled:
- Centralization: 21 supernodes controlled the network.
- No Killer Apps: Failed to attract major protocols vs. rivals like Terra or Solana.
5. Dfinity / Internet Computer
What it was:
A $102M-funded decentralized cloud platform (launched 2020). Aimed to compete with AWS.
Why it struggled:
- Delays: Took 4+ years to launch after funding.
- Redundant Features: Alchemy already dominated blockchain infra services.
Key Lessons for Crypto Builders
- Solve Real Problems Fast – Market needs evolve quickly.
- Decentralization Matters – Users prioritize trustless systems.
- Execution > Vision – Even great ideas fail without timely delivery.
👉 Discover emerging projects avoiding these pitfalls
FAQ
Q: Can these projects recover?
A: Possible with major pivots (e.g., BCH embracing DeFi), but unlikely without addressing core issues.
Q: What’s the biggest red flag for new projects?
A: Over-centralization and vague roadmaps.
Q: How does today’s bear market compare to 2018?
A: More institutional involvement now, but similar "survival of the fittest" dynamics.