In last weeks’ Revelo Orignal Piece, I highlighted an interesting protocol that could maybe help people find a path to profitability in this bear market.
Since then, the state of the market has continued to decline.
The GBP fell to levels not seen since 1985.
The UK announced they would resume purchases of bonds, after facing margin calls on their pension funds.
The Japanese Yen has continued to fall.
Prominent TradFi institutions Credit Suisse and Deutsche Bank are reportedly on the brink of bankruptcy.
The negative news has continued to pile on, to the point of ridiculousness. As I write, the SEC has charged Kim Kardashian for “unlawfully touting a crypto security” on instagram.
But enough macro talk, how is crypto doing?
Well, the crypto market has been flat and has seemingly held up, at least compared to the chaos in legacy markets. But price is not the only way to measure the health of an industry.
This past week has seen several notable crypto conferences:
Token 2049
Smartcon 2022
Cosmoverse
This past week at Revelo, we covered Smartcon extensively. Smartcon 2022, hosted by Chainlink, revealed how Chainlink plans to increase the services it can provide to crypto builders, and increase their revenues along the way.
We also covered Cosmoverse, which was centered around the announcement of ATOM 2.0, a way for the Cosmos Hub to provide interchain security and accrue more value to the ATOM token.
Token 2049 also saw some of the most innovative builders in the industry come together at Asia crypto week in Singapore.
While the macro environment may be doom and gloom, it is clear that crypto is here to stay. During Cosmoverse 2022, speakers emphasized that there were at least 3x the people attending the conference as there was the last time around, despite being in a bear market.
Previous bear markets have sparked some of the most impactful innovations important to the space today:
Uniswap introduced the concept of the DEX, w/ decentralized liquidity pools.
Synthetix pivoted from issuing a stablecoin, to developing a way to mint on-chain, synthetic versions of TradFi assets.
Compound provided an on-chain ETH money market.
These are just a few examples of protocols developed during the bear, that went on to have a massive impact on DeFi during the bull.
As I mentioned earlier, Cosmos and Chainlink are undergoing significant upgrades that could play an important role in how crypto develops. Today, there are a number of other protocols innovating on their product, despite market conditions.
Deus is implementing its’ V3 upgrade, which aims to bring the liquidity of TradFi brokers and market makers on-chain.
Secret Network is planning Secret 2.0, which will help spread privacy among the Cosmos ecosystem.
AVAX announced their partnership with KKR to tokenize IRL investments.
Building out dApps and chains isn’t the only way to contribute to crypto:
Revelo Intel aims to tackle the industry’s information overload issue, as even during a bear market, it is hard to keep up with everything in crypto.
Nansen has continued to put out more and more features, making on and off-chain crypto information easier than ever to access.
There are multiple teams building out ways to educate and onboard new participants.
And while crypto twitter may not necessarily like them, there are a number of crypo VCs that provide innovative developers with the capital that they need.
If you’re tired of the bearish sentiment, maybe the best course of action is to find a way to help build out a better crypto ecosystem that will be ready for adoption in the next bull run. No matter what your skill set, there’s some sort of role waiting for you if you want to help push crypto forward. Traders, developers, marketers, content creators, moderators, and more can all contribute to the space.
Fortunately, there are more ways to contribute than ever:
Dework allows projects to pay users to complete individual tasks.
Flipside provides opportunities to learn how to use SQL to solve on-chain data requests.
Froog and other jobsites see new crypto job postings everyday.
More and more projects are implementing ways to get their community involved. Avalance DEX Trader Joe recently concluded their Liquidity Book Quest program, which encouraged users to spread awareness and learn about the protocol for the opportunity to earn JOE tokens, NFTs and more.
Even trying out a protocols’ testnet in hopes of getting an airdrop can help give developers the feedback they need to improve their product.
Experiencing the prices of your portfolio tokens plummet is never fun. Last week I provided one potential solution to help you survive the bear market. This week I provide another: BUILD.