The 2018 cycle taught us that projects with real developer activity survived the 90% drawdowns, while those built on hype vanished entirely. In 2020, we saw the same pattern repeat: builders kept shipping through the bear market, and when the cycle turned, they had working products while others had only promises. Today's consolidation is selecting for the same thing—teams still deploying code will own the next cycle, teams waiting for permission will not.
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