Bear Market Champions

Growing Pains

Still, there are many reasons to be hopeful about the future of cryptocurrency and digital assets. It’s important to keep in mind that with every cycle, Bitcoin has established higher highs, and the scene has greatly evolved since the ICO boom in 2017. Real businesses and economic value have been established where there was once only speculation about what blockchain tech could do for the world.

Out of the REKTage

An extended bear market can be a time of tremendous opportunity for the individual investor. It may not feel like it when you check the current charts, but without the frenzy of “Up Only” euphoria, many grifters looking to make a quick buck remove themselves from the playing field. In other words, it’s easier during these periods to hunt for projects with strong fundamentals, with the potential to become superstars in the next bull run. Two such examples from the last crypto winter are Uniswap and OpenSea, both projects that built through painful economic conditions to become ubiquitous names in their respective categories.

OpenSea’s Tidal Wave

NFTs were nothing more than a niche novelty in the previous cycle. CryptoKitties and Cryptopunks, both launched in 2017, were more experiments in code than expressions of art. Cryptopunks were originally created and released to explore the dynamics of scarcity and demand. However, they have come to gain so much historical prestige in the art world that famed auction house Christie’s brokered the sale of a 9 Cryptopunks lot in 2021, for a staggering sum of $16,962,500.

Uniswap’s DeFiant Rise

The AMM (Automatic Market Maker) model is one of the most innovative inventions to emerge from DeFi, having no TradFi equivalent. It’s hard to imagine the landscape of DeFi without AMMs, and it’s no wonder that AMM pioneer Uniswap has remained king of the DEXs though many have come for the throne. Uniswap is still the gold standard, an exemplar demonstration of simple, sleek functionality.

From $65k to $1 Trillion

During that brief but fateful meeting, Buterin suggested that Adams apply for an Ethereum Foundation grant. A few months later Uniswap was awarded $65,000 and the DEX was launched in November 2018. The crypto markets at the time looked very bad, having chopped down for the majority of the year, but it would get even more bleak after Uniswap’s official debut. It was arguably one of the worst times to launch a cryptocurrency exchange.‌

historical chart from Coindesk

A Common Thread of Conviction

As the saying goes, hindsight is 20/20. The success of both OpenSea and Uniswap seems inevitable because we have the luxury of historical perspective to analyze what they did right. We can apply this knowledge to determine what current projects are likely to be successful when the market begins to reverse.

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Formerly in fashion imports & distribution, now exploring web3. Crypto degen since 2017. Coping hard since 2018. Anonymous/Pseudonymous culture advocate.

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Hyuna K.

Hyuna K.

Formerly in fashion imports & distribution, now exploring web3. Crypto degen since 2017. Coping hard since 2018. Anonymous/Pseudonymous culture advocate.