Sleeper ICO: Rising as 3rd Most Active Crypto App

Status, an Ethereum-based communication app, has experienced a surge in development activity, making it one of the most actively developed projects in the crypto ecosystem. According to Santiment, Status has had over 434 GitHub commits in the past month, ranking it third, only behind Cardano and Chainlink. The app positions itself as a competitor to popular messaging platforms like Discord and Telegram, offering community-oriented features and the ability to send cryptocurrency through the platform. Unlike other messaging apps, Status allows users to sign up using their crypto wallet addresses.

Status has faced criticism for its delayed product release. The project was launched during the ICO boom in 2017 and raised $100 million in under 24 hours. The slow progress led to a class-action lawsuit in 2020, accusing the project’s leadership of selling unregistered securities. Despite these setbacks, Status has recently announced the upcoming alpha and beta versions of its app.

In a blog post, Status addressed the concerns of its community, admitting that its initial vision of a consumer-facing super app was overly optimistic. The project faced scalability challenges and had to lay off staff during the crypto market crash in 2018. The resurgence of development activity and the rise in crypto prices in late 2022 provided the resources needed for Status to execute its updated strategy. The project’s native SNT token is currently trading at $0.04, up 2.4% in the last 24 hours and around 50% in the last year.

Despite the progress, SNT is still down 93.4% from its all-time high of $0.68 in 2018. The increased development and positive market conditions have allowed Status to regain its footing and move forward with its ambitious vision.