According to U.Today, Forbes recently referred to several high-profile cryptocurrencies, including XRP and ADA, as 'crypto zombies' in a research article. This term is used to describe layer-1 blockchains that have a significant market valuation but limited utility beyond speculative trading.
Ripple Labs, the company behind XRP, was highlighted as a prime example of a 'crypto zombie'. Despite the active daily trading volume of XRP, Forbes suggests that its use does not extend beyond market speculation. Ethereum Classic (ETC) was also included in the list due to its high market value and relatively low network fees. ETC was created in 2016 as a result of a hard fork from the DAO incident and is considered a continuation of the original Ethereum blockchain.
Forbes also expressed skepticism about Algorand, previously hailed as an 'Ethereum killer' for its high transaction capacity. The publication cited low income from blockchain transaction fees as evidence of its lack of utility.
The inclusion of Cardano in the list was seen as a surprise. Forbes' article suggests that the project trades on the popularity of its founder, Charles Hoskinson, and raises questions about his educational claims. However, Cardano supporters argue that its ecosystem is active and thriving, providing value and utility beyond mere speculation. They cite the network’s inflows and ongoing development activities as proof of its vitality and relevance.
While Forbes' statements may seem harsh to those who identify with the aforementioned communities, it's important to note that the views and opinions of the researcher may not always align with reality and are only part of a personal perspective. Some of the mentioned projects indeed have issues with utility, while others represent vibrant ecosystems with strong cases.