Building in a bear market means watching Ethereum fall from $1,900 to $800 while your team ships anyway—no press releases, no hype cycles, just protocol upgrades that nobody notices until the next bull run. The 2018-2020 period saw teams like Consensys and Paradigm hire aggressively while everyone else was liquidating; they weren't accumulating tokens, they were accumulating talent and shipping infrastructure that became the foundation of 2021-2024. Real building looks like quarterly updates with 12 users, not viral tweets.
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