Building in a bear market means shipping when no one is watching: Ethereum's 2018-2020 bear saw teams like Consensys and OpenZeppelin ship layer-2 infrastructure that became the foundation for 2021's boom. The real builders aren't timing the market—they're timing the cycle. Most projects that survived 2022 did so because they had 18+ months of runway and stopped chasing price. That's what building looks like when conviction meets capital discipline.
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