Ecosystem health is the missing link to blockchain’s long-term success
Blockchain ecosystems face ongoing challenges with scams, such as rug pulls and risky smart contracts, despite initial promises of transparency and accountability. Current efforts focus on identifying and tracking scams rather than addressing the underlying health of the ecosystem. A healthy blockchain ecosystem attracts legitimate projects and skilled developers, fostering innovation and trust. Conversely, unhealthy ecosystems become breeding grounds for fraud, driving away good projects and damaging overall trust in blockchain technology. To improve these networks, it is essential to measure ecosystem health through transparency, developer reputation, security practices, and community engagement. Open-source code should be the norm to enhance trust, and security must be integrated into the development process. Collaboration among protocol teams, developers, and security platforms is crucial for establishing standards and ensuring accountability. Focusing on ecosystem health can lead to safer, more resilient blockchain networks.
