There’s a lot of fear in the bear market. Every day, new predictions are calling for doomsday scenarios sending the crypto market to 0.
Even in the bear market, things aren’t as bad as you think.
Let's explore some numbers...
There are 4 MILLION monthly downloads for the "ethers" package used by web3 devs to develop dapps. (Up from 1M/month in Jan 2021)
There are 2.4M monthly downloads for the competing web3 package. i.e - devs are still developing.
There are over 51.3 MILLION smart contracts that have been created on @ethereum alone. + Tens of millions on other chains. + Tens of millions in development.
There are ~7.5M transactions taking place on the Ethereum network every week. There have been over 1 BILLION transactions on @ethereum since 2020.
VCs invested $33 BILLION into web3 startups in 2021 alone. And will probably do even more in 2022. There's a long lead time for such investments - these companies & networks are still being built.
The next few years should be fun.
Uniswap has settled over $1 TRILLION worth of swaps since inception. Even right now, there are still ~250k monthly active users on @uniswap swapping tokens.
@LooksRare and @opensea have EACH done over $20 BILLION worth of NFT sales volume in 2022. Even last month (in the midst of a bear market):
OpenSea did $500M+
LooksRare did $220M+
Total Crypto Market Cap is ~$1 trillion.
That's 10x more than 5 years ago.
Total Value Locked (TVL) in DeFi is ~$60B.
That's 10x more than 2 years ago.
And 100x more than 3 years ago.
According to the Gartner Hype Cycle, it seems we are currently in the trough of disillusionment.
I'm encouraging you to see the slope of enlightenment.
I'm not an irrational optimist. I've explored what could destroy crypto before.
I've even dared to question the narratives behind Bitcoin.
But now, I'm encouraging you to zoom out - things are better than you think.
Devs are still building, the networks are still being used.
You're a part of the most significant financial revolution of the century – enjoy the journey. 🙂
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