Author: Maverick

Editor: Colin Wu

As the ETH POS merger date is getting closer and closer, the discussion about ETHPOW never stops. A faction represented by Chandler Guo believes that a new ETHW should be forked, and that the new ETHW will have a higher market value than ETC, reaching 1/3 to 1/10 of ETH’s market value. There are also some big miners such as BITMAIN who are willing to fund the migration to ETC, with its mining pool AntPool investing $10 million to support the ETC ecosystem. And the main stream CEXs have not yet formed a unified opinion on any potential ETHW fork, and are mostly following a wait-and-see strategy to evaluate whether to support ETHW. But it doesn’t seem to matter to retail investors, after all, wealth is the first benefit, and there is room for speculation when there is heat.

(This article is for information sharing only and does not constitute any investment advice or endorsement)

Under the discussion of Ethereum merger and fork, the old chain Ethereum Classic has been rekindled, and ETC has become one of the Token with the highest increase in the past two months, and it is also stronger than ETH. ETC ecology is also gradually receiving more attention from POW miners and whales/institutions with development attitude towards ETHPOW, and its full network hash rate once approached 50 TH/s recently, setting a new record high. However, the development of the ETC ecosystem has been slow due to concerns about the underlying technology, 51% attacks, and disharmony of interests among miners. With the recent increase in popularity, some developers have entered the ETC ecosystem. Here’s a look at the projects currently under construction on ETC with the author.

In the verifiable project ecology published on the official website, there are 38 on-chain APPs/protocols, including NFT, Games, Identify, Interoperability, DeFi, and others, among which the most NFT-related dAPPs are 12, and DeFi is the second with 10.

NFTs: mostly Ethereum chain blue-chip copycat plate, lack of innovation; native projects are worse, and most in the state of unfinished minting; in addition, many have been suspected of Rug Pull

MonkeyDoo

Not finished minting; Twitter followers 718, Discord members 237, TG members 713

ETC native NFTs, added to the ETC official ecosystem collection on August 26, 2022. The total amount of MonkeyDoo NFT is 3000, and the minting price is 1 ETH, about 50% of which has been minted so far; In addition, MonkeyDoo has also released 3D MonkeyDoo on the ETH mainnet network, and the profits from the sales will be shared with ETC MonkeyDoo holders. The total amount is the same as 3000, but only 2 have been minted so far, and the minting price is 0.05 ETH.

According to the roadmap, it is also expected to launch MonkeyDoo Mutants on ETC and develop a online store where profits from sales will be shared with ETC MonkeyDoo holders.

Classic Rewards

Not finished minting (565/10,000); Twitter followers 646, TG members 250, Instagram followers 49

Classic Rewards is a web 3 cross-chain (BNB, ETC, ETH) powered, free to play / play to earn strategy trading card game that was added to the official ETC ecosystem collection on May 2, 2022. Currently BNB NFT is minted at 403/6000 at 0.2 BNB and ETC NFT is minted at 565/10,000 at 2 ETC. For the ETC chain, the first 1000 minted NFT holders will be airdropped 100% of the proceeds from the last 1000 NFTs sold; for the BNB chain, the first 500 minted NFT holders will be airdropped a total of 15 million Classic Rewards Token (CRT), and the next 500 minted NFT holders will be airdropped a total of 6 million CRT. CRTs are not yet available and the game is not yet live.

Lazy Lions

Not finished minting (380/1,250); Twitter followers 567

Added to the ETC official ecosystem collection on February 25, 2022. The project is now suspected to have been abandoned for development and operation, and Twitter has not been updated since July 26.

ETC Bit Pixel

Not finished minting (9,480/10,000); Twitter followers 892, TG members 298

EtcBitPixel, which claims to be the first P2E DAO metaverse game on the ETC, is currently available as a demo and was added to the ETC official ecosystem collection on February 23, 2022. The EtcBitPixel ecosystem will include NFT (minted at 3 ETC), Governance Token and P2E Token, and will allow for the sale, rent and stake of NFT, but a number of features including Token are not yet live. In this metaverse, there will be various types of games, each with its own economic system and Token to be earned by players.

In an interview with the founders, it was stated that EtcBitPixel has its crypto investor community in Asian countries, especially in the Middle East and on the edge of the Persian Gulf, and that the team consists of programmers and game makers with 4 years of experience working with Crypto and blockchain. Notably, the team’s head of marketing has over 10,000 followers on Twitter, but the Twitter feeds of the rest of the members such as the CEO, co-founder, artist, etc. are either non-existent or long dormant.

MoonLama

Not finished minting (1,202/2,000); Twitter followers 336

Added to the ETC official ecosystem collection on February 23, 2022. It is suspected that development and operations have been abandoned, with Twitter last updated on August 27.

NFTCreed

NFT marketplace, added to the ETC official ecosystem collection on January 4, 2022. Confirmed runway, development and updates have been abandoned.

Classic Savages

Claiming to be the first NFT project on the ETC, it was added to the ETC’s official ecosystem collection on December 25, 2021. Twitter has not been updated since August 3 and appears to have abandoned development and operations, but founder @SavageProfits is still active.

Ethereum copycat: ETCZunks, ETCBayc, ETCBits, ETCPunks.

Games: a long way to go

The Man Who Sold The World Metaverse

Twitter followers 3,913, Discord members 276; added to the ETC official ecosystem collection on May 17, 2022.

MMORPG metaverse game built on a simulated Earth, consisting of 10k LAND. Currently TMWSTW LAND is sold out and is live on OpenSea, held by 514 holders with nearly 20 lands per person and a current floor price of 0.03 ETH. According to the official statement, LAND is built on the ETH mainnet, but the game’s economy and assets will be built on ETC. The game as a whole is currently in “graphic mode”.

Three-no projects: Commonwealth Tribes, Aqua Bank.

Identity system: ETC domain name service has taken shape

HENS（HebeBlock）

Twitter followers 9,313, TG members 4,722, Discord memberss 509

HENS (Ethereum Classic Name Service) was added to the ETC official Ecosystem collection on February 21, 2022. It is a domain name service provider on ETC with a business model similar to ENS, capturing value by selling .etc domains, domain name renewals, etc. It is one of the few protocols on the ETC ecosystem that has a reliable revenue stream. Recently, short-digital domain names from ENS are extremely hot, while there are still a lot of unregistered 3–4 digit domain names on HENS. If the ETC ecosystem grows in the future, the role of domain names will gradually emerge. Currently, it costs less than 1 ETC a year to register a 3-digit domain name.

Suspected Rug pull: OriginalMy, Stampery.

Interoperability: cross-chain, ETC-to-wETC

Multichain

One of the most commonly used cross-chain bridges.

Canonical Wrapped Ether（EthClassicDAO）

Wrapped Ether Classic(wETC) that will allow trading directly with Altcoin via DEX on ETC.

Other bridges: ETC-to-wETC, EVM-to-BNC Bridge (EVM chain to BNB chain), Token Bridge

DeFi: low number of users, single product and mainly focused on Swap function

Fusion/Nova USD Stablecoin（Nova Network）

Twitter followers 8,544, TG members 4,926, Discord memberss 3,460; added to the ETC Official Ecosystem Collection on September 1, 2022.

Fusion is a one-stop DeFi money management platform built by Nova Network that includes asset trading, liquidity providing, staked proceeds, and algorithmic stablecoins. Nova Network is an open source DAG programmable smart contract platform that is compatible and interoperable with Ethereum and other EVM networks, with SNT as its native Token.

DeFi Llama data shows that the TVL on the Nova Network chain is less than $200,000, mainly provided by Fusion Dex, while the Fusion Dex TVL on the ETC chain is only about $2,000.

CoinRabbit

Twitter followers 3,037, TG members 190, Twitter last updated on August 31st! This project was added to the ETC official ecosystem collection on May 19, 2022.

DeFi lending platform, which allows the use of 135 options such as BTC, ETH, ADA, SOL, USDC, USDT, etc. as collateral for crypto loans; as well as allowing users to make deposits in a total of five stablecoins, USDT (TRX, ETH, BSC), USDC and BUSD, offering 8% APY.

ETCswap（EthClassicDAO）

ETC DEX, created by EthClassicDAO, was added to the ETC official ecosystem collection on May 15, 2022. ETCswap is the second largest TVL application on the ETC chain after HebeSwap.

HebeSwap（HebeBlock）

The ETC DEX created by HebeBlock, which has HENS domain sales and DEX transaction fees as revenue sources, was added to the ETC official ecosystem collection on January 1, 2022. DeFi Llama data shows that in the last month, HebeSwap TVL grew by nearly 200% to over $600,000, accounting for 78% of the TVL on the ETC.

Other financial services: Celsius Network (allows deposits of ETC to earn interest income), Gitcoin (donations), Commonwealth (savings).

Suspected Rug Pull: SwapCat, ETC HODL Contract (website 504).

Others: DAO, payment

ClassicDAO

Twitter followers 451, TG members 81, added to the ETC official ecosystem collection on August 12, 2022.

Claiming to be the first DAO on ETC established in 2016, it is governed using the governance token ClassicDAO (CLD). ClassicDAO says it will fund projects on the ETC upon community vote and approval, and will purchase land in the future to provide future utility and growth. In addition, ClassicDAO plans to improve the ETC chain and will launch ETC Staking.

Notably, the DAO’s official website is extremely sketchy. ClassicDAO is conducting a private sale of CLD at the rate of 1 ETC=770 CLD, but currently over 80% of the Token is unsold, with a deadline of September 9.

Token Factory（HebeBlock）

Users can create ETC ERC 20 Token with a single click and also perform operations such as bulk transfers.

Cryptwerk

Paying with ETC, the website covers companies and stores that accept real payments using ETC.

Suspected Rug Pull: XAR Network, Portal.Network.

Along with the popularity of ETHPOW, some developers have indeed entered the ETC ecosystem, but we can find that the ETC as a whole is still in a barren state, and the overall TVL is less than one million dollars. Among the 38 protocols listed officially, there are nearly double digits of projects suspected to be Rug Pull, and more products/protocols in operation are of poor quality, basically in a state of no one asking for them and no one using them.

The products that are still barely usable are mainly built by HebeBlock or EthClassicDAO. If more POW miners enter ETC in the future, in addition to building from scratch, there may also be some funds around these two products to do deep plowing. But on the other hand, the lack of well-known projects in the entry also blocked the entry of large funds.

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