Status, a crypto messaging application initially unveiled during the ICO boom, has recently gained significant traction as one of the top projects in the cryptocurrency sector. A report from blockchain analytics firm Santiment reveals that Status, built on the Ethereum platform, ranks third among the most active projects in terms of development, based on the number of GitHub commits over the last 30 days.
Remarkable Comeback for Status
The platform, which aims to challenge established messengers like Discord and Telegram, touts features that cater to the crypto community and integrate the ability to transact using cryptocurrencies. Unlike conventional encrypted messaging services that often require phone numbers for account setups, Status uses crypto wallet addresses to register users, enhancing privacy and security. However, the journey of Status from its ICO inception in July 2017, where it quickly raised $100 million, to actually delivering a product has spanned over six years, attracting criticism for its slow market rollout.
Confronting Legal and Development Challenges
The project encountered a major legal setback in April 2020 when CEO Jarrad Hope and chief communications officer Carl Bennetts faced a class-action lawsuit over the SNT token sale, which was alleged to be an unregistered security offering. Despite these challenges, the team remains committed, announcing upcoming alpha and beta releases of the app. Status also publicly acknowledged the initial overestimation of their project’s scope in a blog post, attributing development delays to various factors, including technical challenges and economic downturns. However, the cryptocurrency bull run in 2022 provided the necessary resources to resume their ambitious goals.
The resurgence of the project is also reflected in the recent performance of its native SNT token, which has seen a 50% price increase over the past year, despite being significantly lower than its all-time peak price. The progression of Status, though fraught with obstacles, is a testament to the team’s resilience and the fluctuating fortunes of the cryptocurrency landscape.