Recent ‘crypto winter’ has become popular for causing heavy destruction in the crypto market. However, one crypto executive believes such turbulence has a hidden benefit. Tegan Kline, the co-founder of Edge & Node (team behind The Graph), proposes ways to utilize the market down situation.
Kline advises crypto members to adhere to crypto’s core principles, lend support to each other’s projects and offer real solutions. The executive has derived an interesting observation. According to her, these downtrends in the crypto market act as a filter. Only committed developers and community members are left after the filtration process. The executive says the crypto winter has turned the market into a ‘builder’s paradise.’ It eliminates the noise and offers them an opportunity to do their best work.
Kline encourages community members and says, “we will come out of this stronger.” Kline believes there is a lot left to be done in different fields of crypto such as DAOs, multichain aggregation, bridge technology, layer two’s, and custody. She also talks about the effect of blockchain on social media. She believes once implemented the social network of Web3 will bring revolution. Moreover, the executive predicts decentralized exchanges will outperform centralized exchanges in terms of volume.
Kline then reminds the community members that the recession has produced legendary firms. In this phase, the foundation for the next recovery is being set, urging the developers to continue building. Kline advises not to stop and wait for the recovery to happen. The co-founder believes an ever stronger decentralized technology can be born out of this crypto winter. The key is to focus on understanding decentralization, counterparty risk, and self-custody.
The recent crypto winter has caused much turbulence pushing big crypto firms such as Celsius Network into bankruptcy. While large crypto assets, Bitcoin and Ethereum, reached even more far than their ATH. The top cryptocurrency is approx. 70% below its all-time high of $69,045.00.
Source: https://www.thecoinrepublic.com/2022/07/23/web3-executive-reveals-how-to-make-best-use-of-crypto-winter-and-continue-development/