Building a brand new product in a brand new ecosystem is hard enough. Now, building it during a Bear Market can come with an even more daunting challenge. But not all hope is lost. Web3 can sometimes be intimidating, even a little scary. Building in a time of scarcity isn’t easy and can leave us unmotivated. But bear markets are often the tough medicine we need; exposing the weak and offering exposure to the strong. Who can remember the ICO craze of 2017 and the grift created by that insanity?…
Building a brand new product in a brand new ecosystem is hard enough. Now, building it during a Bear Market can come with an even more daunting challenge. But not all hope is lost.
Web3 can sometimes be intimidating, even a little scary. Building in a time of scarcity isn’t easy and can leave us unmotivated. But bear markets are often the tough medicine we need; exposing the weak and offering exposure to the strong. Who can remember the ICO craze of 2017 and the grift created by that insanity? When the hype had bottomed out, and there was no more thievery to be had, the true builders remained – those who were building with purpose and adding value to their community. The work of these builders led us into the bull market we just witnessed and will lead us to many more.
And through the beariest of the bear, Gitcoin stood behind those who built – those who were not building out of personal gain but with the belief that their work was creating a better future, gritting their teeth through the dark times.
Bear markets can be a blessing in disguise; they allow builders to focus on the objectivity of their projects, the particular use-cases we should be bringing to crypto, and accelerating adoption through innovation. Adverse market conditions can move the hype away from a project’s token and monetization aspect to the impact a project will have on crypto. This fundamental change in perspective gives builders the time and freedom to build – removing unnecessary stress about token performance.
We understand the difficulty of staying motivated in a bear market, as excitement and funding may feel as though they have disappeared, but we want to remind you that’s not the case; Gitcoin puts in the work to help you improve the entire ecosystem.
Builders in adverse conditions such as the Covid-crash of 2020 found incentives to keep building and innovating thanks to Gitcoin’s previous bear-market rounds.
Projects like 1inch and Prysm saw their hard work and dedication rewarded despite hesitancy in the crypto space and poor sentiment. These builders didn’t lose hope during market downturns. Instead, they kept their proverbial building hats on and were rewarded handsomely with contributions from community members and massive success in the sequential bull market.
In the last market downturn during the summer of 2021, GR10 helped builders raise $1.8M from over 296K different contributions. Popular projects such as BrightID, POAP, and rekt.news were among our various sub-round leaders. These projects speak to the importance of laying a solid foundation to thrive.
Given the current market conditions, we’re again working to help builders stay active and committed to shaping the future of crypto, helping good projects earn the exposure and funds they need to succeed in the next bull market.
Blockchain is a community-driven technology, and Gitcoin allows the community to support and participate in the protocols and projects it believes in and wants to succeed.
Deepa Rocks, a grantee from GR14, raised over $8250 from 141 donors for her idea of creating a book about ImpactDAOs. This is a shining example of genuine community participation in the worst of bear markets for a project meant to benefit the crypto ecosystem as a whole directly. Builders and creators will continue to build and create regardless of the market conditions, and Gitcoin will continue to be a strong support for those who seek to do just that – to do what they do best.
A bear market can grit its teeth and intimidate, but it can also be the inspiration needed to focus on the mission, purpose, and impact. Gitcoin Grants is a great way to prolong your runway and get projects the exposure they need.
Let’s be brave in the face of the bear – together.
If you want to get involved, visit Gitcoin Grants and complete a quick application to be considered for Gitcoin Grants Round 15 (coming up in just a few short weeks).
– Team Gitcoin
Thank you to the Dartmouth team, MathildaDV, and Armando for creating this piece.