Long story short this is a massive project from a bank in a 3rd world country. They were trying to use colored coins but guess what? bitcoin can not handle the transaction volume

This is extremely sad.

Devs are thinking that we are no hitting the block limit, but reality is projects are not choosing bitcoin because of this limit.

Think about this as the highway, you do not wait for the new citi to grow to build the new highway you build the road first and then the people build the new citi by the highway.