Crypto firms indicate that thousands of digital currencies and blockchains will collapse.
Some experts said that thousands of tokens will crash, and the number of existing blockchains will also decline in the coming years. There are currently more than 19,000 cryptocurrencies and dozens of blockchain platforms.
A blockchain platform like Ethereum is the underlying technology on which many different digital currencies can be built.
The collapse of TerraUSD and its associated digital token Luna has drawn attention to whether cryptocurrencies will survive.
Web3 Foundation CEO Bertrand Perez said, “We are at the stage where there are too many blockchains, too many tokens. This confuses users and introduces some risks. At the beginning of the Internet, there were many “.com” companies. Most of these were scams and did not bring any value. All of these companies have been cleared from the market.’’
Brad Garlinghouse, CEO of blockchain company Ripple, said that cryptocurrencies could have “points” in the future. Bitcoin has dropped more than 50 percent from its record high in November, and many other digital tokens have fallen sharply from their all-time highs.