Breaking the Mold: How a Decentralized Messaging App Made It to the Top Three

A Sleeper ICO-era project, once overshadowed, emerges as the third most actively developed crypto application, indicating a significant resurgence in its development efforts.

Status App: Navigating Challenges and Growth from ICO Mania to Crypto Development Frontier

Status, an Ethereum-based messaging app conceived during the ICO boom, has recently propelled itself into the forefront of crypto development.

Born in July 2017 amid the ICO frenzy, Status raised a remarkable $100 million for its native SNT token within a mere 24 hours. However, the project faced criticism for its sluggish progress in delivering a viable product to the market.

In April 2020, Status encountered legal troubles, being embroiled in a class-action lawsuit over allegations of conducting an unregistered securities offering. Additionally, the project struggled with scalability issues, leading to the abandonment of its "Whisper" protocol and staff layoffs during the 2018 crypto market crash.

Status App Renews Development Momentum with Alpha and Beta Launches, Eyes Future Expansion

Despite setbacks, Status announced plans to launch alpha and beta versions of its app, signaling a renewed commitment to its development goals. The team acknowledged past missteps, attributing delays to over-optimism and unforeseen challenges.

The resurgence of development activities coincided with the broader uptrend in crypto markets since late 2022. Bolstered by improved financial stability, Status aims to realize its ambitious vision and scale its operations accordingly.

The trading price of the native currency SNT is $0.04, rising 2.4% in the past 24 hours

As of now, the native SNT token is trading at $0.04, marking a 2.4% increase in the past 24 hours and a roughly 50% rise over the last year. However, it remains significantly below its all-time high of $0.68, reached on January 3, 2018.