Crypto winters are good for feature shippers.
So, what happened, guys? I’ve been locked up for only a few weeks now and people are already calling this a “crypto winter.” To be honest I’m not all that concerned. I’ve been in this space since 2011, and it’s been my experience that crypto winters are always a good thing for shipping products.
Ethereum grew out of the post-Mt. Gox crypto winter after the major crash took out 70% of all Bitcoin trading at the time. This is what we’re seeing in the markets right now as well. It’s the same thing all over again with the markets in a downturn.
DeFi and NFT spring came after the post-pandemic winter, and there have been other great innovations that came out of many lulls in Bitcoin price that we’ve seen over the years. It’s basically a truism that real work in crypto happens during bear markets.
Now is a great time to accumulate not just blue chip cryptos, but tokens in your favorite projects that are continually shipping.
On the Ethereum side of things, we’ve got projects such as NFTX that have been shipping things regularly. The project launched the v2 upgrade of the protocol in June, which upgraded the foundations for NFT liquidity. In July NFTX shipped staking yield capabilities to the v2 mainnet, and most recently in September, the protocol launched a decentralized NFT marketplace powered by the NFTX protocol.
There are also older projects such as the Ethereum Name Service, which has regularly been shipping new features and updating its service over the past year. It’s expanded its features with support for NFT profile pictures and partnerships with numerous outfits including Cloudflare.
Projects that I’m personally involved with such as FreeRossDAO are adding even more projects to their DAO, including the Solidarity Network, and have plans to spin other projects into standalone organizations.
It has also been a very good time for DeFi protocols getting strong backing from venture capital to ship new features, an excellent example in the news this week is UniSsap Labs, the decentralized exchange, just raised $165 million in funding to expand its ecosystem of features, including developer tools and NFTs.
Crypto winters are good for shipping features and products. That includes this one.