This crypto winter should be seen as a chance to purge the market of hollow projects rather than necessarily being a bad thing. Successful projects will continue to develop and grow amid challenging conditions, whereas weak projects will be weeded out.
The cryptocurrency bear market has been dubbed “Crypto Winter” by some in the industry. Bitcoin’s price has fallen 69% since reaching an all-time high in November of $69,000. Over the last few weeks, one of the largest DeFi ecosystems Terra collapsed leaving behind losses larger than any in modern history, including the LUNA and UST tokens. And while the prices of digital assets have massively declined, some blockchain companies are using this opportunity to build their products and services. In this article, we explore how some companies are weathering the storm and what they’re doing to prepare for the next bull run.
Building During Crypto Winter
Cryptocurrency prices have been down, but that doesn’t mean that activity in the space has come to a standstill. Blockchain companies are using the current “crypto winter” as an opportunity to build up their infrastructure and position themselves for long-term success.
- Binance, which is one of the world’s largest cryptocurrency exchanges, is taking advantage of the current market conditions to expand its team and operations.
“If we are in a crypto winter, we will leverage that, we will use that to the max,” Changpeng Zhao, CEO of Binance, in an interview.
- Another company, RocketX Exchange, which is a hybrid exchange for optimised crypto trading, is taking advantage of the lull to launch a new version of its app with major improvements. The team is using this time to focus on polishing the UX and integrating several new protocols like ParaSwap DEX, Solana, Coinbase Wallet, etc. to achieve their mission of ‘efficient multi-chain interoperability’.
“We keep building towards a strong multi-chain future,” Davinder Singh, Co-Founder and CTO at RocketX.
- Kraken believes that the downturns present excellent chances for companies to create, expand, and flourish.
“It’s once again time to build. It’s time to remember why we’re doing this: The Mission of bringing financial freedom and inclusion to the billions of people suffering from financial exclusion, hyperinflation, and a broken system that disproportionately leaves the poor out in the cold.” Reads a blog post from Kraken.
So while it may be cold out there in the crypto world right now, don’t despair — some companies are using this time to lay the foundations for a bright future.
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