@dailyfintechrocks, of course there are many other projects with at least partially similar goals, but if you take a deeper look: They are in fact very different. And what is also true for all: They all are just making it’s first steps. I don’t know of any project that is ahead and would have more traction than Lykke.
But, I don’t even mean that critical against Bitsquares. It’s a different design (peer-2-peer) with a focus on privacy (tor-impementation). It’s okay to buy and sell Crypto but it’s slow and nothing for those who want to trade, and it becomes complicated if you want to use Fiat. The Crypto-part is exchanged over the network, while Fiat is exchanged as Bank-to-Bank-transaction between the Users. If there is a dispute they need an arbitrator. Simplified: It’s somehow an online-version of local Bitcoins. Useable but not very elegant and unlikely to get traction. There will be more elegant solutions in future.
There are other projects that want to build fully decentralized exchanges on own blockchains. But while some might look good on paper there is none I know that will make possible what will be possible on Lykke and none that already would have traction or be ahead in development. And it’s a safe prediction that many won’t have any chance (Heat for example - ICO in June and already doomed) and all will need a lot of time - more than Lykke, because they run on their own blockchains. And it won’t be easy to scale and to secure the chains, while Lykke utilizes the Bitcoin-Blockchain but also stays flexible. If another Blockchain should take over Bitcoin, Lykke can use that as well.
T0 might become one of the most serious competitor but it is also different (focus on the stock-market), and when it’s about traction: https://md.t0.com/md/market-data.html Pretty much nothing.
And Lykke will be much more: Cryptocurrencies, Forex, a lot of other kinds of values as digital assets (colored coin), crowdfunding-platform, money transfer, payment, debit card, prediction market, etc.
It will be fast and efficient like a centralized exchange while being secure and enabling direct ownership like a decentralized exchange, easy to use like Apple-applications and complementary to Bitcoin and the whole blockchain-space - the same on the other side when it’s about the established financial system. In my opinion it’s the logical next step.
And the question of value… like already mentioned above: It’s often controversial. But if compared to others, and not only on paper and promises but with focus on what is already achieved and it’s quality and progress - I don’t think it’s overvalued, especially not in comparison to others.